| Rates change in National Savings & Investment fixed-rate products |
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Millions of Britons who use National Savings and Investment’s (NS&I) savings products will gain a little more from their savings as the NS&I announced a rate change yesterday. The NS&I changed interest rate on all its fixed rate products effective Thursday onwards.
On 5-year fixed pension income bond, the rate will rise by 0.15% and on 3-year pension income bond it will rise by 0.1%.
Children’s bonus bond and 5-year fixed rate savings bond will also give 0.1% more.
The changes will be applicable to new as well as existing customers. A spokesman for NS&I, said that the effort was part of NS&I’s commitment to provide consistently fair rates apart from 100% security and nationwide access.
He added that NS&I would continue to pass on all increases to people who used its savings and investment products, as and when market conditions allowed.
Rates on variable-rate savings products remain unchanged as they are subject to any changes in the Bank of England’s base rate which too has remained unchanged for eight months.
Last April, the NS&I had increased rates on all its variable products as well by 0.15 to 0.30%. This is the first rate change since last November. Britons use NS&I’s fixed rate savings products either for retirement or to save up for children’s education will welcome the rate rise.
Posted
on : Sat, 23 Apr 2005 00:00 GMT | Investments News
By : Pippa Fielding
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