Premium Bonds go cashless in Post Offices

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The Independent Online

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".