NS&I slashes savings limit on popular bonds to just £10,000

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Government-backed savings provider NS&I has reduced the amount savers can put into its fixed savings accounts from £1 million to £10,000.

Customers who open a new account will only be able to put £10,000 into each of NS&I's one-year and three-year Guaranteed Growth Bonds and Guaranteed Income Bonds - but the interest rates will remain the same.

The firm launched the bonds back in December last year, with the unique promise of offering to protect up to £1 million of savers' cash, so this change will be unwelcome for the biggest savers.

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