Laura Suter, head of personal finance at AJ Bell, said it served as a warning to savers who might want to take advantage of market-leading interest rates available elsewhere right now – as the offers might not be around for long.
Close to a quarter of a million savers invested in NS&I's Guaranteed Income Bonds and Guaranteed Growth Bonds which paid 6.2 per cent
Ms Suter said it was “no surprise” savers rushed to invest in these NS&I products, as “the government-backed savings provider offering the top one-year account was always going to be hugely popular”.
She added: “With the Bank of England’s decision to hold interest rates recently, many savers are rushing to lock in deals in the hope that we’ve hit the peak, which has meant the NS&I bonds were more popular than usual.
“The fact that the accounts were only on sale for five weeks is a cautionary tale for anyone who is waiting around before locking in a new savings deal.
“It means that if you’re eyeing up a particular savings account it would be best to move quickly so you can lock in that rate while supplies last.”
Myron Jobson, senior personal finance analyst at interactive investor, stated: “This is another example that in a fast paced, rapidly developing market where inflation is still hurting, you have to be on your toes.
“The move could be seen as an indication that the clock is ticking for savers to cash in on high interest rates.
“The prevailing sentiment among economist is interest rates are close to their peak. If this is the case, the best deals will not be around long.”
Some may decide that investing their money rather than locking it in a savings account is right for them, although it’s crucial to be aware that with investing, capital is at risk.
Mr Jobson said: "Those who can afford to put money away for five years or more should consider investing for the potential of inflation-beating returns that far outstrip savings rates.
“Investing can be volatile on a day-to-day basis and while the potential for greater returns from the stock market comes with inevitable risk, taking a long-term view means you can smooth out some of those highs and lows whilst benefiting from the long-term potential that comes with this approach.