National Savings & Investment bosses are in panic mode.

They need to draw in a near record £15billion from savers this financial year (plus or minus £4billion each side).

But the Treasury-backed bank is running far behind that target.

Just £352million flowed in during the first two months of the financial year, compared with £1.4billion in the previous two months, Bank of England figures show.

With such a huge sum to pull in and only nine months to do it, rates are likely to remain higher for a while as it looks to fill coffers.

And in an unusual move, NS&I has raised the rate on all its accounts since April 1, even though the Bank of England base rate has remained frozen at 3.75 per cent.

So, what are the best deals currently on offer from NS&I... and which duds should you avoid?

Buy: Premium bonds

There has been a hike in the Premium Bond prize rate from 3.3 per cent to 3.8 per cent. This means an extra £57million was paid out in prizes compared to last month, including extra £100,000 and £50,000 prizes.

Many savers love the thrill of the tax-free prize draw and remain hopeful they’ll scoop one of the two monthly £1 million jackpots. 

But savers are not paid a guaranteed rate of interest and many fail to ever win.

For this reason, they may prefer an easy-access savings account and to earn guaranteed interest.

For me, the chance to win big makes them the star NS&I product.

Buy selectively: Income bonds and fixed-rates

Since April, NS&I has increased the interest it pays on its fixed-rate Guaranteed Growth and Guaranteed Income bonds twice.

The income version is popular with pensioners as they pay interest monthly.

On its Guaranteed Growth Bonds – a fixed-rate offering – NS&I pays 4.69 per cent fixed for one year, 4.67 per cent for two years, 4.65 per cent for three years and 4.55 per cent for five years.

The one-year rate is near the top of the best buy tables. Only a handful of providers pay 4.7 per cent or more, with the top rate from Marcus by Goldman Sachs at 4.9 per cent.

The NS&I bond will look attractive to savers whose one-year bond with the Government bank is now maturing – and who have been earning 4.05 per cent over the past 12 months.

But be wary. NS&I pays all the interest of the longer-term Growth Bonds at the end of the term and it all counts towards your personal savings allowance in the year the bond matures.

There is no such problem with the Guaranteed Income Bonds, which pay interest monthly, at 4.6 per cent, 4.58 per cent, 4.56 per cent and 4.46 per cent for one, two, three and five years, respectively.

They stack up well against the competition, where the top one-year rate is 4.63 pc from GB Bank and 4.72 per cent for two years.

Its Junior Isa is a tax-free 3.7 per cent. Building societies could pay slightly more. Skipton offers 3.8 per cent, Coventry 3.75 per cent.

In my opinion, the bonds and Junior Isa are worth having.

Avoid: Isas and easy-access accounts

Its Direct Isa, now pays 3.8 per cent thanks to the increase from 3.5 per cent in mid-May, but it still looks poor value when you can get 4.51 per cent from Trading 212 (including a 0.91 percentage point bonus for a year). 

Atom Bank pays 4.25 per cent.

The NS&I account is not flexible, which means if you take money out, you can’t replace it without eating into that year’s Isa allowance again.

Ditto for its Direct Saver, paying 3.45 per cent – way behind the Secure Trust rate of 4.21 per cent.

Dump: NS&I’s Investment Account

This easy-access postal account pays just 2.05 per cent, despite a recent boost.