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The government has launched a new savings bond, offering a ‘market-leading’ rate of 2.2%.

First announced in the 2016 Autumn Statement, the Investment Guaranteed Growth Bond (IGGB) is available to those aged 16 and over, and permits savers to invest between £100 and £3,000 at any time during the next 12 months.

The product is only available online: the government hopes that this will provide customers with a ‘simple way to apply for the bond and to manage their investment’.

Additionally, offering the bond online ‘reflects the changing nature of customer behaviour,’ the government stated. The IGGB can be purchased from the National Savings and Investments (NS&I) website.

Commenting on the launch of the IGGB, Simon Kirby, Economic Secretary to the Treasury, said: ‘From raising the ISA threshold to introducing the new Lifetime ISA, this government is committed to creating a nation of savers.

‘With its market-leading rate of 2.2%, the investment bond will provide a valuable boost for savers who have been affected by low interest rates.’