What are the new NS&I interest rates?

National Savings & Investments (NS&I) bonds are currently available with interest rates of up to 4.85%, having peaked at more than 6% in 2023. So, what are the new NS&I interest rates across all products? And where should you look to get a competitive rate on your maturing bond?

We compare the current rate on NS&I fixed rate bonds to other savings accounts to see if you can get more from your savings. Explore alternative accounts to see if they align with your savings goal.

Last updated: September 2026

We’ve put together a table of the current NS&I interest rates for some of its savings products (correct as of August 2026). Keep in mind that these rates are frequently reviewed, and can change at any time.

These are the interest rates for general sale, i.e. they are open to new customers. If you are looking to renew a maturing bond, you may have more options and different rates.

In August 2023, NS&I’s 1-year Guaranteed Growth and Guaranteed Income Bonds paid a record rate of 6.2% AER. Many savers took advantage of these top rates before they were withdrawn in October 2023.

Since then, rates have decreased. While products have regained some lost ground, they still tend to fall short of the more competitive rates found on fixed-rate savings options elsewhere.

As of July 2026, NS&I’s British Savings Bonds (Guaranteed Growth) provide fixed returns across four term lengths. A minimum investment of £500 is required, and funds cannot be accessed before maturity:

If you want to lock your cash away to take advantage of potentially more competitive rates, it can be helpful to compare the current NS&I bond rates with those offered by other providers.

NS&I’s fixed rate bonds, such as Guaranteed Growth Bonds and Guaranteed Income Bonds (also known as British Savings Bonds since the 2024 budget), offer a range of term lengths if you are renewing an existing bond. However, it can sometimes pay to shop around, as you may be able to secure a more competitive interest rate for your desired term.

Below is a comparison of how the NS&I Guaranteed Growth Bonds rates compare to fixed rate bonds on the Raisin UK marketplace.

Please note, these rates are correct as of September 2026. As with NS&I’s Guaranteed Growth Bonds, you’ll need to commit your savings for the full term with Raisin UK’s fixed rate bonds.

While both choices protect your principal investment, they do so through different frameworks. NS&I deposits are 100% backed by HM Treasury, meaning your entire balance is secured by the UK government regardless of the amount. On the other hand, the fixed rate bonds available through the Raisin UK marketplace are held with authorised partner banks, where your money is protected up to £120,000 per person, per banking group by the Financial Services Compensation Scheme (FSCS).

NS&I adjusts its interest rates to balance two primary objectives: meeting the government's Net Financing target (the amount of money it is tasked with raising) and ensuring its products offer fair value without disrupting the broader UK savings market.

Historically, NS&I boosts rates when it wants to attract deposits quickly. For example, during the 2023/24 financial year, the government set a target to attract £7.5 billion from savers. To reach this, NS&I launched the highly popular 1-year Guaranteed Growth Bond at 6.2% AER, which closed just five weeks after launch once funding targets were met, leading to subsequent rate reductions.

However, NS&I must continually adapt to wider market conditions, and recent rate hikes reflect NS&I’s ongoing mandate to remain a competitive option for savers as it works toward its current government financing goals.

When your bond is about to mature, you might start by comparing rates for different savings products. NS&I typically sends a letter about a month before maturity, showing how much you would earn by renewing your current bond. You could use this as a starting point to compare with rates from other providers.

Premium Bond rates are not directly determined by the Bank of England or any other market interest rate, whereas any reductions or increases to the Bank’s base rate are likely to be passed on to savers without fixed rates. For more information on how this affects savers, it can be helpful to see what is happening with interest rates.

When reinvesting your maturing bonds, you might consider the features that matter most to you.

Fixed rate bonds offer the benefit of a guaranteed interest rate for a set term, meaning you’ll receive a fixed return. If you want competitive rates with a bit more flexibility when it comes to accessing your cash, a notice account might be worth considering. These accounts typically require you to give 30 to 90 days’ notice before withdrawing your money, but they still offer attractive variable interest rates.

If you want the freedom to withdraw and add to your savings at any time, an easy access savings account might suit you. Currently, Raisin UK offers rates of up to 4.15% AER variable, compared to the NS&I Direct Saver interest rate of 3.75% AER variable (comparison made in August 2026).

Read our page on where to invest your savings after your bond matures for more information.

The interest you earn on most savings is considered taxable income. This includes NS&I fixed rate bonds, as well as standard savings accounts. However, whether you actually pay tax on it depends on the total amount of interest you earn and your tax rate. Under the Personal Savings Allowance (PSA), basic rate taxpayers can earn up to £1,000 in interest per year tax-free, while higher rate taxpayers have a £500 limit.

An exception is Premium Bonds from NS&I. Instead of earning interest, they offer the chance to win tax-free cash prizes, although two-thirds of Premium Bonds holders have never won. If you already hold an index-linked Savings Certificate, you won’t pay tax on any returns you earn.

To avoid tax entirely, you might consider a cash ISA. You can deposit up to £20,000 per year (as of the 2026/27 tax year) into a cash ISA and earn interest tax-free, and fixed rate ISAs might offer slightly higher returns if you’re willing to lock your money away. Read more in our guide to Premium Bonds vs. ISAs.

There are a few reasons why you might still be keen to invest in bonds with NS&I.

• Government backing: As a government-backed bank, NS&I offers protection for your savings through HM Treasury.
• High deposit limits: NS&I allows you to deposit up to £1 million, which could be ideal if you have a large sum, such as from an inheritance. In contrast, most other financial institutions are limited by the Financial Services Compensation Scheme (FSCS), which protects only up to £120,000 per person, per bank.
• Access to earnings: If you prefer to access your earnings regularly, NS&I’s Guaranteed Income Bonds offer this option, making them a good fit if you need periodic payouts.

However, as we’ve seen, these benefits may come with the trade-off of a less competitive interest rate.

One way to get more from your savings is to shop around for the best rates. At Raisin UK, we offer a wide range of easy access savings accounts, notice accounts, and fixed rate bonds. You can easily find an account to suit your needs from a variety of banks and building societies. Simply register for a free Raisin UK Account, choose a savings account, and deposit your money.