NS&I to encourage savers with new account

| January 26, 2010 | 0 Comments

Government-backed National Savings & Investments (NS&I), which runs Premium Bonds and a variety of savings products, is to launch a new savings account in March with an “attractive” interest rate.

The news will be welcomed by savers who have been suffering amid the historically low interest rate environment.

The financial crisis led to many British savers withdrawing their funds from banks and choosing safer havens, such as the NS&I and the institution saw a huge influx of extra cash as a result.

The new product, expected to be called Direct Saver, will be available from March 2010, online and by telephone.

Savers will be able to invest from £1 up to £2,000,000 and manage their account online 24 hours a day.

A recent study by NS&I found that UK consumers expect to have more spare cash to set aside for savings in the year ahead.

Its study found that over a quarter (27%) of Brits are more likely to save money in 2010 than they were in 2009.

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