NS&I raises interest rates on fixed-term British Savings Bonds
NS&I has today increased interest rates for savers, with new Issues of its 1, 2, 3 and 5-year fixed-term British Savings Bonds - Guaranteed Growth Bonds (GGB) and Guaranteed Income Bonds (GIB). The new Issues are available to both new and maturing customers.
Today’s rate increases reflect changes in the wider savings market and will help NS&I to meet its Net Financing target while continuing to balance the interests of savers, taxpayers and the broader financial services sector.
Andrew Westhead, NS&I Retail Director, said:
“Today’s increases mean savers can now choose from improved fixed-term rates across our 1, 2, 3 and 5-year British Savings Bonds, with the certainty of knowing exactly what return they will receive over their chosen term.
“Alongside that certainty, customers continue to benefit from the reassurance that all money invested with NS&I is 100% secure and backed by HM Treasury.”
British Savings Bonds – Guaranteed Growth Bonds and Guaranteed Income Bonds
The new interest rate on the 1-year Growth option is 4.72% gross/AER, and the Income option is 4.63% gross/4.72% AER.
The new interest rate on the 2-year Growth option is 4.70% gross/AER, and the Income option is 4.61% gross/4.70% AER.
The new interest rate on the 3-year Growth option is 4.68% gross/AER, and the Income option is 4.59% gross/4.68% AER.
The new interest rate on the 5-year Growth option is 4.75% gross/AER, and the Income option is 4.65% gross/4.75% AER.
British Savings Bonds (GGB and GIB) are available to customers wanting a guaranteed interest rate for fixed terms of 1, 2, 3 or 5 years. Funds cannot be withdrawn early with fixed-term accounts. Savers will need a minimum investment of £500 and can invest a maximum of £1 million per person in each Issue. After the fixed-term period, savers will have the choice to withdraw their cash or reinvest into a new term.
New interest rate product summary British Savings Bonds
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