NS&I offers 4.20% interest rate on fixed-term Green Savings Bonds | Personal Finance | Finance
Britons can build up their savings and invest in green projects through NS&I’s Green Savings Bonds. The savings product offers 4.2 percent interest with the term and interest rate fixed for three years.
This means a person has the assurance their money will grow by a fixed amount but they cannot access the funds until the Bonds mature.
Provider NS&I says on its website savers can be assured they are in “safe hands” and their savings are secure.
The group says: “Most banks only guarantee your savings up to £85,000. We’re the only provider that secures 100 percent of your savings, however much you invest.”
A person has to invest at least £100 to buy Bonds and can invest up to £100,000 in the savings account.
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The Government will publish details about what green projects the savings account is helping fund.
People who currently have savings with NS&I who want to switch to Green Savings Bonds can do so by filling in a form available on the group’s website.
There is the option to jointly manage an account with each person to get their own login details.
To apply to buy Bonds, a person will need to provide their NS&I number, their address and date of birth and their bank account details.
Each £1 Bond has an equal chance of winning a prize although saver have to buy at least £25 in Bonds when purchasing them.
One winner in the March draw got £100,000 for a winning Bond worth just £100 which they bought in August 2001, and they only had £9,150 in total Bonds.
Financial journalist Martin Lewis previously explained a person with “typical luck” would need at least £1,000 invested to have a realistic chance of winning.
There is a prize checker tool on the NS&I website which a person can use to find out if they have any unclaimed winnings.
People can choose to buy more Bonds with their winnings to increase their chance of winning again.
A woman spoke to Express.co.uk after she won four times in six months with a £75 win in the January draw.
Daisy Pledge started investing in the Bonds in February 2018 while working as a freelancer as she was saving up to buy a house.
She said: “If you’re in a regular savings account, to get the really high percentages, you have to not touch it for a year or longer.
“Whereas Premium Bonds, you can take it out whenever you fancy. Putting funds back in, you do have to wait that extra month for it to be live again, but I wouldn’t have just Premium Bonds.”
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