FAQs
Why does NS&I exist?
NS&I has two clear and distinct roles: to raise cost effective financing for the government and to reduce the cost of government borrowing to the tax payer.
Who does NS&I report to?
NS&I is an Executive Agency of the Chancellor of the Exchequer. The Government Minister with the portfolio for NS&I is the Commercial Secretary to the Treasury, Sir James Sassoon.
How long has NS&I been around?
The Post Office Savings Bank was founded in 1861 to encourage and cater for the savings of ordinary citizens. Reorganisation of the Post Office® as a Public Corporation led to the bank's new title of Department for National Savings from 1 April 1968. In 1969 the department became independent from the Post Office® – it became a separate Government Department responsible to Treasury Ministers, now known as the National Savings Bank.
In February 2002, the corporate identity was changed finally to its current form National Savings and Investments (NS&I), to better reflect the services and products that it offers customers.
What are your sales channels?
You can apply for most of our investments using this website and customers increasingly are using the telephone in addition to the post. Information about NS&I’s range of accounts and investments is available through Post Office® branches across the UK, and customers can apply for most of them over the counter. Brochures for Premium Bonds, Income Bonds and Inflation-Beating Savings are also available in 400 WHSmith stores.
Why should anyone invest with NS&I?
We offer a broad and unique range of products that meet the needs of savers and investors alike, including a wide range of tax free savings and a 100% secure home for our customers' money.
How does NS&I set interest rates?
When we set our rates, we take into account returns on gilts (British government securities) for fixed rate products, the price of Treasury bills for our variable rate products and movements in the Bank of England base rate.
Who sets the interest rates?
NS&I set interest rates on products, with HM Treasury approval.
How do you inform customers of rate changes?
We advertise changes in national newspapers (eg Daily Mail, The Telegraph), provide leaflets in Post Offices, announce changes on our website, write to customers when their fixed rate products mature and also send press releases to the media.
Why do you change interest rates when the Bank of England announces changes to base rate?
Changes to base rates affect all short term variable rates in the market.
