shaw gibbs - accountants and business advisers
accountants & business advisers

Article

REMINDER : National Savings rates on savings products slashed from November 24th

Article

REMINDER : National Savings rates on savings products slashed from November 24th

28 Sep 2020

1 minute read

National Savings slash rates across the board

REMINDER : National Savings rates on savings products slashed from November 24th - news article image

Alongside the relatively innocuous announcement that the rate of returns on Premium Bonds will fall (themselves a lottery rather than a savings account), National Savings & Investments also announced a staggering cut to the interest rates on their proper savings accounts as from November 24th. Hardest hit is the Income Bond, an instant access account which sees the rate slashed from 1.6% to 0.01%. Joining it on the 0.01% naughty step are the Investment account, ISA and Junior ISA whilst the Direct Saver only drops from 1% to 0.15%. The Income Bond in particular has been tremendously popular, offering the benefits of Government backing and a market leading interest rate, but it will now be worth looking around for alternatives. Given that recent feedback has been that customer service has been poor and wait times on the phone have stretched to hours, we would suggest that any clients looking for alternatives do so sooner rather than later, but expect it to be far from an easy process.

Need expert advice?

Speak to an expert for advice on
+44-1865 292200 or get in touch online to find out how Shaw Gibbs can help you

Email
info@shawgibbs.com

Need expert advice?

Speak to an expert for advice on
+44-1865 292200 or get in touch online to find out how Shaw Gibbs can help you

Email
info@shawgibbs.com

What our clients say

  • I have been a client of Shaw Gibbs since the 1960's and have always found a professional but friendly response from the partners or staff

    I have been a client of Shaw Gibbs since the 1960's and have always found a professional but friendly response from the partners or staff

    Richard Preston

  • Thank you for being such a great partner in building our business!

    Thank you for being such a great partner in building our business!

    Oege de Moor - CEO, Semmle

  • Experience, expertise and support was not only invaluable from a financing perspective, but also in assisting us to determine the future strategy.

    Experience, expertise and support was not only invaluable from a financing perspective, but also in assisting us to determine the future strategy.

    Charles Parry – John Parry Estates Ltd

  • Shaw Gibbs’ service provides timely expertise at a reasonable cost

    Shaw Gibbs’ service provides timely expertise at a reasonable cost

    OATS Limited

© 2023 Shaw Gibbs Ltd

Your registration