- Q4 2025-26 (1 January – 31 March 2026) Net Financing of £2.2 billion
- 2025-26 Net Financing total is £12.1 billion
- 2026-27 Net Financing target: £15 billion (+/- £4 billion)
NS&I today published its unaudited quarterly results for the fourth quarter of the financial year 2025-26. Net Financing for the quarter was £2.2 billion, giving an end-year unaudited Net Financing total of £12.1 billion (excluding Green Savings Bonds). This is in line with NS&I’s revised 2025-26 Net Financing target of £13 billion (+/- £4 billion).
Following changes in the wider savings market during the year, NS&I has responded with a series of interest rate adjustments to its variable and fixed-term products. This is in line with its operating framework to balance the interests of savers, taxpayers and the broader financial services sector.
NS&I Interim Chief Executive, Sir Jim Harra, said:
“We’re pleased to end the fourth quarter within our Net Financing target range for the year. We also passed a significant milestone this quarter with NS&I now holding over £250 billion of savers’ deposits.
“We continue to track the broader savings market and adjust our interest rates when needed to ensure we are meeting our operating framework and delivering our Net Financing target.”
NS&I is publishing this unaudited Q4 2025-26 data ahead of the publication of its Annual Report and Accounts later in the autumn.
Unaudited Q1, Q2, Q3 and Q4 2025-26 results (1 April 2025 – 31 March 2026)*
| Qtr / year | Gross inflows (including reinvestments) £bn
| C&AIP** £bn
| Gross outflows £bn
| Net Financing £bn
| Total stock £bn
|
Q4 2025-26 (unaudited)
| 15.0 | 2.1 | 15.1 | 2.2 | 251.8 |
Q3 2025-26 (unaudited) | 17.9 | 2.1 | 14.1 | 5.9 | 249.8 |
Q2 2025-26 (unaudited) | 15.4 | 2.1 | 16.2 | 1.4 | 243.9 |
| Q1 2025-26 (unaudited) | 14.2 | 2.4 | 14.1 | 2.5 | 242.6 |
NS&I financial results 2021-22 to 2025-26*
| Year | Gross inflows (including reinvestments) £bn
| C&AIP** £bn
| Gross outflows £bn | Net Financing £bn | Total stock £bn |
| 2025-26 (unaudited) | 62.4 | 8.6 | 59.4 | 12.1 | 251.8 |
| 2024-25 | 57.3 | 9.3 | 57.0 | 9.8 | 240.1 |
| 2023-24 | 65.7 | 8.7 | 62.1 | 11.3 | 230.5 |
| 2022-23 | 53.7 | 5.5 | 48.6 | 10.0 | 218.3 |
| 2021-22 | 44.9 | 2.5 | 42.7 | 4.4 | 207.6 |
All figures are in £ billion and are subject to rounding.
*All figures (with the exception of Net Financing) include Green Savings Bonds.
**C&AIP is capitalised and accrued interest and prizes earned.
Notes to Editors
- NS&I reports quarterly on gross inflows and outflows, Net Financing and total stock. Net Financing excludes Green Savings Bonds, as they are a policy product.
- Net Financing – the measure of the net change of NS&I funds, meaning total inflows from deposits, retention of maturing monies and capitalised and accrued interest, less the total outflows from withdrawals and interest or Premium Bonds prize draw payments. A positive Net Financing figure represents a positive contribution to government financing.
- NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to more than 24 million customers. All products offer 100% capital security, because NS&I is backed by HM Treasury.
- Further information on NS&I, including press releases can be found here.
- NS&I photography and logos are available to download here.