Anyone hoping to purchase these Bonds must have a UK bank account capable of receiving BACS payments.
The Bonds are designed to be held for the full three years, but there is a cooling-off period during the first 30 days of investment.
The fixed rate of interest is guaranteed for the whole term, with interest earned daily.
The daily interest accumulations will be added once a year on the anniversary of your investment and paid on maturity.
Interest is earned without deducting any tax at source and interest is taxable so it will count towards the customer’s Personal Savings Allowance in the tax year that their Bond matures.
This will need to be declared by the individual based on their personal tax circumstances.
Further details on NS&I’s Green Savings Bonds, including the interest rate, will be available later in the year.
NS&I Bonds are often attractive to savers because the money saved is 100 percent guaranteed to be safe by the Government.
Up to £85,000 per person, and per bank, building society or credit union is guaranteed for savers elsewhere under the Financial Services Compensation Scheme.