MSE News: Government-backed NS&I's new fixed-rate savings pay up to 4.69% interest

MSE_Haris

NS&I has launched new fixed-rate savings accounts that let you lock in good rates for one to five years with total safety, as NS&I is backed by the Treasury. They're worth looking at if you're keen to save with a big name and won't need access to your savings – though you can earn a bit more from the top payers elsewhere…

Read the full story:

https://www.moneysavingexpert.com/news/2026/06/nsandi-savings-new-rates/

subjecttocontract

Damn just put £30K into NS&I for 1 year at 4.5%.

SacredStephan

There's a 30 day cooling off period…

subjecttocontract

https://forums.moneysavingexpert.com/discussion/comment/82044997#Comment_82044997

Many thanks for that info. Cancelled the bond at 4.5% got the refund almost immediately and will now open a new one at 4.69%.

Rich2808

HM Treasury has been busy today. Almost as if they are keen to get lots of things sorted before the department comes under new management in a couple of weeks!

Arthurian

I still wouldn't go above the £120,000 limit, though. I know Martin keeps saying NS&I savings are totally safe, and cannot go bust, but there is an EU precedent for deposits above the insured limit being confiscated in hard times. https://www.reuters.com/article/world/european-court-dismisses-compensation-claim-in-cyprus-2013-deposit-grab-idUSKBN1K323Z/

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82045868#Comment_82045868

That relates to bank failures. NS&I isn’t a bank, you’re lending your money direct to the Treasury. Think of NS&I deposits as pseudo gilts.

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/82045868#Comment_82045868

The Financial Services Compensation Scheme protects up to £120,000 of a depositor’s money should their bank, building society or credit union fail; but that independent compensation scheme doesn't apply to NS&I where unlimited deposits are guaranteed by the government, and so the £120000 figure is of no relevance to NS&I.

Any supposed "precedent" for confiscation of deposits in the EU wouldn't have any relevance to NS&I as the UK isn't in the EU and the loss of personal deposits in Cyprus related to a private bank which failed and not a government savings agency.

Also, the EU Directive governing bank bail-ins doesn't form part of UK legislation, and in the UK our law says that the under the UK's creditor hierarchy personal deposits above the limit hold "preferred" status, and the bank’s shareholders, bondholders and corporate creditors must lose 100% of their money before anything at all can be taken from a personal saver's excess deposit, so the chance of a personal deposits haircut or confiscation is minimal here, unlike in the EU.

poseidon1

The growth bonds are of no use to me ( I require interest montly), but the 4.60% income bond variant is reasonably competitive.

There is of course the 100% government protection on all investment up to the £1 million maximum to also consider. Therefore for those who habitually spread their savings around to keep within the FCSC protection limit, NSI are making a strong case to use them as the single protected provider.

A little unusual for NSI to be so fiercely competitive with the retail banks and building societies, given their government backed advantage.

Also to be noted that return on premium bonds due to rise to 3.8% from July for those with the average level of luck.

Heytheremrblue

Hope this is still available in September !

PixelPound

https://forums.moneysavingexpert.com/discussion/comment/82046426#Comment_82046426

After or before the 17th?

It is possible the base rate goes up this year.