Milton Keynes North MP Mark Lancaster has welcomed the launch of a new National Savings and Investments Bond for pensioners.
The new bonds are for people aged 65 and over, offering market-leading rates and supporting people who rely on their savings in retirement.
Mr Lancaster said: “A key part of our long-term economic plan is to 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, it’s the biggest ever retail bond offer.
“This is great news for all pensioners here in Milton Keynes. It’s time 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.”
“Clearly, these bonds were very popular as we witnessed the crash of the NS&I website inside the first hour of the launch!”
The two bonds are:
· 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.
With £10 billion being made available to issue the bonds, the popularity of the scheme saw the crash of the NS&I website within the first hour.