Martin Lewis has highlighted two fixed savings options offering the “best” interest rate on the market, branding them an "outstanding best-buy".
The financial journalist referred to NS&I’s Guaranteed Growth Bonds and Guaranteed Income Bonds, which pay 6.20 per cent gross/AER and 6.03 per cent gross/6.20 per cent AER respectively.
The founder of Money Saving Expert warned he didn’t expect the offer to last for much longer.
He said: “This is really important. This is an outlier, and it doesn’t normally happen.”
Martin Lewis explained the NS&I accounts are 100% safe as they're backed by the government
Speaking on BBC Radio 5Live’s The Martin Lewis Podcast, he told listeners NS&I “has a massive best-buy”.
Mr Lewis said: “It is effectively a one-year fixed savings account paying 6.2 per cent.
“Now that is more than the best-buy fix for any other length of time, whether you’re fixing for five years or six months, there is nothing paying 6.2 per cent.
“So on rate alone, it is an absolute best-buy. You lock in, you get this rate guaranteed for a year.”
The money expert said “even more interestingly”, because the product is offered by NS&I the savings were “totally safe”.
He said the UK “would have to go bust for it not to be safe”.
Mr Lewis explained savers who deposit money with any UK-regulated savings account will have protection of up to £85,000 per person, per financial institution under the Financial Services Compensation Scheme (FSCS).
However, as NS&I is a government-backed savings provider, 100 per cent of a person’s savings are secure.