NS&I to introduce new saver account

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NS&I to introduce new saver account

Savers looking for somewhere to invest their cash will soon have the option of a new account from NS&I.

The Direct Saver account, which can be accessed over the telephone and internet, will be available from March.

It will be open to investments ranging from as little as £1 up to £2 million, providing an as yet undisclosed rate of interest.

As the institution is protected by HM Treasury, all money deposited into the Direct Saver account will be covered with a 100 per cent capital guarantee.

This new account may be a response to the research by NS&I which found that British savers are keen to increase the amount they are putting away for a rainy day for the first time this year since April 2008.

Almost 30 per cent of men questioned by the institution said they felt confident that they could add more to their savings this year.

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