Farron welcomes pensioner bond - rewarding Cumbrian savers

South Lakes MP Tim Farron has welcomed the launch of new National Savings and Investments Bonds for pensioners. Tim believes that the new bond is rewarding Cumbrian savers.

The new bonds for people aged 65 and over offer market-leading rates and support people who rely on their savings in retirement. Two bonds have been 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 some time, giving those pensioners who wish to take advantage of these rates the opportunity to do so.

Tim said "These government-backed savings bonds for people aged 65 are great news for savers in Cumbria who have suffered through low interest rates on their savings since the economic crash in 2008. I believe it is incredibly important that savers are rewarded and these bonds help to do that by giving older savers the certainty and comfort of a good return over the life of their investment."