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NS&I suddenly pulls blockbuster 6.2% savings deal – but Martin Lewis says it's no surprise

NS&I has withdrawn its hugely popular 6.2% one-year fixed savings deal for new customers from today (6 October). But the account was always going to be short-lived, according to founder Martin Lewis, who recently issued a clarion call to savers urging them to bag the top rates before they disappear.

Over 225,000 customers had signed up to the deal since it launched just over a month ago, according to NS&I. In his urgent message for savers on Friday 22 September, Martin called the deal "jaw droppingly outstanding" and warned that it wouldn't be available for much longer.

The 6.2% interest rate was available on NS&I's 'Guaranteed Income Bond', where interest was paid monthly and its 'Guaranteed Growth Bond', where it was paid on maturity. Both bonds have now been taken off sale to newbies, though NS&I says it will still honour any postal applications it receives for a "reasonable" period of time.

For the latest savings rate updates and the new top fixed accounts, see our Top savings guide

Martin Lewis: 'I hope this isn't the end of good deals from NS&I'

Martin Lewis, founder.

Martin Lewis, founder of, said: "We warned from the start that this wouldn't be around for too long. In truth it's been a week or two longer than I'd guessed.

"The rate available wasn't just a best buy for a one-year fix, it beat every other fix on the market. Combine that with the fact it's with NS&I so every penny of your cash is protected and it's no wonder huge amounts of cash flowed in.

"Now they've clearly met their customer acquisition goals, I hope this doesn't mean the end of good deals from NS&I."

Looking for a savings account? Go quick as there may be more rate cuts to come

As Martin has explained, the Bank of England's decision last month to maintain the current base rate of 5.25% made it likely that rates on the top fixed savings would come down, as these tend to follow long-term base rate expectations.

So if you missed out on the NS&I deal, it could be worth sorting your savings now in case rates continue to fall. For a full round-up of the latest deals, including up to 5.2% easy-access and 6.1% fixed, see our daily-updated Top savings guide.

What does NS&I say?

Dax Harkins, chief executive of NS&I, said: "This summer’s new one-year fixed-rate Bonds have been a great success. I am pleased we were able to keep them on sale for over five weeks, enabling more than 225,000 savers to benefit from the highest interest rates we have ever offered on these products."

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