Personal Savings: Interest Rates

(asked on 5th June 2020) - View Source

Question to the HM Treasury:

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 by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 11th 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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