The complete list of changes is as follows: NSandI lowers interest rates on seven savings products

Because of the cut, NS&I's savings bonds are much less attractive than other fixed-term bonds available on the market

We examine the changes.

Interest rates have been lowered by NS&I for the Junior ISA and seven of its savings products.

With reduced interest rates, the government-backed savings provider today reintroduced new issues of its two-, three-, and five-year British Savings Bonds to the market.

The new issues are far from the best savings accounts available on the market, with interest rates that are 1522 basis points lower than those of the April issue.

Guaranteed Growth Bonds and Guaranteed Income Bonds are the two bond categories offered by NS&I, and they are accessible to both new and existing clients with maturing bonds.

In each issue, customers must deposit a minimum of £500 and a maximum of £1 million per individual.

There are three different terms (two, three, and five years) and rates for Guaranteed Growth Bonds, which are fixed-term savings accounts that require no access until they mature.

Interest rates for the two-year growth bond, three-year growth bond, and five-year growth bond have decreased from 4 percent in April to 3 point 85 percent, 3 point 88 percent, and 3 point 84 percent, respectively.

In the meantime, the interest rates on NS&I's recently issued Guaranteed Income Bonds are also lower.

Invested in as a lump sum for a predetermined period of time, guaranteed income bonds pay interest to your designated bank account rather than accruing interest on the bond itself.

The new two-year income bond issue will pay 3.79 percent gross interest and 3.85 percent AER (formerly 3.93 percent gross and 4 percent AER), 3.82 percent gross and 3.88 percent AER (formerly 4.03 percent gross and 4.1 percent AER), and 3.78 percent gross and 3.84 percent AER (formerly 3.99 percent gross and 4.06 percent AER).

Right now, the best fixed term savings accounts available offer interest rates of up to 4 percent on two-year bonds, 4 percent on three-year bonds, and 4 percent on five-year bonds.

Likewise, the top-rated fixed-rate cash ISAs available on the market outperform those offered by NS&I. On two-year bonds, they offer up to 4 percent; on three-year bonds, to 4 percent; and on five-year bonds, to 4 percent.

NS&I Retail Director Andrew Westhead stated that the organization was "balancing the interests of savers, taxpayers, and the broader financial services sector" and that the cuts were "in response to changes in the wider market."

Junior ISA interest rates are lowered by NS&I.

Additionally, NS&I has lowered the Junior ISA (JISA) interest rate from 4 percent to 3 point 55 percent in conjunction with the reductions to British Savings Bonds.

The junior savings account will no longer be the greatest available option due to the 45 basis point drop that will take effect on July 18.

In addition to other providers that outperform NS&I's new rate, Beverley Building Society and Loughborough Building Society currently offer a Junior ISA that pays up to 4.15 percent.

As the first change in almost two years, Westhead claimed that the Junior ISA interest rate cut demonstrated NS&I's "ongoing commitment to helping young people save for their future."