Investors flock to NS&I savings after SVB scare - should you follow this trend?

Investors are increasingly pumping their cash into the safety-net of NS&I - lured by increased rates and the security of a government-backed savings account. Should you move your savings to NS&I?

Person using NS&I app on smartphone
(Image credit: © NS&I)

The collapse of Silicon Valley Bank and Credit Suisse in the US has undoubtedly sent shockwaves across the globe, but for both savers and investors, it has left many nerves rattling, with questions being asked over whether money is safe with a bank. With more savers switching to the safety of NS&I, we look at whether now is a good time to switch to government-backed National Savings & Investments (NS&I).

NS&I has attracted £2bn in February alone, according to Bank of England data.

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Tom Higgins

Tom is a journalist and writer with an interest in sustainability, economic policy and pensions, looking into how personal finances can be used to make a positive impact. He graduated from Goldsmiths, University of London, with a BA in journalism before moving to a financial content agency. 

His work has appeared in titles Investment Week and Money Marketing, as well as social media copy for Reuters and Bloomberg in addition to corporate content for financial giants including Mercer, State Street Global Advisors and the PLSA. He has also written for the  Financial Times Group.

When not working out of the Future’s Cardiff office, Tom can be found exploring the hills and coasts of South Wales but is sometimes east of the border supporting Bristol Rovers.