Monday, 19 January 2015

Stephen Metcalfe MP welcomes new National Savings and Investments Bond for pensioners

Local MP for South Basildon and East Thurrock, Stephen Metcalfe, has today welcomed the launch of a new National Savings and Investments Bond for pensioners.

The new bonds for people aged 65 and over will offer market-leading rates and support people who rely on their savings in retirement. Two bonds are being launched:

A one year bond will offer returns of 2.8 per cent gross/AER interest,
A three year bond will pay 4 per cent gross/AER interest.

£10 billion has been made available to allow these bonds to be issued – this should ensure these bonds are on the market for a period of months, giving those pensioners who wish to take advantage of the rates plenty of time to do so.

Stephen Metcalfe commented: “The Conservatives understand that it is crucial we support savers and boost hardworking peoples’ financial security at all stages of life.”

“That’s why we’ve introduced government-backed savings bonds for people aged 65 and over that pay the best interest rates in the market. They have already been a huge success and because this is the biggest ever retail bond offer, these bonds will be available for many months.”

“This is great news for pensioners in South Basildon and East Thurrock. It is time that savers were rewarded and these bonds do that by giving older savers the certainty and comfort of a good return over the life of their investment.”