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%

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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.’ 

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