NS&I have today announced unprecedentedly large rates cuts from 24th November.
The chances of winning any of the monthly prizes on offer for Premium Bonds, which includes the £1m jackpot, have also been significantly reduced.
Savers will soon have a one in 34,500 chance of winning, against a one in 24,500 chance at present. It is also slashing the number of £100,000 prizes from seven to four and £50,000 prizes from 14 to nine.
Further reductions in rates are as follows;
• Income Bonds have dropped from 1.15% to 0.01%
• Direct Saver from 1% to 0.15%
• Investment Accounts from 0.8% to 0.01%
The dramatic cut will hit the savings of 25 million people who have invested their money with NS&I and we know at Oakworth these savings have been very popular amongst our own clients.
If you are one of those 25 million people, now might be the ideal time to refresh your own finances. If you would like to discuss how this has affected you personally, please get in contact on 01977 600020 or email the office directly at admin@ifa-oakworth.co.uk