Culture

NS&I Boost Saver and ISA Rates, and Premium Bond Prize Pot

The lender will add 0.15% to its savings rates, including its Cash ISA, Easy Saver and Halifax Everyday Saver, compared to the 0.25% increase the BoE said it would lift its base rate by last Thursday. The same rate rise was applied to premium bonds, but due to the way premium bonds work, this is not, strictly speaking, an interest rate rise.

NS&I - the government's savings arm - has today confirmed it will increase interest rates across its variable rate products by 0.25%, including Premium Bonds, ISAs and income bonds from 1 December. For example, the odds of winning £100,000 with a single bond went from 1 in 22.2 billion to 1 in 33.4 billion, while the chance of winning £50 went from 1 in 941,000 to 1 in 3.2 million.

The number of prizes paid out each month will increase from 2.3 million to around 2.9 million - the highest number of prizes in any monthly Premium Bonds prize draw to date, NS&I said. Rachel Springall, finance expert at moneyfacts.co.uk, welcomes the announcement, saying that "many savers would have been waiting with bated breath to see the change come in from such a trusted brand". It's probably best not to think of them as a savings account.

The number of £1 million prizes will remain the same, at two, according to NS&I's estimates. The prizes are tax-free and another bonus of saving with NS&I is that all products offer 100% capital security as it's backed by the Treasury.

Following the Bank of England's decision to increase the base rate of interest earlier this week, National Savings & Investments has announced that it will be boosting rewards across its range of savings products from December.

NS&I chief executive Ian Ackerley said: "For our 25 million customers, including around 21 million Premium Bonds customers, these changes will present a welcome boost".

"Over the past few days we have seen the release of some highly competitive fixed-rate deals - and the rates available on the most competitive one-year bonds are edging ever-closer to 2 per cent".



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