NS&I launches new one-year fixed British Savings Bonds – are they any good?

NS&I has quietly launched new one-year fixed savings accounts under its British Savings Bonds. Are you eligible to open an account and are the returns competitive?

A man placing a coin in a white piggy bank against a union jack background.
(Image credit: urbancow)

National Savings & Investment (NS&I) launched new one-year fixed British Savings Bonds on 23 May. But, do they compete with the best savings accounts and why did it silently creep into the market?

It’s safe to say that the general election announcement on 22 May has taken over most fronts – it also dimmed the light on NS&I’s new savings products. The provider confirmed that although the new savings products were planned, it had to abide by pre-election guidance as NS&I is government-backed. This meant savers were only updated on the NS&I website. 

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Swipe to scroll horizontally
Amount savedInterest earned after one-year
£20,000 (basic-rate taxpayer)£900
£20,000 (higher-rate taxpayer)£820
£50,000 (basic-rate taxpayer)£2,000
£50,000 (higher-rate taxpayer)£1,550

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.