NS&I launches inflation-beating savings
www.moneynews.co.uk > Banking > NS&I launches inflation-beating savings
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Money News |
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NS&I launches inflation-beating savings
Wed 29th Apr 2009
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The government-backed savings account provider said that the two new Index-linked Savings Certificates products will offer savers a guaranteed inflation beating return on their investment.
Interest payments on the two products will be tied to the rate of inflation, as indicated by the retail price index.
NS&I said: "Interest and any positive index-linking are applied annually on each anniversary date.
"However, if index-linking is negative from one anniversary to the next, it is ignored and the extra interest is still added."
The interest earned on the savings products will also be exempt from income tax and capital gains tax.
NS&I claims that its savings products are 100 per cent safe for investors because it is fully supported by the treasury.
Recently, the chancellor announced the tax-free threshold for ISA savings will rise from next year.
Click here for more banking news
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