Look out for the NS&I 'Green' savings account this summer

pbartlett

Rumours of a new savings account from NS&I:

"UK savers will have the opportunity to contribute towards projects that will accelerate the transition to a low-carbon economy, create green jobs and support the collective effort to tackle climate change"

No details other than any money raised will NOT count towards the Gvt's target for NS&I savings, so possibility of a decent interest rate.

ratechaser

pbartlett said:

Rumours of a new savings account from NS&I:

"UK savers will have the opportunity to contribute towards projects that will accelerate the transition to a low-carbon economy, create green jobs and support the collective effort to tackle climate change"

No details other than any money raised will NOT count towards the Gvt's target for NS&I savings, so possibility of a decent interest rate.

I very much doubt it, if they are selling it as some sort of sustainable/responsible/ethical product - they will know they can pay below the top commercial rates and lots of people will put money in because it aligns to their values. And also has a 100% safety guarantee. 

if the government wants to borrow to fund 'green' projects, they can do so cheaply on the money markets. This screams 'gimmick' to me. But good to drop into conversation at all those Islington dinner parties that will be starting up again soon...

kuratowski

They won't have to offer much.  Nationwide had people beating the door down for 0.75% plus £50.

This was announced in the Budget, surely?

teddysmum

In the latest email, MSE shows that savings rates are going , even though not massively. The best offer is a 3+ % on an easy access ISA  and a few higher rate regular savers are on offer to current customers of some banks, while some free for anyone offers are over 1%.

colsten

kuratowski said:

This was announced in the Budget, surely?

This is what the Budget says:

colsten

teddysmum said:

In the latest email, MSE shows that savings rates are going , even though not massively. The best offer is a 3+ % on an easy access ISA  and a few higher rate regular savers are on offer to current customers of some banks, while some free for anyone offers are over 1%

A 3+ % easy access ISA? That's a typo.

eskbanker

colsten said:

teddysmum said:

In the latest email, MSE shows that savings rates are going , even though not massively. The best offer is a 3+ % on an easy access ISA  and a few higher rate regular savers are on offer to current customers of some banks, while some free for anyone offers are over 1%

A 3+ % easy access ISA? That's a typo.

The piece is at https://www.moneysavingexpert.com/latesttip/#savings which, unsurprisingly, makes no mention of easy access accounts at 3%!  The highlighted top-paying easy access cash ISA is at 0.45%, so unsure how that can be mistyped as 3%....

ratechaser

colsten said:

teddysmum said:

In the latest email, MSE shows that savings rates are going , even though not massively. The best offer is a 3+ % on an easy access ISA  and a few higher rate regular savers are on offer to current customers of some banks, while some free for anyone offers are over 1%

A 3+ % easy access ISA? That's a typo.

...but not in the MSE email I think - looking at that it says 0.45% is the top easy access ISA rate, unless I've missed something?