New savings fixes from NS&I (National Savings and Investments) allow you to lock in good rates for as many as five years with complete safety as it is backed by the government. These treasury backed accounts are great for those with large amounts of savings who do not need to immediately access them.
NS&I cannot go bust as a state owned savings provider. They are especially useful to those with more than £85,000, as this is the limit of the Financial Services Compensation Scheme (FSCS) that safeguards your money if your UK regulated account provider folds. Anything above £85,000 is therefore at higher risk, but NS&I accounts rule this risk out.
Along with their robust security, NS&Is have very competitive interest rates but they do not top the tables overall, the Money Saving Expert reports. Here’s a comparison of NS&Is and other competitive savings accounts.