Treasury sets sharesave rate changes

HM Treasury has announced changes to the rate at which bonuses payable at the end of a three, five or seven-year sharesave plan are calculated – with effect from 1 September.

The rates are reviewed every year in accordance with interest rate moves, but are not always changed. These have now been increased to between 3.19 per cent for a three-year scheme and 3.52 per cent for a seven-year scheme.

Staff who joined a plan before the rate hike will receive the bonus rate at the time of sign up.