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Evans Accountants is the trading name of David H Evans Ltd, Company registered number: 4666707 Registered in England and Wales. Registered by the Institute of Chartered Accountants in England and Wales to carry out company audit work.

INVESTMENT BOND LAUNCHED

May 9, 2017

 

National Savings and Investments (NS&I) has recently launched a government-backed Investment Bond. The main details of the Bond are as follows:

  • minimum deposit of £100

  • balances on the account must be between £100 – £3000

  • applications can only be made online and up to April 2018

  • applicants must be aged 16+ years

  • fixed interest rate of 2.2% for three years paid yearly and without tax deduction

  • early withdrawals incur a penalty equal to 90 days’ interest on the amount cashed in.

According to Moneyfacts, the NS&I offering is a market leader on the interest rate with similar three-year fixed term bonds having an average interest rate of 1.24%. Competitors’ minimum investment thresholds are generally higher, typically starting upwards from £1,000 and caps on the maximum capital invested are significantly higher than the NS&I limit of £3,000.

Internet links: GOV.UK news NS&I Moneyfacts

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