Autumn Statement 2016 – New Investment Bond
The Chancellor has announced that a new National Savings and Investments (NS&I) product called the NS&I Investment Bond will be launched. The new Investment Bond will offer a new market leading rate for savers who have been hard hit by low savings rates for a number of years.
The exact details of the new bond will be announced at Budget 2017. However, the Chancellor expects that the bond will offer a market leading rate and will be a 3-year savings bond. Early indications are suggesting that the bond will offer an indicative interest rate of 2.2% but this is subject to adjustment when the product is launched.
The bond will be open to those aged 16 and over, subject to a minimum investment limit of £100 and a maximum investment limit of £3,000. The product will be available for 12 months from spring 2017. It is expected that around 2 million people will benefit from the new bond. The product will be available for 12 months from spring 2017.