This week, rate reductions from NS&I – which stands for National Savings and Investments – came into force. Among the savings products affected were Premium Bonds. This machine generates random numbers for each monthly draw, and this is how the winners are
NS&I has been a rare bright spot in a disastrous year for savers. However that ended yesterday, when previously announced rate cuts to as low as 0.01 per cent came into force. Just one in three savers with NS&I are aware of
Among the savings products affected by the changes are Premium Bonds. The annual prize fund rate has now reduced by 40 basis points from 1.4 percent to one percent variable. The Direct Saver rate has been cut by 85 basis points from
For those depositing under £1,000, the rate currently stands at 0.10 percent. However, by putting away higher sums up to £85,000, Britons can stand to benefit from a 0.55 percent interest rate. Finally, RCI Bank UK is also offering a 0.57 percent
NS&I provide a monthly prize draw through their premium bonds but on top of this, the government backed institution offers a number of savings products. These products were regularly commended for their relatively high rates but today, the organisation has had no
NS&I provide a monthly prize draw through their premium bonds but on top of this, the government backed institution offers a number of savings products. These products were regularly commended for their relatively high rates but today, the organisation has had no
“A high proportion of NS&I savers said they were going to switch out to a new provider in response to the cuts, with only 57 percent saying they are going to stay put. While it remains to be seen whether intentions translate
Announced back in September this year, NS&I will begin to phase out Premium Bonds paper prize cheques from December. As such, any Premium Bonds holders still receiving paper warrants have been directed to take action to ensure they continue to automatically receive
Martin Lewis, 48, has regularly advised savers to turn to NS&I as the Government-backed organisation provided the market’s top easy access savings rate but this will soon be changing. Martin has warned savers NS&Is “best-buy” accounts will be cut to “near zero”
NS&I is a government-backed savings organisation which offers a number of options for Britons to put their money away. Perhaps most notably are the Premium Bonds offered by the organisation, giving holders a chance to win £1million each month. However, undoubtedly NS&I has been