James Brokenshire has welcomed the launch of a new Government-backed bond for pensioners, offering people over the age of 65 market-leading rates so that they can continue to grow their savings in retirement.
Two bonds are now on offer from National Savings and Investments, a one year bond offering returns of 2.8% gross per year and a three year bond paying 4% gross, with £10billion worth of investments open to pensioners looking to invest.
Commenting on the launch of the bonds, James said:
“Supporting savers, particularly older people who have diligently saved throughout their working lives, is a key part of the Government’s long term economic plan and will help to boost the financial security of people of all ages.”
“These bonds pay the best interest rates on the market and will continue to be available for pensioners to invest in for many months to come. Despite the necessity for low interest rates to help our economy recover, it is time that savers were rewarded and pensioners bonds will help by giving older savers the certainty and comfort of a good return over the life of their investment.”