Autumn Statement 2016: Hammond unveils three-year NS&I savings bond yielding 2.2%

Also commits to increase ISA limit

In today's Autumn Statement, Chancellor Philip Hammond announced the launch of a three-year National Savings and Investment (NS&I) bond with an expected yield of 2.2%.

The bond will be open to those aged 16 and over, available for 12 months from spring 2017, and will have a minimum investment limit of £100 and a maximum investment of £3,000. The government said that although the bond's indicative rate is 2.2%, this may be adjusted to reflect market condition when the product is launched. Hammond said: We can help those who rely on income from modest savings to get by. Low interest rates have helped our economy recover, but they have significantly reduced the interest people can earn on their cash savings. "So we will launch a new, market-leading ...