NS&I bumps up savings rates to 0.5%

Thursday, 10 February 2022 09:51

NS&I bumps up savings rates to 0.5%

NS&I website

NS&I has increased the interest rates on its Direct Saver and Income Bonds to 0.50% from today following the increase in the Bank of England base rate last week to 0.5%.

The interest rate on Direct Saver and Income Bonds has increased by 15 basis points. Interest paid on both accounts will rise from 0.35% gross/AER to 0.50% gross/AER.

NS&I chief executive Ian Ackerley, said: “The new interest rates will ensure that our products are priced in line with the broader savings sector.

“The increase will also help us to meet our annual net financing target for 2021-22 of £6 billion, in a range of £3 billion to £9 billion.”

NS&I is the government-owned savings organisation and has 25m customers.

Product

Previous interest rate

Interest rate from today

(10 Feb 2022)

Direct Saver

0.35% gross/AER

0.50% gross/AER (+15 basis points)

Income Bonds

0.35% gross/AER

0.50% gross/AER (+15 basis points)

Source: NS&I

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NS&I bumps up savings rates to 0.5%

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