# What is NS&I?

> Quick answer · Last updated 4 July 2026

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## In short

National Savings & Investments — a government-backed savings provider offering Premium Bonds, Direct Saver, Income Bonds and fixed-term products. Money is 100% Treasury-backed, so there is no £85,000 FSCS cap.

NS&I raises funds for government spending. Premium Bonds pay tax-free prizes instead of interest; interest-paying accounts quote rates set by the Treasury.

Popular for large cash balances above FSCS limits and for tax-free prize income. Rates may lag best-buy bank accounts when NS&I is not actively attracting deposits.

See our NS&I products guide and Premium Bonds explained.

## Related

- [NS&I products explained](https://moneyguide.org.uk/savings/ns-and-i-savings-products/)
- [Premium Bonds explained](https://moneyguide.org.uk/savings/premium-bonds-explained/)
- [Are Premium Bonds worth it?](https://moneyguide.org.uk/answers/are-premium-bonds-worth-it/)

## Primary source

nsandi.com

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Independent UK money guidance from [Money Guide](https://moneyguide.org.uk). Information only — not regulated financial advice.