NS&I to slash saving rates | How Insignis Cash Solutions can help

by Insignis Cash Solutions in Industry Perspective

uk gbp coins

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.

How may the NS&I cuts affect the market?

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.

How Insignis Cash Solutions can help

At Insignis, 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.

Hub Account Illustration

We are here to help you and your clients

For an example of exactly how this may look for your client or your individual portfolio, please contact us today by sending an email or giving us a phone call. 

Tags: , , ,

Comments are closed.

Press Contacts

TWITTER

Insignis Cash's Twitter avatar
Insignis Cash
@InsignisCash

The Bank of England have today increased the Bank Rate to 0.75%. The MPC voted by a majority of 8-1 to increase the… t.co/qxjtx0rWQX

Insignis Cash's Twitter avatar
Insignis Cash
@InsignisCash

The Bank of England have increased the Bank Rate to 0.5%. The MPC voted by a majority of 5-4 to increase Bank Rate… t.co/tPrZIrmwKw

Insignis Cash's Twitter avatar
Insignis Cash
@InsignisCash

It's predicted that £5.5 trillion will change hands through intergenerational wealth transfer over the next 30 year… t.co/upRNshzctU

Insignis Cash's Twitter avatar
Insignis Cash
@InsignisCash

The Insignis Team would like to take this time to wish you all a Merry Christmas and a Happy New Year! Please note… t.co/jsAJxsbdyK

Insignis Cash's Twitter avatar
Insignis Cash
@InsignisCash

What lies ahead for the UK economy? In our latest article, we explore the past, present, and future of interest ra… t.co/3zhXm2ihS0

As Featured In: