NS&I cancels interest rate reductions

Planned interest rate reductions on NS&I variable rate products due to be effective on 1 May 2020 will not now be implemented. The variable interest rate changes announced on 17 February 2020 will be cancelled and rates will remain unchanged to ensure savers are supported during the coronavirus pandemic. 

Customers should disregard any letters or notifications that they have received, or will receive, about interest rate cuts to NS&I variable rate savings products. 

Fixed term product interest rate reductions, also announced in February, will go ahead as planned and will become effective from 1 May 2020.