Hargreaves Lansdown has reported a surge in new clients signing up to its cash savings service following government-backed NS&I slashing its rates in September.

NS&I is to make sweeping cuts to most of its savings products from 24 November.

The Treasury has increased NS&I’s net financing target for 2020-21 by £29bn from £6b to £35bn to help refill government coffers after the impact of the Coronavirus pandemic.

NS&I has dropped planned cuts to variable interest rates on savings and other products to “support savers” during the pandemic.