the Government is pulling the plug on NS&I’s interest rate. But there are still competitive deals out there with the essential FSCS protection
Flagstone, the UK's largest smart savings platform offers UK savers 1.6% interest rate* in wake of NS&I's announcement.
Following the announcement that NS&I’s market-leading rates are dropping on the 24th November, to 0.01% and 0.15% for Income Bonds and Direct Saver respectively, individual savers with cash to stash are eagerly seeking alternatives with competitive rates and FSCS protection for their hard-earned savings.
The Government-back rate change also coincides with stock market volatility, the end of the furlough period for many and a rising number of regional lockdowns. Plus, the pending new national restrictions for living and working will impact a high number of individual income streams.
Collectively these factors mean income for many will be at an all-time low for 2020 – making securing the best interest rates for savings more important than ever.
Simon Merchant, CEO of the smart cash platform Flagstone explains “The next squeeze on the economy has the potential to hurt more than the first as reserves have run dry, payment holidays have ended and the Government is pulling the plug on NS&I’s interest rate. But there are still competitive deals out there with the essential FSCS protection for those with savings seeking a safe place for their cash that can deliver returns even in these trying times.”
Flagstone savers can currently receive up to 1.60%* on their savings across the platform’s extensive portfolio of over 40 banks and more than 250 accounts – all accessible through one easy online interface.
The ongoing shift in culture to access financial services online has built greater trust in platforms like Flagstone and a greater tendency for individual savers to save directly with them. There has been a steady growth in such savers on the Flagstone platform since March, and Flagstone predicts that the NS&I rate decrease will result in an acceleration of that growth.
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* The annual equivalent rate (AER) shown in gross before fees, correct as of 22nd September 2020.
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