NS&I to Slash Interest Rates in November
30 November 2020
The government-backed organisation, National Savings & Investments (NS&I) have announced they will cut interest rates for their Direct Savers accounts from 1% to 0.15% and the return on income bonds being reduced from 1.15% to just 0.01%.
The changes will come into effect from 24th November 2020. Whilst this is a devastating news for NS&I customers, rest assured we have a solution if you want to keep some money in cash. You can have one product which provides access to the whole savings market and places money at highest yielding banks making sure you never exceed the FSCS limit. Moreover the rates will be checked regularly to make sure you get the best rates. At the moment a £500,000 pot will provide 1.16% return which is £5,800 (the full amount is FSCS protected).