National Savings and Investments (NS&I) are dropping the rates on their Income Bonds from 1.75% to 1.25% from 12th September. If you have placed a large sum with NS&I to take advantage of the Treasury’s protection of your capital, think again before accepting a 28.5% reduction in interest.
By splitting £250,000 (£500,000 for joint accounts) equally into easy access, notice accounts and 1 year fixed rate bonds, overall you could earn between 1.92% and 2.09% dependent on your circumstances. On £500,000 this would equate to between £3,350 and £4,200 extra in annual gross interest from the 12th September and your capital would be fully protected under the Financial Services Compensation Scheme (FSCS).
And why wait? Enquire now to secure your rates and beat any rush on withdrawal of funds from NS&I when the rate drops.
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