National Savings interest rates cut

AOL Money Staff

Hard-hit savers have been dealt another blow with Treasury-backed National Savings & Investments announcing cuts to interest rates on three products.

The rate on NS&I's popular tax-free direct ISA savings account, which had more than 300,000 customers in March last year, will reduce by 0.5% to 1.75% in September, having been cut from 2.5% in November last year.