National Savings & Investments (NS&I) have announced that they will slash interest rates in November and cut the Premium Bonds prize fund a month later.
Direct Savers with NS&I will receive a cut in rates from 1% to just 0.15%, whilst those with Income Bonds, which have been offering market-leading instant access rates, will see cuts from 1.16% AER to just 0.01% from 24 November.
If you or your clients have savings tied up in one of the savers accounts, it may well be worth looking to move your savings by November. It’s possible that we could see a raft of further cuts from banks and building societies now that the bar for the best buy rate has effectively been lowered.
“While this is obviously a blow to NS&I savers, we recognise the need of NS&I to balance Savers, Taxpayers, and the Financial Services industry. Insignis offers an exciting alternative with a single sign-up process giving access to the savings and deposits of 30 banks. If clients are looking for an alternative, then Insignis can provide a significantly higher yielding service while maintaining comparable security and liquidity.” Giles Hutson, CEO at Insignis Cash.
At Insignis Cash, we offer a range of cash solutions allowing your clients to receive more interest and benefit from greater security. Now more than ever, we are determined to continue to empower savers to do more to ensure their money is working as hard as possible.
The fact that we are independent allows us to work with banks and financial industry partners to get the best results for our mutual clients.