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The NS&I (National Savings and Investments) is often recommended as one of the safest options for savings and investment products. But does it offer the best deals? If you’re looking to do more with your money then it pays to get to know the NS&I, where it might be the best way to save and when other options could help you earn more.
The NS&I has been around for well over a century and now has more than 25 million customers. It’s essentially a state owned UK savings bank that offers a range of savings and investments products, such as Premium Bonds and Children’s Bonds. The NS&I is a government department and an Executive Agency of the Chancellor of the Exchequer and is about as safe as they come with respect to ensuring your money is secure. The NS&I offers 100% security on all deposits, which is one of the factors that sets it apart as a savings and investment option.
In an age of issues with online fraud and hacking, the guarantee provided by the NS&I is very attractive. It means that if anything happens to the cash in NS&I accounts the organisation guarantees to reimburse the saver for any loss. So, where any payment has gone out of the account that has not been authorised by the account owner – unless it can be proved otherwise – reimbursement for the payment is guaranteed. The NS&I is also 100% safe as a savings institution – it is backed by HM Treasury so depositing your cash here means that it’s as risk free as it’s likely to get.
The NS&I is a good option for a range of different bonds, ISAs and investment accounts, all of which are managed online, including:
It depends on what you’re looking to achieve with your money. The NS&I is ideal for those who are seeking:
You may want to look elsewhere for savings and investment options if you:
Other products from other banks and financial institutions might be better suited to the above criteria. For example, NS&I doesn’t offer a stocks and shares ISA, which is a higher risk product but also one that offers a greater return – the average stocks & shares ISA fund grew by 15.8% during the 2016/17 tax year. The key attraction with NS&I products is that you know your cash is safe, whatever happens. If that’s your priority as a saver or investor then the NS&I is well worth investigating.
Amanda Gillam is Solution Loans's General Manager and has been since 2009. She is also a prolific writer on personal finance issues, and has been quoted numerous times in articles published on 3rd party websites and in press releases. Her...Read about Amanda Gillam
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