Are NS&I safe?
NS&I have been described as a ‘government savings bank’, so can offer you a different level of protection when it comes to your savings. Most other banks are protected by the FSCS (Financial Services Compensation Scheme), while NS&I are backed by HM Treasury.
Unlike the FSCS’ maximum limit of £85,000 per person, with NS&I every penny you invest is protected if something goes wrong.
For most people, the FSCS maximum limit is more than enough to cover you should your bank go bust. But if you have a larger amount of money in savings, you may worry how your cash is protected.
If you have more than £85,000 in savings, NS&I may be a good option for you to be sure your money is safe, should the unexpected happen.
Are NS&I Income Bonds a good investment?
Whether income bonds are a good investment will depend on your personal, financial circumstances.
NS&I Income Bonds may suit you if:
- You want your interest paid out every month, directly to your bank account
- You want easy access to your money, with no penalty for withdrawals
NS&I Income Bonds may not be for you if:
- You’re not looking to invest £500 or more
- You’re looking for a fixed interest rate
Unsure about which savings account to choose? Our guide on choosing the best savings account for you can help you compare your options.
Compare savings accounts today
Finding the right savings account for you is made easy with MoneySuperMarket. We know that deciding on a savings account can be a tricky decision – there’s a lot of information to get your head around. But once you’ve decided which features are important to you, you can sort the type of account by easy access, fixed rate or ISA. Then compare the interest rates, notice period and minimum and maximum deposit before you make your decision. Once you've made your choice, you'll be directed to the provider, which will help you through the rest of the process. It’s that simple.