# NS&I cuts easy access rates

By Sarah Coles — 2026-01-27

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “This isn’t a surprise, especially given how the high street giants have taken a scythe to their easy access rates, but for loyal NS&I savers, it will be a significant disappointment.

“It was always going to happen, because NS&I has a duty to offer middle-of-the-road savings rates in order to provide value for taxpayers.

“Given that the high street giants have dramatically cut rates – and some are offering less than one per cent on easy access accounts, it was always going to follow suit.

“However, the contrast with the most competitive deals on the market is striking.

“The online banks and savings platforms are keen to win market share and compete for business, so as a result, they’ve held onto higher rates impressively.

“They’re down from the peak, but plenty of them are still offering more than four per cent. NS&I wasn’t competing with these accounts before the cut – let alone afterwards.

“It means savers can do much better elsewhere. And if you’re voting with your feet, it’s also worth considering whether there are portions of your savings you could tie up for anything from a few months to a few years.

“In return for locking the money away, you get a guaranteed rate. At the moment, the best of these rates aren’t hugely different to the best easy access rates.

“However, given the direction of travel, if you fix now, you could be very grateful for having made the move if easy access rates continue to fall.

“There will always be savers who stick with NS&I because every penny is guaranteed by the Treasury.

“However, given that the FSCS now protects the first £120,000 with each institution, a huge number of savers will be covered.

“For those with larger balances, a savings platform gives you the chance to hold accounts with a number of banks and see everything in one place.”

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