NS&I Green Savings Bond

LightKnow

If I put away 3k would this give me £560 after 3 years?  I wouldn't mind putting 5k in there but will 5.70 still be there after 3 months ?

I don't mind locking money away for 3 years 

Green bonds peeked my interest due to money going to green projects ( hopefully It used well)

BooJewels

@LightKnow - yes, you'd get around £560 after 3 years on £3k saved in it.  But you can't add to the bond after you've opened it - so if you opened a bond today with £3k - the 5.7% would be locked in for the 3 years, but you can't add to it in 3 months if you have a bit more dosh to add.  You'd then need to buy another one for £2k - and indeed, the interest rate may have changed by then. 

All the details are in the NS&I product summary:  https://www.nsandi.com/products/green-savings-bonds

auser99

The NSI site gives the example that £1k would be worth £1,180.93 after 3 years.
So 3x that = £542.79 by my maths.  (Not sure how £560 is being calculated?)
Equivalent to ever so slightly over 6% across the 3 years

BooJewels

That's pretty much the sum I got to too @auser99 (just by simple compounding over 3 yearly interest payments) - that's why I said 'around' as I wasn't sure whey they got the £560 from.

LightKnow

@auser99 I used a calculator lol guess it was wrong though 

eskbanker

LightKnow said:

@auser99 I used a calculator lol guess it was wrong though 

https://twitter.com/_GarethKeenan/status/433940114755313664?lang=en-GB

soulsaver

eskbanker said:

LightKnow said:

@auser99 I used a calculator lol guess it was wrong though 

https://twitter.com/_GarethKeenan/status/433940114755313664?lang=en-GB

The invisible link trick..?

eskbanker

soulsaver said:

eskbanker said:

LightKnow said:

@auser99 I used a calculator lol guess it was wrong though 

https://twitter.com/_GarethKeenan/status/433940114755313664?lang=en-GB

The invisible link trick..?

Perhaps embedding tweets isn't working properly (shows for me!) but maybe the image itself will render:

auser99

Assuming that when the user mentioned a "calculator", he meant some online interest calculator, rather than thumbing in
initial stake x 5.7%
+to the original value
then use that value and do the same steps twice more!

LightKnow

^ I used interest calculator on this site but it wouldn't let me leave out how much you put away a month. So so added 1p