NS&I warns savers over changes to accounts

| December 1, 2011 | 0 Comments
NS&I warns savers over changes to accounts

National Savings & Investments (NS&I) will write to holders of its Investment Account this month, warning them about major changes.

From 21 May 2012 savers will no long be able to deposit or withdraw money from Investment Accounts at post offices with a passbook.

The account is becoming postal-only and savers will receive postal statements, which will supersede the passbook.

The good news is that the interest rate on the Investment Account will increase.

NS&I will also write to holders of its easy access savings account, which will close down completely with effect from 27 July 2012.

This is being replaced with alternative products, including a direct saver account and a postal investment account.

The changes follow the recent decision to split NS&I from the Post Office in order to save taxpayers’ money.

The split is part of a five-year modernisation programme which reflects an increasing trend for customers to manage their savings by post, phone and online.

The Post Office offers its own range of savings products and may offer alternatives to NS&I products for savers who still wish to manage their savings through Post Office branches.

Premium Bonds will be the only NS&I product which will continue to be available from the Post Office.

There are currently £40 million premium bond prizes waiting to be claimed and NS&I has launched a search for the missing winners.

It total there are 740,000 unclaimed prizes, including one dating back to November 1957.

The largest is valued at £100,000, and there is one £50,000 prize and four £25,000 prizes also waiting to be claimed.

This £100,000 prize was won in February 2007 by a woman who is believed to have lived in London.

Premium bonds can be managed online, and prizes can be paid directly into the winner’s bank account.

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