News In 5 Minutes

News When You Want It

Martin Lewis warning: NS&I cuts ‘foreshadowing negative interest rates’ – full details | Personal Finance | Finance

Bruce Davis, the joint MD of Abundance Investment, was not entirely surprised by the change, as he detailed: “Record numbers of savers, who have lent a total of more than £160bn to the UK government via NS&I, will be sorely disappointed by this drop in rates but it was only a matter of time before the cost of the taxpayer subsidy for those products became unsustainable.”

On this topic, later on in the show, a caller asked Martin where the best rates could be found.

Martin cautioned that savers generally should lower their expectations but he detailed where the best savings and Lifetime ISA rates are at the moment: “Coventry Building Society is the top easy-access account today,

“Its variable rates could change and rates are likely to change, but that’s the top one”

Source link