Daily Banking Industry News
Wednesday 03rd of December 2008

Banking Sectors:

By company:

By organisation:

Also see:

October 7, 2008

Inundated NS&I drops savings rates

by Gill Montia

Story link: Inundated NS&I drops savings rates

National Savings & Investments (NS&I), the government-backed saving provider that benefits from a 100% guarantee on deposits, has cut some interest rates by up to 0.2%.

The body has been inundated by savers looking for a safe place to keep their money as turmoil sweeps through the global financial sector and governments nationalise banks.

According to a NS&I spokesman, the action has been taken to maintain a consistent level of market share.

The move will affect the UK’s Premium Bond fund, reducing the size of the pot, but will not change the two £1 million jackpot prizes awarded each month.

Meanwhile, government-owned Northern Rock, which also sports a 100% guarantee on deposits, withdrew a number of its savings products at the end of last week, again in response to a rising market share, which in the case of the nationalised bank is capped at 1.5%.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related stories to: Inundated NS&I drops savings rates

uSwitch.com: Banks quick to cut savings rate  ...

Savings rates hit seven year high  ...

Inflation eats away at High Street savings rates  ...

Savings providers lag behind base rate rises  ...

Savings rates hit seven-year high  ...

No Comments »

No comments yet.

Leave a comment


Previous: « Iceland reaches out to Russia as banks collapse
Next: A&L fined £7m for mis-selling PPI »

Visited 445 times, 2 so far today

Investment Banking News

Investment Banking Newss
Evolution Securities expands Fixed Income unit



Employment News

Banking Employment & Jobs News
Federated acquires Clover Capital Management