You are here: Home - Saving & Banking - News -

Budget 2021: New ‘green’ NS&I savings account

0
Written by: Emma Lunn
03/03/2021
The government is launching a new green savings bond via National Savings and Investments (NS&I).

Chancellor Rishi Sunak announced the new savings product in today’s Budget.

Billed as the “world’s first sovereign green savings account”, the bond will be offered through the government-backed savings organisation NS&I and linked to the UK’s inaugural green gilt.

Interest rates for the account have not yet been announced, but the funds raised will be used to fund projects on renewable energy and ‘clean’ transportation.

The bond will be available later this year.

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.”

Rachel Springall, finance expert at Moneyfacts.co.uk, said: “The new ‘green bonds’ from NS&I were rumoured to be in the works running up to the Budget announcement and are designed to raise funds for ‘green’ projects as a collective effort to tackle climate change in the run up the net-zero target of 2050. NS&I is a trusted brand so it would not be too surprising to see a large uptake in these bonds in the summer, especially as interest rates sit at record lows and savers consider other ways to invest their cash.

“There are already some ‘green bond’ alternatives for savers to consider, including deals from Gatehouse Bank and other savings vehicles with ethical providers including Charity Bank, Ecology Building Society, Tandem Bank and Triodos Bank.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Budget 2021: Universal Credit £20 uplift extended

In a widely predicted move, chancellor Rishi Sunak has extended the extra £20 a week on Universal Credit payments for...

Close