Five Questions About: NS&I

 

What, the government-owned financial institution that used to be known as National Savings?

That's the one. It was also called the Post Office Bank once upon a time. The government-backed institution is now known as National Savings & Investments and runs Premium Bonds and a number of savings deals.

Has my number come up on the Premium Bonds?

Possibly, you'll need to check if you're one of the lucky ones by putting your number in at www.nsandi.com.

So if I'm not a winner, what's the news?

Two things. First you won't be able to buy Premium Bonds at Post Offices for cash from April. You'll have to pay for them with debit cards or cheques or buy online.

What about other Post Office-linked accounts? Will they be affected?

NS&I is withdrawing its T Cash ISA and its standard cash ISA, both of which allowed customers to use the Post Office to make withdrawals or deposits. The 94,000 customers affected will be transferred to the Direct ISA, which must be operated online or by phone.

That's bad news?

Actually it may be good news. The accounts being closed paid 0.5 per cent. The Direct ISA pays 2.25 per cent, so you'll be better off, albeit without branch access.

Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

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