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Personal Savings: Interest Rates

Question for Treasury

UIN 55109, tabled on 5 June 2020

To ask the Chancellor of the Exchequer, what recent comparative assessment he has made of the competitiveness of NS&I and high street bank savings product interest rates.

Answered on

11 June 2020

NS&I has a core remit to deliver cost-effective financing for government. In effect, customers’ deposits with NS&I are a form of government borrowing, and the rates that NS&I offer impact the cost to government of this borrowing. Rates on NS&I products are kept under review and set in accordance with its operating framework to balance the interests of savers; taxpayers; and the broader financial services sector.

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