Chancellor Phillip Hammond said two million people over the age of 16 would benefit from the bond with a 2.2% rate and maximum investment limit of £3,000.

Mr Hammond said: “Low interest rates have helped our economy recover, but they’ve significantly reduced the interest people can earn on their cash savings.

“So we will launch a new, market-leading savings bond through NS&I.

“The detail will be announced at the Budget, but we expect our new Investment Bond will have an interest rate of around 2.2% gross and a term of 3 years.

“Savers will be able to deposit up to £3,000, and we expect around 2 million people to benefit.”

The Treasury stated: “To provide support to savers NS&I will offer a new market leading 3-year savings bond. The indicative rate is 2.2% but this may be adjusted to reflect market conditions when the product is launched.

“The bond will be open to those aged 16 and over, subject to a minimum investment limit of £100 and a maximum investment limit of £3,000. The product will be available for 12 months from spring 2017.”

Mike Gordon, technical director at Chartered Financial Planners Rutherford Wilkinson, said: "On the NS&I investment bonds, if the maximum investment is £3,000, it is hardly rewarding for investors, with only £66 a year able to be earned in interest. While the Chancellor said two million people are due to benefit, we must remember the NS&I website crashing due to demand with pensioner bonds and so we shouldn’t hold our breath on these."

Calum Bennie, savings expert at Scottish Friendly, said: "For savers the forthcoming savings bond is better than nothing but an interest rate of 2.2% is hardly likely to set the heather alight at a time of increasing inflation.

“This was not a budget for savers. Even with the proposed bond, savers are continuing to get very low returns. Those looking for a home for their money over the long term should continue to consider the growth potential of investing in stocks and shares ISAs."

Danny Cox, Chartered Financial Planner at Hargreaves Lansdown, said: "We saw from the popularity of the NS&I “pensioner” bonds introduced back in January 2015, how savers are desperate for a better return on their cash.

"With no end to low interest rates in sight a new bond aiming to pay 2.2% over 3 years and a limit of £3,000 is a decent gesture, but with inflation rising and heading toward 3%, its unlikely money in this new bond savings will do anything but go backwards."

Kevin Caley, founder and chairman of peer to peer lender ThinCats, said: “The government’s new NS&I Investment Bond, paying an interest of 2.2% over 3 years, is perhaps the only ray of sunshine in an Autumn Statement that offered little relief for Britain’s beleaguered savers.

"Negligible wage growth and the inflationary impact of a dramatic weakening of the pound since the referendum, have left those living on their savings or pension investments with little room for manoeuvre, and with inflation set to hit 2.3% in 2017, the walls are closing in.”

The government also announced the ISA limit will still be rising from £15,240 to £20,000 in April 2017, as previously planned.

On the NS&I, the papers stated that it was set a net financing target of £6.0 billion for 2016-17, within a range of £4.0 billion to £8.0 billion.

This target is being increased by £3.0 billion to £9.0 billion, within a range of £7.0 billion to £11.0 billion, the Treasury said.