NS&I has confirmed that they will launch their Green Savings Bonds ‘later in the year’, although a date has yet to be confirmed. The new retail savings product, which was announced by the Chancellor in the 2021 Budget, had been expected to be available to investors by the summer, but has been delayed.
The Bonds will be available to those aged 16 or over, with a minimum investment of £100 and a maximum limit of £100,000 per person.
The idea behind the bonds is to offer a fixed rate savings product over a 3-year term, the money from which would be used to help finance Government green spending projects. Such projects would be designed to tackle climate change and help work towards sustainability targets, and might include green transport improvements, renewable energy projects, pollution prevention, energy efficiently and protecting natural resources.
Further details, such as the rate of the Bonds or an exact date for release, have yet to be announced.
As with all NS&I products, the Green Savings Bond will be 100% government backed. For those with excess cash that they are able to tie up for three years, the bond provides an accessible opportunity to diversify while doing some good.