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NS&I to cease selling via Post Office

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by Kay Mitchell
”NS&I

From November 28, National Savings and Investments (NS&I) will cease selling its accounts via the Post Office.

It has been announced that the Government-backed NS&I will no longer sell investment or easy access savings accounts over the counter at the Post Office.

NS&I runs Premium Bonds and a variety of savings products.

However, from the end of the month, its savings accounts will only be available only via the post, phone or online.

The new measures will affect more than 2 million people with investment accounts and a quarter of a million with easy access accounts.

However, customers will still be able to buy Premium Bonds from the Post Office, these account for around three-quarters of all NS&I sales in Post Offices, which is why they will remain on sale there.

According to the NS&I, the changes are part of a wider plan to “simplify and modernise” its products.

Commenting on the announcement, Jane Platt, chief executive, NS&I, said: “We’re very proud of the service we deliver to savers by post, online and, in particular, via our UK call centres where staff have an average of over 24 years’ experience and are available seven days a week, 365 days a year.

“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.”

With the historically low interest rate environment, NS&I products have proved extremely popular as savers look for somewhere to invest their cash.

Savers have suffered since interest rates were placed at the historic low of 0.5% in March 2009, when the economy was in the midst of recession.

The changes come just two months after NS&I announced its index-linked bond had been withdrawn from the market.

Rules state that NS&I must not dominate the savings and investments market.

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News posted: November 3, 2011

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