New fast access account

NATIONAL Savings & Investments (NS&I) is set to launch a new mobile account.

The government backed company, which also sells Premium Bonds, will allow instant access and have attractive rates of interest.

The bold move follows the roaring success of a series of fixed-rate one to five year savings policies introduced last year.

NS&I wanted to raise £2bn in saving deposits with the scheme but it was so popular it had to close it to new investors months ahead of schedule.

Its current Easy Access account offers variable rates of between 0.3 per cent and 0.7 per cent, compared with an average rate of 0.17 per cent.

It would not confirm the rate on the new account.