NS&I to reduce some interest rates to almost nought from 24 November

The changes will apply to NS&I's variable rate products and some fixed term products. The Premium Bonds prize fund rate will also be reduced and apply from the December 2020 draw. NS&I said the new interest rates will align its savings products against the rates offered by the banks and building societies. The NS&I's Direct Saver product - a savings account - will be reduced from a current interest rate of 1% down to 0.15%. Elsewhere, income bonds offered by the body will fall from 1.15% offered to just 0.01%. Meanwhile the interest rate on its one year guaranteed growth bond will ...