National Savings and Investments (NS&I) cuts interest rates

We know many of our clients save with NS&I. In a time of lower interest rates with banks and building societies, this is a blow to anyone holding accounts with NS&I. The reduction is significant for those holding its Direct ISA, Direct Saver, Income Bonds and Investment Account.

The rates though won’t reduce until 6 June, plenty of time if you wish to find a new home for your savings.

 

Balance

Current rate

New lower rate

Effective date

Direct ISA

£1+

1.25% tax-free/AER

1.00% tax-free/AER

6 June 2016

Direct Saver

£1+

1.10% gross/AER

0.80% gross/AER

6 June 2016

Income Bonds

£500+

1.25% gross 1.26% AER

1.00% gross/AER

6 June 2016

Investment Account

£1+

0.75% gross/AER

0.45% gross/AER

1 July 2016

They are also reducing the prize fund rate on Premium Bonds.

For more information see the NS&I web site—click here

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