Budget announces NS&I 3-year fixed-rate Bonds and new 2024-25 Net Financing target

  • 3-year fixed-rate British Savings Bonds announced in Spring Budget to go on sale in early April 2024
  • Q3 2023-24 Net Financing of £2.8 billion
  • 2023-24 Net Financing whole-year forecast of £10.9 billion (excluding Green Savings Bonds)
  • 2024-25 Net Financing target: £9 billion (+/- £4 billion)

Announced in today’s Spring Budget, NS&I will be releasing 3-year fixed-rate British Savings Bonds in early April. The Budget also announced the new Net Financing target for 2024-25.

NS&I has also published its unaudited quarterly results for the third quarter of the financial year 2023-24, along with a whole-year forecast.

British Savings Bonds

In today’s Spring Budget, the Chancellor of the Exchequer announced that NS&I will launch British Savings Bonds, increasing the savings opportunities available to consumers to save for the longer-term.

British Savings Bonds will be new three-year fixed-rate Issues of NS&I’s Guaranteed Growth Bonds and Guaranteed Income Bonds, which were last on sale in 2019. They will offer savers a guaranteed rate over three years for investments between £500 and £1 million. Like all savings from NS&I, money invested will be 100% secure, backed by HM Treasury, and invested back into supporting the UK.

The Bonds will go on sale in early April and the intention is to have them available for an extended period of time. The interest rates will be announced in due course and are intended to be priced mid-market in relation to similar products, in line with NS&I’s requirement to balance the interests of savers, taxpayers and the broader financial services sector.

Net Financing 2023-24 

NS&I has published its unaudited results for the third quarter of the financial year 2023-24 (October-December 2023). Net Financing for the quarter was £2.8 billion, giving a year-to-date total of £12.7 billion.

Today’s Spring Budget confirms that NS&I’s whole-year Net Financing forecast for 2023-24 is £10.9 billion (excluding Green Savings Bonds). This is above the Net Financing target of £7.5 billion (+/- £3 billion), set out in the Spring Budget on 15 March 2023.

NS&I was on track to be within the Net Financing target in December. However, changing customer behaviour has meant that anticipated customer withdrawals, while still substantial, did not materialise to the extent that was expected, resulting in a higher than projected forecast.

Net Financing 2024-25 

In the Spring Budget 2024, it has been announced that NS&I will have a 2024-25 Net Financing target of £9 billion (+/- £4 billion). This target includes British Savings Bonds and continues to exclude proceeds from Green Savings Bonds, which sits outside Net Financing.

Notes to Editors

1. NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to more than 24 million customers. All products offer 100% capital security, because NS&I is backed by HM Treasury.

2. British Savings Bonds will be online-only with support for customers who are unable to transact online. Full information, including the interest rates, will be published when they go on sale in early April.

3. Guaranteed Growth Bonds are a lump sum investment that earns a fixed-rate of interest over a set period of time (called ‘investment term’). Guaranteed Growth Bonds are designed to be held for the full term. Interest is calculated daily and is added to the Bond on each anniversary of the investment.

4. Guaranteed Income Bonds are a lump sum investment that pays out monthly income at a fixed-rate of interest over a set period of time (called ‘investment term’). Interest is calculated daily and is paid into the customer’s nominated bank account.

5. The increase in the range (from +/- £3 billion to +/- £4 billion) for the 2024-25 Net Financing target reflects the scale of the total stock NS&I holds. A range of +/- £4 billion enables NS&I to effectively respond to the pace of change in the savings market currently.

6. NS&I reports quarterly on gross inflows and outflows, Net Financing and total stock. Each quarter, NS&I issues these unaudited figures and publishes its Annual Report and audited accounts each financial year. Net Financing excludes Green Savings Bonds as they are a policy product.

7. Net Financing is the measure of the net change of NS&I funds, meaning total inflows from deposits, retention of maturing monies and capitalised and accrued interest, less the total outflows from withdrawals and interest or Premium Bonds prize draw payments. A positive Net Financing figure represents a positive contribution to government financing.

8. Unaudited Q1, Q2 and Q3 2023-24 results (1 April – 31 December 2023) 

Qtr / year

Gross inflows (including reinvestments)




Gross outflows


Net Financing


Total stock (as at 31 December 2023)



Q3 2023-24



Q2 2023-24



Q1 2023-24



All figures are in £ billion and are subject to rounding.

*C&AIP is capitalised and accrued interest and prizes earned. All figures are in £ billion and subject to rounding.

**Including Green Savings Bonds.

***Excluding Green Savings Bonds.

Website: www.nsandi.com 

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