New Investment Bond from April 2017
Posted on 31st March 2017 at 13:41
Can this benefit you?
As part of the autumn statement, it was revealed that a new National Savings and Investments product called the NS & I Investment bond will be introduced. There is now confirmation that the product will be available for 12 months from April 2017 for a 3-year fixed term.
The investment bond offers a fixed interest rate of 2.2% and is available to those aged 16 and over, subject to a minimum investment limit of £100 and a maximum investment limit of £3,000 per person. This bond is expected to benefit around 2 million people, especially those who have been hard hit by low saving rates over several years. Whilst most savers will not be liable to tax on the interest, the interest will be taxable for those not suitable for the Personal Savings Allowance.
Adding to this, if the money invested is required before the fixed term has expired there will be an interest penalty equal to 90 days’ interest on the amount cashed in.
Tagged as: investment
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