Earlier this year in June 2021 Rishi Sunak announced plans for £15bn green savings bonds to allow people to invest in renewable energy projects in a new, innovative way. NS&I has recently launched the ‘Green Saving Bonds’.
Key details of the NS&I Green Bonds
Below are the essential details of NS&I Green Saving Bonds as of November 2021:
- Interest rate of 0.65% gross/AER, fixed for 3 years
- Taxable interest rate in the tax year your Bond matures
- Able to start with £100
- Maximum saving amount of £100,000 per person
- Unable to withdraw money from the Bond until the Bond reaches the end of its term
- The bonds are available as online accounts only
How they work
The savings of those who invest in Green Saving Bonds will contribute to green projects chosen by Government. Government will allocate an amount equivalent to the funds raised in the bonds to green projects within two years.
Details about how the money is being spent and what the environmental benefits are will be published by Government.
What do HIES think?
At HIES we are pleased to see another green initiative launched by Government and hope that the Green Saving Bonds contribute to making a difference to our planet. We look forward to any updates on the uptake of the Green Saving Bonds as well as hearing about the renewable energy projects Government will spend the money on.
We hope to see Government roll out further green initiatives over the coming years.