NS&I pulls savings certificates
State-backed National Savings & Investments (NS&I) has withdrawn two inflation-beating products because they were too popular.
The group has pulled its fixed interest and index-linked savings certificates and also slashed rates on its Direct Saver and Income Bonds by 0.25% to rein in new business.
The move comes after NS&I saw a record £5.4 billion in gross inflows in the three months to the end of June.
This saw the group also deliver a record £2.4 billion in net financing, which is money left over for the Government after withdrawals and interest payouts.
NS&I is set a target each year for net financing by the Government and said this was at risk of being exceeded after just the first few months of the financial year due to saver demand.
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