Personal Finance

NS&I reassurance on savings product

Consumers have been advised that National Savings and Investments (NS&I) will still be offering its inflation-beating savings product after some financial experts had warned it could be sold out within weeks due to huge demand.

The Index-linked Savings Certificate was reissued last week after a 10-month absence and NS&I admitted that demand had been very high, with its call centre inundated with enquiries and struggling to keep up with demand.

Officials at the Government-backed group moved to reassure people that the certificates, which help stop the value of savings being eroded by inflation, would not be sold out within the next few weeks.

An NS&I spokeswoman said: "We have allocated set funds for it and we expect to keep the product on sale for some time."

The spokeswoman added that NS&I needs to take in around £14 billion of consumers' money to meet its Government-funded target for 2011, with savings certificates set to make up a significant proportion of the figure.

Sam Jackson

Money Dashboard