Stephen McPartland, Member of Parliament for Stevenage, has welcomed the launch of a new National Savings and Investments Bond for pensioners over the age of 65.
Stephen McPartland MP said, “A key part of our long-term economic plan is to support savers and boost hardworking peoples’ financial security at all stages of life.
“The new government-backed savings bonds for people aged 65 and over pays the best interest rates in the market. They have already been a huge success already and this is great news for pensioners in our local area. It is time savers were rewarded as many of older people will rely on their savings in retirement. These bonds do just that by giving older savers the certainty and comfort of a good return over the life of their investment.”
£10 billion has been made available to allow these bonds to be issued – this should ensure these bonds are on the market for a period of months, giving those pensioners who wish to take advantage of the rates plenty of time to do so.
The new bonds for people aged 65 and over will offer market-leading rates and support people who rely on their savings in retirement. Two bonds have been launched: a one year bond will offer returns of 2.8 per cent gross/AER interest and a three year bond will pay 4 per cent gross/AER interest.
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