View Image

Martin Lewis' MoneySavingExpert.com team has clarified exactly how NS&I (National Savings and Investments) helps Brits secure good rates for guaranteed interest.

These state-backed accounts are a great option for households with more than £85,000 - the limit of the Financial Services Compensation Scheme (FSCS) that safeguards your money if your UK regulated account provider folds.

With NS&I, that risk is removed as their accounts cannot go bust as a state owned savings provider.

READ MORE: DWP issues warning over new energy bill scam as UK households told to be vigilant

The MSE has provided a breakdown of all the interest rates in NS&I savings accounts:

One-year bond 4.2% (up from 4.04%) vs 4.47% at Monument Bank

Big name saver: 4.22% at MBNA (part of Lloyds)

Two-year b

See Full Page