National Savings & Investments (NS&I) has announced that it is increasing interest rates on both its junior ISA and direct ISA by 75 basis points and 15 basis points, respectively.
Interest rates paid on the organisation's junior ISA will increase from 2.5 per cent to 3.25 per cent AER, while the direct ISA will increase from 0.75 per cent to 0.9 per cent AER.
It made the decision to increase the interest rate on the direct ISA following changes in the ISA market, and to balance the interest of its savers, the taxpayer and the stability of the broader financial services sector.
NS&I retail director Jill Waters commented: “We are delighted to increase the interest rates on both our Junior ISA and Direct ISA.
“We want to ensure that NS&I is front of mind to our customers when making savings decisions, and these improved interest rates ensure that we are providing a fair rate, while guaranteeing that their money is 100% secure.
“Our Junior ISA offer gives parents and guardians a simple and straightforward way to invest for their children, at a competitive rate of interest. This will help their children build a nest egg that they can then take forward into adulthood.”
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