Savers pile billions into NS&I accounts

Savers pile billions into NS&I accounts after state-backed bank restores its customer service reputation

Savers ploughed £4.4billion into NS&I accounts in the year to the end of March.

National Savings & Investments (NS&I), is our biggest savings provider and looks after £207 billion for 25 million people.

The 160-year-old body also restored its customer service reputation. Customer satisfaction levels were 84.8 per cent in the 12 months to the end of March, up from 76.1 per cent the year before.

National Savings & Investments is Britain’s biggest savings provider and looks after £207bn for 25 million people

NS&I has only raised its rates by 0.4 percentage points at best since the Bank of England base rate rose from 0.1 per cent to 1.25 per cent. 

Despite this, it still met its net financing target for the year of £6 billion plus or minus £3 billion.

Unhappy savers withdrew £3.9 million from its easy-access Income Bonds and a similar amount from fixed-rate Guaranteed Bonds.

Premium Bonds are its most popular account, with savers pouring in £10 billion last year to bring the total up to £119.6 billion.

Its easy-access Direct Saver is the next popular. Some £2.6 billion went in last year, taking the total to £30.8 billion. But it pays 0.5 per cent while Gatehouse or Zopa Bank pay 1.4 per cent. 

NS&I’s flagship green bonds raised just £288 million.

Savings accounts