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NS&I blow to savers.

SAVERS have been dealt another blow as NS&I snips some of its savings rates and slashes the Premium Bond prize pot.

In a move affecting more than 21 million customers, the changes which took place from May 1 apply to Premium Bonds, the Direct Isa, the Direct Saver and Income Bonds.

NS&I (National Savings and Investments) has said the move, announced in February, follows reductions in interest rates across the savings market, after the Bank of England base rate was cut to 0.25% in August.

Money held with NS&I is 100% backed by the Treasury. NS&I has a duty to balance the needs of savers and taxpayers.

The changes see a 1% rate on NS&I's Direct Isa fall to 0.75%, a 0.8% rate on its Direct Saver fall to 0.7% and a 1% rate on Income Bonds fall to 0.75%.

The total Premium Bond prize fund value will fall from PS70,880,100 in April to an estimated PS63,810,400 in May.

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Publication:Daily Post (Conwy, Wales)
Date:May 2, 2017
Words:173
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