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Now National Savings pays the best rates: Government-backed firm aims to attract 11bn of new money next financial year



Savers searching for a better deal should look to government-backed National Savings & Investments.


While big banks have embarked on a rate-cutting frenzy in recent weeks, NS&I rates have been left untouched. This is because unlike the banks, the £135billion-strong firm wants your money.

For its next financial year - which starts on April 1 - it aims to attract at up to £11billion of new money from savers. This is up from an original goal of £6billion.

So in a bid to entice savers, it has allowed its rates to float to the top of the best buy tables.

NS&I's easy-access Direct Isa, available online or over the phone, pays 1 per cent - the highest rate on variable accounts.

You can't move existing cash Isas into this account - but you can put £15,240 in this tax year which runs until April 5 (assuming you haven't used your allowance). In the next tax year, starting April 6, you can add up to £20,000.

To continue reading this article follow the link: thisismoney.co.uk

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Financial Services Scotland Ltd is registered in Scotland, and is an appointed representative of Personal Touch Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority. Company No. sc408291. The APL centre, Stevenston industrial estate, Stevenston, KA203LR.