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What to do about NS&I's poor Interest Rate.

For many years my wife and I have enjoyed reasonable interest rates on our NS&I accounts - but not anymore. 0.01% is totally unacceptable.

However, I don't feel inclined to move our money into an internet only account with an unknown foreign bank just to get say 1% interest. The solution I have come up with is to transfer our money into a maximum holding of £50,000 of premium bonds. By holding £50,000 each we stand a good chance of winning prizes equivalent to 1% annual interest and of course we might hit the jackpot.

Since moving our money in December I have already won one £25 prize and I'm looking to win a few more in 2021. It certainly puts some fun into savings when the rates are so low.

Created By on 27/02/2021

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28th Feb 2021 09:23:19
Thanks for voting!
If we had had £50.000 each coming up to state pension age I do not think we would have been very bothered as to when we would have got the pension

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