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Newsroom
Newsroom articles are published by leading news agencies. Hargreaves Lansdown is not responsible for an article's content and its accuracy. We may not share the views of the author.
HL Podcast
HL Insight
We look at the implications for September’s savings and mortgage figures from the Bank of England.
This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.
Published on 7 November 2023
It was correct at the time of publishing. Our views and any references to tax, investment and pension rules may have changed since then.
In September, NS&I hoovered up a staggering £7.7bn of savers’ cash. Its biggest monthly intake since taking lockdown cash in August 2020.
They did it by offering two market dominating 6.20% fixed rate bonds. Sticking head and shoulders above the next best deal of 6.03%.
Now those deals have gone, we can look at the mark they left on the market, and where savers should look now.
Following the rush in to fixed rates a year ago, NS&I targeted the wall of cash maturing from those fixed-rate bonds. Positioning themselves as the obvious choice before interest rates potentially start to drop.
But the figure raised is set against a challenging backdrop. Many of us continue to reach into savings as costs rise and inflation eats away at our money’s spending power.
In fact, in September the Bank of England (BoE) quoted £9bn being withdrawn from accounts offering variable
Read more on hl.co.uk