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PPI refunds: Banks to 'benefit' from withdrawal of tax-free savings certificates

UK banks will benefit from the withdrawal of National Savings and Investments (NS&I) savings certifcates, it has been claimed.

NS&I pulled its popular interest and index-linked deals yesterday (July 20th) as competition rules mean it could only issue a limited number of the certificates.

Consumers had spent £5.4 million on the investments in the past three months, resulting in the organisation's decision to withdraw the deals to ensure it did not exceed its quota.

Andrew Hagger, from financial comparison website, claimed banks will profit from less competition.

He said: "Although it's bad news for Joe Public, banks and building societies will be rubbing their hands to see these products withdrawn and rates cut as they'll benefit in the form of a bigger slice of savings business."

NS&I has nearly 27 million customers who have invested around £94 billion in the government-backed body.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800003607-ADNFCR

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