Rishi Sunak's green savings bond is now on sale with NS&I - but with one of the worst rates on the market at 0.65%

Asia's Tech News Daily

Rishi Sunak's green savings bond is now on sale with NS&I - but with one of the worst rates on the market at 0.65%
© Provided by This Is Money MailOnline logo

The world’s first green savings bond is now on sale with NS&I — but with one of the worst rates on the market. 

Savers will be paid interest at just 0.65pc if they invest in the three-year fixed bonds to bankroll environmentally-friendly Government projects. Yet there is a pick of more than 80 similar savings accounts that pay better. 

The Bank of England is also expected to hike interest rates soon. Laura Suter, head of personal finance at investment broker AJ Bell, says the paltry rate would likely go down ‘like a lead balloon’. 

Rishi Sunak's green savings bond is now on sale with NS&I - but with one of the worst rates on the market at 0.65%
© Provided by This Is Money (

She adds £10,000 invested in the new green bonds would return £196 — more than £350 less than the top-paying equivalent account that pays 1.81pc. She says: ‘This equation makes even less sense now the nation is looking down the barrel of an interest rate rise from the Bank of England, which will lead to a hike in savings rates. 

‘Many had hoped that NS&I would leap to the top of the league tables with the new product and they could have a triple win: a great rate, a Government-backed product and putting their money to greener use. But that’s not the case.’  

The Treasury says the bonds, which were first announced in the Budget back in March, will help better finance green spending on schemes including renewable energy and green transport. It said research found that 42pc of 18 to 34-year-olds would accept a lower return on their savings if the money was being used for green projects. 

Chancellor Rishi Sunak says: ‘Our worldfirst green savings bonds give savers across the UK the chance to back the Government’s green projects and put their money to work in the fight against climate change.’ 

The green bonds will be on sale online with NS&I for at least three months, with savers able to lock away between £100 and £100,000. But Sarah Coles, personal finance analyst at investment service Hargreaves Lansdown, says the only appeal to savers is that their money will be used to do good, and is protected by the Treasury. 

She says: ‘[The rate] is really disappointing for savers who were holding out for an account that would help them do the right thing for the planet and their pocket.’ 

Those concerned about the environment can now get a better rate with Gatehouse Bank’s three-year fixed Green Saver account that pays 1.78pc and plants a tree on behalf of every customer. Rachel Springall, of finance data firm Moneyfacts, says: ‘The positive side is that NS&I is a trusted brand and there will be savers attracted to them as a safe haven. ‘There may well be less of a stampede and more of a gradual take up for these bonds.’ 

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Motorists ‘overcharged 12p a litre' for petrol as fuel costs rise despite wholesale price fall

Supermarkets and petrol retailers have been been accused of overcharging motorists by as much as 12p a litre for fuel by increasing prices despite falling wholesale costs. The cost of ... Read more »

Architecture and design tutors join UK university walkouts over pay and pensions

Architecture and design tutors and academics are participating in strikes across the UK this week over pension cuts, falling pay and poor working conditions at their universities. © Provided by ... Read more »

Who is the referee for Rangers v Dundee, Celtic's game on Sunday and each weekend match in the cinch Premiership and SPFL Championship?

It’s been a busy week to be a football match official in Scotland – almost as busy as it has been to be a fan and keep up with a ... Read more »

Biden, 79, insists his alarming low and hoarse voice is just a COLD

© Provided by Daily Mail MailOnline logo President Biden raised concerns Friday morning sounding particularly hoarse as he delivered remarks on November’s jobs report, which was less robust than expected.    ... Read more »

UK records 50,584 Covid infections and 143 deaths amid Omicron spread

The UK faced a further 50,584 new Covid cases and 143 deaths on Friday. © PA Wire People wearing face masks walking along Oxford Street, London – PA Wire The ... Read more »

Britons can get paid £148,000 to move to a dreamy country next year - full list

New research by packaging retailer RAJA revealed the countries that will pay travellers to move there. There are many countries around the world with schemes that encourage people to move ... Read more »

The London hospitals that could be thrown into chaos as 40,000 NHS staff face sack over vaccine

London hospitals could be hit hard by staff shortages next year with tens of thousands still not double-jabbed. Health Secretary Sajid Javid announced in November that all frontline workers would ... Read more »

Ron DeSantis calls for Florida state military guard he would control

Florida Gov Ron DeSantis announced he would recommend $3.5 million in his state’s budget to re-establish a military guard that would answer to him. © Getty Images GettyImages-1333405306.jpg Mr DeSantis ... Read more »

Golf-Bekker takes three shot lead in South African Open

SUN CITY, South Africa (Reuters) – Oliver Bekker moved from joint overnight leader into a three shot lead at the midway point of the South African Open after carding a ... Read more »

Ange kicked while he's down after learning 'special' Celtic beast could miss next six games

Celtic forward Giorgos Giakoumakis could be out for three more weeks, Ange Postecoglou has revealed. © Provided by Transfer Tavern Georgios Giakoumakis in action for Greece The Lowdown: Giakoumakis’ struggles ... Read more »

Italian govt moves to crack down on violence against women

© Reuters/REMO CASILLI New Italian government led by PM Conte, is sworn in at the presidential palace in Rome ROME (Reuters) – Italy’s government approved a bill on Friday to ... Read more »

Lin-Manuel Miranda says directorial debut ‘Tick, Tick Boom!' is about 'failure'

“It’s not the story of the genius who made rent writing ‘Rent.’ It’s the genius who made ‘Rent’ spending 10 years writing the show that no one wanted to see," Miranda said about the late Jonathan Larson. Read more »

Venezuela denies visa extension for electoral observers-source

© Reuters/Ueslei Marcelino A woman holds a Venezuelan flag while participating in a candlelight vigil held for victims of recent violence in Caracas By Vivian Sequera CARACAS (Reuters) – Venezuela ... Read more »

Men's Junior Hockey World Cup 2021: India's title defence comes to end as Germans clinch dominant 4-2 win

© Provided by Firstpost Men’s Junior Hockey World Cup 2021: India’s title defence comes to end as Germans clinch dominant 4-2 win Bhubaneswar: Defending champions India’s dream of a second ... Read more »

Sri Lankan factory manager lynched and set on fire in Pakistan

© Provided by Al Jazeera Police officers stand guard at the site where a Sri Lankan citizen was lynched by a Muslim mob outside a factory in Sialkot, Pakistan [Shahid ... Read more »

ISL 2021-22: Night of Missed Chances for Chennaiyin FC in 0-0 Draw vs SC East Bengal

© Provided by News18 It was a night of missed chances but Chennaiyin FC would have felt hard done by as they featured in a goalless draw with SC East ... Read more »

IND vs NZ: Mayank Agarwal says THIS Sunil Gavaskar advice helped him score century on Day 1 of 2nd Test

© Provided by Zee News Mumbai: Indian opener Mayank Agarwal on Friday explained how he acted on the advice of former skipper Sunil Gavaskar to improve his side-on stance during ... Read more »

Phil Hay provides added Leeds injury boost on 'fantastic' player after Bamford and Ayling update

Pascal Struijk is expected to be available for Leeds United’s Premier League clash with Brentford this weekend, according to journalist Phil Hay. © Provided by Transfer Tavern Pascal Struijk of ... Read more »

Callum Wilson says Newcastle squad wasn't fit enough under Steve Bruce

© Provided by Daily Mail MailOnline logo Callum Wilson says Newcastle lost ground at the start of the season because they were not fit enough for the pace of the ... Read more »

Opinion: Swansea City need to start making contingency plans over attacking dilemma

© Provided by Football League World Premier League – Liverpool v Southampton Swansea City forward Joel Piroe has been a revelation since his arrival from Eredivisie side PSV in the ... Read more »

Line closed and 100m cordon in place after World War Two bomb found near rail track

An unexploded Second World War bomb has been found near railway tracks, leading to the delay of some train services. © Other Images of the unexploded World War Two bomb ... Read more »

Sara Sheridan to give talk on Edinburgh-set historical novel at the Botanics

Set in 1822, the novel features the Botanics’ move from its location at Leith Walk to Inverleith. © Meet author Sara Sheridan at the Botanics when she will be talking ... Read more »

Ole Gunnar Solskjaer's impact on Raphael Varane in short time together at Man Utd

Raphael Varane insists he learnt a lot from Ole Gunnar Solskjaer despite only spending a matter of months with the former Manchester United boss. The defender was one of several ... Read more »

Google maps sleuths spot ‘Nazi' house in the middle of a runway at Berlin airport

© Google Maps/Reddit House on airport runway Google Maps provides some extraordinary sights – and now, people are convinced they’ve spotted an old “Nazi house” at a major Berlin airport. ... Read more »

Glasgow city guide: Where to stay, eat, drink and shop in Scotland's cool capital of culture

While often overlooked by tourists seeking Harry Potter thrills in neighbouring Edinburgh, Glasgow is undeniably Scotland’s cultural heart, with the finest homegrown music scene in the country. It’s Scotland’s largest ... Read more »

Cardiff City headlines as Steve Morison pinpoints potential Rubin Colwill improvement and Sheffield United boss gives Bluebirds verdict

Here’s your round-up of all the latest Cardiff City news for Friday, December 3. Morison lays down challenge for Colwill Cardiff boss Steve Morison has told exciting youngster Rubin Colwill ... Read more »

Woman was raped by a stranger in a school field when he offered to walk her home after approaching her near a McDonald's

Man approached victim in an underpass in West Denton, Newcastle, on SundayPolice say the man offered to walk the woman home before carrying out attack Police are investigating and have released CCTV of a man they want to speak to  Read more »

Klopp explains Taffarel arrival as new Liverpool goalkeeping coach

© Provided by Daily Mail MailOnline logo Jurgen Klopp has revealed Liverpool’s plans to devise a new goalkeeping philosophy after adding former Brazil No 1 Claudio Taffarel to his coaching ... Read more »

Ghislaine's most loyal supporter: How 'fireball' Isabel Maxwell, 71, who 'learned not to run from bad times' after losing her internet fortune is standing by her younger sister during sex trafficking trial

Ghislaine Maxwell's brother Ian has spoken out in defence of his younger sisterSaid he fears media coverage will 'poison' the jury when she faces trial this weekNot the only sibling to support Ghislaine- sister Isabel has been attending trialSiblings are just three of the nine children born to Robert and Elisabeth Maxwell Read more »

MBS now eyeing Premier League 'nightmare' for Newcastle; his feet are 'a joke' - report

Mohammed bin Salman (MBS) is reportedly now eyeing up a move to sign Raphinha for Newcastle United. © Provided by Transfer Tavern Premier League – Leeds United v West Ham ... Read more »

Did Omicron evolve in a RODENT? Scientist claim 'weird' mutations suggest it jumped back and forth between animals and people after early version of variant 'vanished' in 2020 and only re-emerged now

Omicron has over 32 mutations and scientists are uncertain how it got them A new theory is Omicron jumped back and forth between people and animals Omicron strain also shares several mutations with viruses that infects rodents Read more »

Google DELAYS its January return-to-office plan as Omicron variant spreads across the world: Nine cases are detected in the US

Google's VP of global security, Chris Rackow, informed workers that the company would no longer be required to return to the office on January 10  Google said they would wait until 2022 to determine when it would be safe for their U.S offices could safely return to 'stable, long-term working environment' Google has already opened 90 percent of its offices in the U.S where nearly 40 percent of employees have come inGoldman Sachs, JPMorgan have had most workers back at offices on a rotational basis since the summer Wells Fargo pushed its return-to-office plans to January, while Citigroup employees have been working from office at least two days a week since Sept. 13Bank of America has allowed vaccinated staff to return to its offices since early September, while encouraging other employees to get inoculated Read more »

SAGE calls for WFH and vaccine passports in face of Omicron wave and warns variant is capable of triggering 'similar or even larger' surge in cases but admits jury's still out on jab escape — with Brits told to expect five more years of Covid misery

SAGE's 97th meeting on Covid on Monday suggested ministers bring in vaccine passports and WFH guidance Government's expert panel met to discuss how the emergence of the Omicron variant would affect the UK They admitted that the jury is still out on whether the variant will cause more or less severe illness  Read more »

De Bruyne could make Man City return at Watford

Kevin De Bruyne is one of four Manchester City players who could return from injury against Watford on Saturday. The Belgium international has been sidelined with coronavirus but is now ... Read more »

Parents and teachers: what impact has the pandemic had on five-year-olds?

Photograph: lovethephoto/Alamy We would like to hear from parents and teachers about how this age group is coping We would like to hear about the impact the pandemic has had ... Read more »

Haiti cops caught soldier in stolen car. His fast release raises questions of unequal justice

The two armed men were on a mission. It was either to steal Widlore Mérancourt’s gray Suzuki Vitara, to kidnap him or to do both. As they drove him around ... Read more »

Biden announces ‘free' at-home Covid tests – but there's a catch

Biden announces ‘free’ at-home Covid tests – but there’s a catch Americans with private medical insurance will be able to have the costs of at-home Covid-19 testing kits reimbursed by ... Read more »

U.S. to not reimburse private health insurers for covering at-home COVID test costs

U.S. FDA authorizes first COVID-19 test for self-testing at home WASHINGTON (Reuters) – The U.S. government will not reimburse private health insurance companies for covering the cost of at-home COVID-19 ... Read more »

Ex-State Dept. employee sentenced for embezzling $150k in travel funds for SOUTHCOM events

A former State Department employee was sentenced to more than a year’s imprisonment Dec. 1 for his role in defrauding the department and the Defense Department of $150,000 through his ... Read more »

Party pooper George Freeman pours cold water on Boris Johnson's Christmas

Spare a thought for George Freeman. For reasons best known to himself, the decent if decidedly forgettable Tory MP had been desperate to return to Boris Johnson’s ministerial team after ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic