National Savings slashes rates - News in brief - Evening Standard
       

National Savings slashes rates

National Savings & Investments has announced that it was slashing the returns paid on some of its savings products by up to 0.25%.

The Treasury-backed group said it was reducing rates on its variable savings products following the recent cut in the Bank of England base rate.

The group's income bonds, investment accounts and easy access savings accounts will all have their returns cut by 0.25%.

NS&I is also reducing the total value of prizes in its Premium Bond fund from £108.8 million to £102.2 million.

The move means the odds of winning a prize will drop from 21,000-1 to 22,000-1, while the annual returns for someone with average luck who has the maximum £30,000 invested in Premium Bonds will fall from 3.6% to 3.4%.

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