THE TELEGRAPH: Change in rules to affect holders of fixed rate certificates
Holders of sought-after NS&I “savings certificates” will not be able to withdraw money before the end of their term, following what experts said was a “big change” in rules.
From July 23, National Savings and Investments customers with maturing fixed-rate certificates – which hold £22.5bn of savers’ cash – will not be able to make a withdrawal once they have decided to renew a certificate.
Previously savers could take money out of their accounts but faced a penalty fee equivalent to 90 days’ interest.
Fixed Interest Savings Certificates, which were pulled from sale for new customers in 2011 but are the oldest accounts offered by NS&I, offer a guaranteed rate for a period of either two or five years.
Currently two-year deals pay 4pc and five-year deals 4.05pc. Unlike other savings accounts, these rates are guaranteed for the term of the certificate but only existing customers can renew. » | Madeleine Ross | Tuesday, July 18, 2023
The eleven savings accounts with the best interest rates for 2023: Discover the market leaders for Isas, bonds, savings and current accounts »
