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As announced earlier this year, yesterday NS&I officially cut its savings rates and reduced the effective prize rate on its ever-popular Premium Bonds. So where can you put your hard-earned savings if you want to get a better return? We've done a bit of digging...
Find the best savings rates
Let's start by taking a look at the rates you now need to beat if you want to move your cash out of NS&I and into more profitable savings accounts:
The changes came into effect yesterday, Monday 1 May, and will impact savers across selected NS&I accounts and cash ISAs, together with those who want the chance to win big in its monthly draw. While there are a lot of savers who will want to stick with the security of a Government-backed provider, and many who won't mind forgoing interest in the hope of getting a bigger payout, there are plenty of options for those who want to start looking elsewhere:
It's all about comparing the best savings accounts to find the deal that works for you. You may decide that you want to stick with the security of NS&I, and could well want to keep at least a portion of your savings in the form of Premium Bonds, but don't forget that there are plenty of other options out there. Keep an eye on our Best Buys, or use our savings search tool to find the account that could perfectly meet your needs.
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