Reduced interest rates for selected variable NS&I products

From Thursday 12 February, NS&I will be reducing the interest rates for its Direct Saver and Income Bonds products. 

The new rate for Direct Saver will be 3.05% gross/AER, and for Income Bonds, the new rate will be 3.01% gross/3.05% AER.

Direct Saver and Income Bonds are easy access, variable savings accounts. This is the first change to the interest rates on these accounts since 5 March 2025. Today’s changes reflect changes in the wider savings market. 

Andrew Westhead, NS&I Retail Director, said: “We keep all our savings rates under review as market conditions change.

“Today’s changes will help us meet our Net Financing target whilst continuing to balance the interests of our savers, taxpayers and the wider financial services sector.”

Variable rate savings products