However, recent analysis from Hargreaves Lansdown (HL) showed savers are abandoning NS&I as the savings market alters.
This comes even as the overall prospects for interest and returns improves as Sarah Coles, a personal finance analyst at HL, explained: “We’re on course to hit £1trillion in easy access savings accounts by the end of this year, and because most of it is still languishing in high street accounts, paying next to nothing, we could miss out on billions of pounds in interest.
“We need to get our savings working harder. Fortunately, the banks are so keen to get us to tie some of this money up that rates have risen.
“April was another bumper month for savers, with an extra £21billion flowing into bank accounts.