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9h ago

NS&I Cuts One-Year British Savings Bonds Rate to 4.04% as New Issue Launches

The Treasury-backed provider will honor higher rates promised in recent maturity letters.

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Overview

  • NS&I launched Issue 86 of its one-year British Savings Bonds, setting the Growth option at 4.04% AER and the Income option at 3.97% gross/4.04% AER.
  • The fixed-term bonds require at least £500, cap deposits at £1 million per person per issue, and do not allow early withdrawals.
  • Customers who already received 30-day maturity letters will still get the previously quoted 4.18% rates for renewals.
  • The new 4.04% offer trails leading one-year fixes such as 4.5% from Chetwood Bank and 4.4% from Atom Bank, with some easy-access accounts paying over 4.3%.
  • NS&I says the changes support its Net Financing target, while its government guarantee may appeal to large savers seeking protection up to £1 million.