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Bank claims: NS&I withdraws inflation-linked savings certificates

National Savings and Investments (NS&I) has withdrawn its inflation-beating savings certificates following unprecedented demand.

With high levels of inflation and low interest rates, consumers have been attracted to the investments and spent £5.4 billion on certificates during the second quarter of the year.

The firm has been forced to remove the interest and index-linked deals as competition rules mean it can only issue a limited number of the certificates.

NS&I chief executive Jane Platt confirmed that the deals were pulled to ensure it did not exceed its quota.

She said: "We've seen significant amounts of money invested into these products over recent months and so we've taken the difficult decision to withdraw savings certificates."

NS&I has also cut the rates of its Direct Saver and Income Bonds by 0.25 per cent to restrict the number of new customers.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800003160-ADNFCR

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