NS&I has cut the rate on its new three-year Green Savings Bond launched today by almost a third compared to its predecessor - from 5.7% to 3.95%.

The FCA has asked nine banks and savings providers to provide assessments on what value their savings products offer after concerns about value for money.

NS&I has launched new one-year fixed rate Guaranteed Growth Bonds and Guaranteed Income Bonds from today paying up to 6.2% - the highest rate since they were launched in 2008.

NS&I has today launched a new fifth issue of its Green Savings Bond at a fixed rate of 5.7% gross over a three year term.