Just three weeks after withdrawing some of its short term bonds, National Savings and Investments (NS&I) has taken more of its most attractive savings accounts off the market. The products had been on offer for less than two months, with the savings organisation's three and five year growth and income bonds the latest to go. The fixed rate accounts offered interest rates of between 4.3 per cent and 4.6 per cent, after a significant increase on October 26th.
The one and two year bond equivalents lasted just 24 days before being withdrawn at the end of November. The deals have topped the best buy charts on financial comparison websites, and forced NS&I to return cheques to savers. Although the latest deals aren't quite as competitive, they have still proved extremely popular at around 4 per cent above the Bank of England base rate.
So attractive have the deals on offer from NS&I been, the government has faced calls from banks and building societies to make the NS&I products less competitive. With building societies struggling to attract customers to their own savings accounts, this latest withdrawal will be welcomed.
Banks Upset Over National Savings and Investments Offering Attractive Deals
Financial Services > e-banking > Banking news
Banks Upset Over National Savings and Investments Offering Attractive Deals
Fri, 11 Dec 2009
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