National Savings and Investments (NS&I) has returned cash to thousands of savers after a surge in applications for one of its deals. The government run savings institution was offering consumers a one year bond paying 3.95 per cent, or a two year bond with an interest rate of 4.25 per cent. However, the deal proved so popular that it was withdrawn after 24 days - the shortest time any NS&I savings product has been offered. Consequently, thousands of savers are having their cheques returned, with more cash still to be returned to savers who applied without realising the product had been withdrawn.
NS&I says it has no immediate plans to launch any new deals, while savers are being urged to act fast to take advantage of any other savings accounts or bonds that they like the look of. Following the reduction of the base rate to 0.5 per cent by the Bank of England, savers have seen returns on their money decimated, though banks are beginning to offer some attractive deals as they look to build up capital reserves. More urgently, however, banks which received a government bailout need the money to pay off loans and debts .
Bank Returns Cheques Following Savings Applications
Financial Services > e-banking > Banking news
Bank Returns Cheques Following Savings Applications
Fri, 27 Nov 2009
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