Martin Lewis highlights ‘outstanding best-buy’ fixed savings account paying 6.2% - ‘it’s totally safe’

Martin Lewis

Martin Lewis highlighted the NS&I fixed savings products offering 6.2 per cent

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Jessica Sheldon

By Jessica Sheldon


Published: 07/09/2023

- 16:53

Updated: 07/09/2023

- 17:06

Martin Lewis spoke about savings in the most recent episode of The Martin Lewis Podcast

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

Martin Lewis explained the NS&I accounts are 100% safe as they're backed by the government

PA

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.

NS&I saver invests money into the account on mobile app

NS&I savers can put up to £1million in the Guaranteed Income Bonds and Guaranteed Growth Bonds

NS&I

Mr Lewis said: “With NS&I, because every penny saved is backed by the Treasury, whatever you have in there has the same level of safety as up to £85,000 in any other institute.”

In these particular top-paying savings accounts, NS&I savers can deposit up to £1million.

The financial expert explained: “Not only is it massively the best rate on the market but you can also dump as much money as you’ve got up to £1million in there.”

Mr Lewis also pointed out the way in which the interest is paid differs between the two accounts, so people may want to consider their personal circumstances as to which they would prefer.

The Martin Lewis Podcast is available to listen to now on BBC Sounds.

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