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New government savings bond is launched

11th Apr 17 9:18 am

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A new government 2.2 per cent savings bond is being launched online on Tuesday.

The Investment Guaranteed Growth Bond (IGGB) was first promised in last years Autumn Statement by the chancellor.

Over the next 12 months savers will be able to invest between £100 and £3,000.

Anyone looking to save £1,000 can expect to earn £67 in interest, this is if no withdrawals are made over a three-year period. Those looking to invest £3,000 can obtain interest of about £202.

During the Autumn Statement of last year, the chancellor said that two million people would be able to benefit from the new bond.

Despite this, some critics have said the 2.2 per cent bond is “underwhelming”, the interest will be subject to income tax.

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