NS&I announced in November 2011 that, as part of its modernisation programme, it would be making changes to its product range, including making its Investment Account a postal only savings account.
From today Investment Account customers who previously used the Post Office to transact on the account will no longer be able to do so. Instead, deposits and withdrawals can be made directly with NS&I by post.
Regular savings deposits can also be set up by standing order. Statements will replace the current passbook.
Customers who wish to retain the postal Investment Account need take no action and will automatically have their investment retained at the higher rate of interest. Alternatively, customers can transfer to NS&I’s Direct Saver account or choose to have their balance repaid in full.
In November 2011 NS&I also announced that its Easy Access Savings Account would close from 27 July 2012. Customers holding the Easy Access Savings Account have the option to transfer to the postal only Investment Account or to NS&I’s Direct Saver.
Direct Saver allows customers to manage their accounts securely online or by phone and has an interest rate of 1.5% gross/AER. Easy Access Savings Account customers who take no action will have their balances repaid in full.
NS&I Premium Bonds will continue to be available at the Post Office and directly from NS&I by phone, post and from nsandi.com.
As well as simplifying and modernising NS&I’s range of savings products, these changes will help NS&I reduce its cost to the taxpayer and deliver a real saving of some 10% by 2015 – a requirement set down in the 2010 Spending Review.
Jane Platt, Chief Executive, NS&I, said:
"The decision to move the Investment Account to postal only reflects the growing number of customers who are now managing their NS&I savings directly with us. Investment Account customers who wish to make withdrawals have always done so by contacting NS&I by post to request repayments.
“I’m pleased that we can now offer Investment Account savers an improved rate of interest and that staff in our UK call centres, who have an average of 24 years’ experience, will be on hand to help customers through the changes.”
