NS&I increase savings rates
The government backed National Savings and Investments group has today revealed a doubling of the interest rate paid to ISA funds from 1.2% to 2.5%. The group has also revealed an increase in savings rates across a number of other savings products after appearing to drop-out of the best buys market in order to inject more competition into the overall banking sector.
While the move by NS&I has been well received it has to be noted that the group is still nowhere near the top of the best buy league although the gap has narrowed somewhat. The group had announced a surprise reduction in some savings rates only a few weeks ago which took the market by surprise and ultimately lead to accusations of political bias in an attempt to revitalise the overall banking sector. This came after a period in which NS&I had easily been the most attractive savings provider in the UK with the UK government in desperate need of liquidity.
Whether we are seeing a return to "normal conditions" in the UK savings market remains to be seen but the trend on savings rates is moving higher and the difference in the top and the bottom of the best buy league is reducing.
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