The Chancellor Philip Hammond has announced a new three-year Government-backed investment bond open to everyone aged 16 or over in today's Autumn Statement. The bond will launch in spring 2017.
Provided by NS&I, the newly announced investment bond will pay an expected 2.2% AER interest for three years on a maximum £3,000 saving, meaning savers will be able to earn a maximum of £66 interest a year from the bond. For full info on how it works, see our brand-new NS&I Investment Bond guide.
The current top-paying three-year bond is 1.62% AER from Tesco Bank, meaning the 2.2% bond would be market-leading if it were launched today.
Autumn Statement 2016: Other key stories
- Salary sacrifice perks cut back
- Insurance premiums likely to rise for millions after tax hike
- National Living Wage will rise to £7.50
- Letting agents banned from charging tenants upfront fees
- Universal credit cuts scaled back
- Fuel duty frozen for seventh consecutive year
- Pensions freedoms loophole tightened
- Tax-free childcare on track for launch early next year