Spring Budget 2017: Saving

Chancellor Philip Hammond has announced a new savings bond paying 2.2% interest.

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The chancellor confirmed in the budget that the government's saving provider, NS&I, will launch a 3 year fixed bond in a few week’s time.

The rate was announced as 2.2% on deposits from £100 up to £3,000.

If you save the maximum amount, you will earn £66 in the first year, and £202 over the full 3 year life span of the account.

Anyone over the age of 16 can open one, and you have a year from this April to do so.

So, how does this compare?

It pays the same rate as the best available on the market, and is from a name many savers will instinctively trust.

If you are looking to stash away more than the £3,000 maximum though, you’ll need to top that up elsewhere.

You can use our savings account search to compare other fixed rate bonds, ISAs and standard savings products.

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