The Story of NS&I
Modernisation programme
NS&I Today

The scheme quickly became very popular, and the deposits provided a fund which the then Chancellor, Gladstone, could borrow for putting towards public spending.

This set two principles which have remained in place ever since:

• to provide a totally secure place for people to save, backed by the Government
  
• to provide the Exchequer with a source of financing (ie public borrowing)
  

Significant expansion over the next century included the introduction of Savings Certificates during the First World War to help finance the war effort, while Premium Bonds were officially launched on 1 November 1956 by Harold MacMillan, then Chancellor of the Exchequer. The first draw took place on 2 June 1957.

1969 saw the first main structural change - the Post Office Savings Department became a separate government department accountable to Treasury Ministers, and was renamed National Savings. Customers today can still pick up information and invest in our products at the Post Office.

Over the years National Savings developed its range of savings and investments to suit the market and meet the needs of customers and the UK Government's need for finance.

On 1 July 1996 National Savings became an Executive Agency of the Chancellor of the Exchequer. While National Savings remains accountable to the Treasury, Agency Status has given us greater autonomy in day-to-day management.

In 2002 National Savings was renamed National Savings and Investments (NS&I) to reflect the way that people think about their money and also to reflect the modernisation of the business and the wider product range available.

Modernisation Programme

NS&I embarked on an ambitious modernisation programme in April 1999 when it signed a pioneering Public Private Partnership with Siemens Business Services. Over 4,000 staff were transferred from National Savings to Siemens Business Services who now handle the service delivery of NS&I products, transforming business operations such as call centres and upgrading information technology.

The partnership has helped make Siemens Business Services one of the UK 's largest providers of back and front office services, while NS&I has gained access to leading-edge IT systems, transaction processing, and business transformation expertise. The partnership is for 10 years, with an option to renew for another five years.

One of the most innovative elements of the partnership with Siemens Business Services is the creation of joint goals at all levels through both organisations. This has meant significant customer service improvements, investment and cost efficiencies.

NS&I Today

With £79 billion invested at the end of March 2007 and with more than 26 million customers, NS&I today is one of the UK ’s largest providers of savings to personal savers and investors.