Chancellor of the Exchequer Rishi Sunak announced the new product earlier this year. During his 2021 Budget speech in the House of Commons in March, he said: “Today we’re going further, announcing a new, retail savings product to give all United Kingdom savers the chance to support green projects…”
NS&I said this would firstly be done by “offering a green savings bond for retail investors”.
The savings provider said the product would “give UK savers the opportunity to support projects that will accelerate the transition to a low carbon economy, create green jobs, and participate in the collective effort to tackle climate change”.
The annual report went on to state more details would be available in coming months.
NS&I Chief Executive, Ian Ackerley, said: “I am proud that NS&I has been chosen to deliver a green retail savings product on behalf of the Government.
“2021-22 will be an exciting year as we embark upon our green savings launch and also accelerate our long-term programme to transform NS&I so that we remain fit for the future.”
Ahead of the Budget, Chancellor Rishi Sunak said: “The UK is a global leader on tackling climate change, with a clear target to reach net zero by 2050 and a Ten Point Plan to create green jobs as we transition to a greener future.
“In a world first, we’re launching a new green savings bond which will give people across the UK the opportunity to contribute to the collective effort to tackle climate change.
“And we’re also launching new competitions that will unlock innovation in renewable energy and help us develop the cutting-edge technology we need to reach net zero.”
Elsewhere in the report, NS&I delivered an update on Premium Bonds prize payment options.
The savings provider confirmed plans to move all customers to having Premium Bonds prizes paid directly to their bank accounts or reinvested to buy more Premium Bonds (up to £50,000 per person) were scrapped.
As such, customers who receive their prizes by cheque can continue to do so.
The plans to phase out Premium Bonds prize cheques were announced in September 2020, but the plan was paused in December that same year.
NS&I Chief Executive, Ian Ackerley, said: “We have responded to feedback from some of our customers and we have decided to retain the option for them to receive Premium Bonds prizes through the post.
“We will continue to encourage customers to have their prizes paid directly into their bank account, as many have done so in the last 12 months.
“Having prizes paid directly into bank accounts is quicker, easier and more secure for our customers, while also being more sustainable and better value for the taxpayer.
“Customers who want to have their Premium Bonds prizes paid directly to their bank accounts or have their prizes reinvested, do not need to choose to manage their NS&I accounts online or over the phone, and our customer service teams will be on hand to help if they require further assistance.”