NS&I — National Savings and Investments — is backed by the British government. Your money is as safe as money can be. But most people either know only Premium Bonds, or have never thought seriously about the full range of products on offer.
Unlike ordinary bank savings accounts, NS&I deposits are backed by HM Treasury. This means there is no FSCS protection cap — the full amount is government-guaranteed regardless of size. For large cash holdings above £85,000, where FSCS protection runs out on ordinary savings accounts, NS&I provides a level of security that is genuinely difficult to replicate elsewhere.
The most famous NS&I product. No interest — instead, every pound gives you a ticket in a monthly tax-free prize draw. Prize fund rate currently around 4 percent. Best suited for higher-rate taxpayers and large cash holders. See our full Premium Bonds article for the complete analysis.
Fixed-term savings with a guaranteed interest rate, held for 1 or 2 years. Rates are competitive with the market and fully government-backed. Best for people who want certainty — they know exactly what they will receive at the end of the term. No access to your money during the fixed term. Compare rates with the best fixed-rate savings accounts on the market before committing.
Similar to Guaranteed Growth Bonds, but interest is paid monthly rather than at the end of the term. Best for people who want a regular income from their savings — typically retirees. Government-backed with no FSCS limit.
An easy-access account paying a variable rate, managed online. No FSCS cap, full government backing. The rate is competitive but tends to track slightly below the best easy-access accounts on the open market. Worth comparing before choosing it over a market alternative.
An easy-access account that pays interest monthly. Minimum investment applies. Government-backed, variable rate. Good for those who want monthly income with full flexibility to access their money.
NS&I offers a Junior ISA for under-18s. Cash only — no investment option. The rate is competitive among cash Junior ISAs. For those willing to accept equity exposure, a Stocks and Shares Junior ISA from an investment platform will likely outperform over the child's investment horizon.
Fixed-term bonds where the proceeds are used to finance green projects aligned with the government's net zero commitments. Rates and terms vary. A niche product for those who want to combine savings security with an environmental purpose.
NS&I products are not always the best rate on the market — but government backing and the absence of FSCS limits make them uniquely attractive for large cash holdings and for savers who prioritise absolute security. Know the range. Compare rates before committing. Use them where they genuinely fit your situation.
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