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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.
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NS&I has burst to the top of the savings market with a new one-year fixed rate bond. We look at why, the effect on the rest of the market, and how to take advantage.
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.
15 September 2023
NS&I is known for offering middle-of-the-road savings products, backed by a venerable and trusted brand. So, it came as a surprise when it offered up a chart-topping rate over one year. And because of the power of NS&I, the impact of the rate hike could reverberate across the savings market.
The NS&I rate hike on its one-year Guaranteed Growth Bonds (6.20% AER/Gross) and Guaranteed Income Bonds (6.20% AER/6.03% Gross) means they’re now the most competitive one-year fixed rate savings accounts on the market.
For the vast majority of the time, NS&I applies the time-honoured rule that it wants to offer something good enough to attract our cash, but without paying over-the-odds for it.
This is because it has threeRead more on hl.co.uk