Premium Bonds go cashless in Post Offices
Almost 60 years after Harold Macmillan launched Premium Bonds, triggering huge demand and long queues at the Post Office, National Savings & Investments (NS&I) has warned that branch counters will soon stop selling them for cash.
The move, which comes into force on 1 April, is the latest stage in Government-owned NS&I's split from the Post Office network.
The duo were once one company called the Post Office Savings Bank, founded in 1861.
They separated in 1969, but until 2011, when NS&I stopped customers using the country's 11,500 Post Offices to make withdrawals or deposits, thousands of savers, particularly the elderly, used the network's branches to open and manage their savings.
NS&I said that Premium Bonds will still be on sale at Post Office counters either by cheque or debit card.
However, from April, no cash purchases will be allowed, and brochures advertising the saving scheme will be removed from Post Offices.
The decision, NS&I said, would "deliver a saving for the taxpayer".
Children's bookseller wins The Independent's new author search
Board creates magnetic field to achieve lift
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
- 3 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
- 4 The inventor of the Facebook 'like' button says he never made a 'dislike' button because he feared the 'unfortunate consequences'
- 5 Russell Brand threatened with arrest after filming outside Fox News headquarters
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Oscar de la Renta dead: Legendary US fashion designer dies after long cancer battle aged 82
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
Lord Freud hangs on as MPs of all parties 'call for his head' over disability comments
iJobs Money & Business
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...
£27000 per annum + pension, 22 days holiday: Ashdown Group: An established ind...
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...