NS&I slashes interest rates - how the changes affect Premium Bonds prizes ...

THE PREMIUM BONDS prize fund is to reduce by 10 basis points, the NS&I announced yesterday. What will the reduction in interest rates by NS&I mean for savers?

PUBLISHED: 07:34, Tue, Feb 18, 2020 | UPDATED: 07:45, Tue, Feb 18, 2020

NS&I announced interest rate reductions across its fixed and variable savings products yesterday, with the changes effective from May 1, 2020. The announcement said that the changes would ensure NS&I’s interest rates are positioned appropriately against those of its competitors, and help NS&I to strike a balance between the needs of its savers, taxpayers and broader market stability.

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Ian Ackerley, NS&I Chief Executive, said: “Reducing interest rates is always a difficult decision.

“We need to ensure our interest rates are set at an

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