NS&I to end Post Office link-up - Savings - News | moneyfacts.co.uk


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

NS&I to end Post Office link-up

NS&I to end Post Office link-up

Category: Savings

Updated: 03/11/2011
First Published: 03/11/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

National Savings & Investments (NS&I) has announced that it is to stop operating its accounts from the Post Office.

The Government-backed provider said the move was part of its programme to simplify and modernise its savings range and was 'in line with market trends'.

From 28 November, people will not be able to open Investment or East Access Savings accounts from the Post Office.

The only accounts that savers will be able to open from the Post Office will be Premium Bonds.

Its savings accounts will only be available via post, phone or online in the future, it said.

From December NS&I will begin contacting customers to explain their options, so customers will not need to take any action until then.

As well as simplifying and modernising NS&I's range of savings, the 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.

"Since 2007 we have been working to simplify and modernise our range of savings and to encourage our customers to invest with us directly," Jane Platt, chief executive, NS&I, said.

"At the same time the Post Office has grown its own range of savings products.

"We believe their expert knowledge of NS&I's savings and investments will help our customers transfer to dealing with NS&I directly and we will work with our colleagues at the Post Office to support our customers through the changes."

A number of NS&I's most popular accounts are already only available directly, including its Direct ISA and Direct Saver.

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.