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NS&I’s savings products boom

National Savings and Investments saw new funds in its savings products more than double over the weekend, following claims that all money invested with it is “100 per cent secure”.

On September 15-16 NS&I took an estimated £65.35 million in savings from customers, up from £30.64 million the previous weekend.

Its telephone banking soared from £9.43 million to an estimated £25 million, while Internet savings jumped £8.53 million to £15.35 million last weekend.

NS&I spokesperson Jonathan Akerman says the knock-on effect of volatility in the money markets is that people who have savings invested are panicking and looking for a safe place for their money.

He says: “It’s widely known that NS&I is the only financial institution in the UK that can offer a 100 per cent capital guarantee, so that’s every single penny of every single investment in NS&I is guaranteed to be safe and that is an attraction for a lot of people.”

Akerman says the call centre has received a higher volume of calls that mainly fall into two camps, people confirming that their investments with NS&I are 100 per cent guaranteed and those looking to transfer money from Northern Rock accounts.

He says: “So yes we have seen a reasonably significant influx of money into NS&I as people look for a safe home for their money.”

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