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".
- 1 Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by police in Ohio park
- 3 Naked free runner captured in breathtaking photographs above London's streets
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by police in Ohio park
Heroin to be prescribed to Canadian addicts by doctors
Audacious North Korean kidnap plot foiled at Paris airport as 'Asian men' attempted to bundle student onto plane
Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
Revealed: the case against Bill Cosby – through the stories of his accusers
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
France 'blocks' Russian sailors from boarding a warship
Green Party Caroline Lucas interview: 'We could be on the edge of something very big'
iJobs Money & Business
Negotiable: Argyll Scott International: Hi All, I'm currently recruiting for t...
£50000 - £60000 per annum + benefits: Argyll Scott International: A Business A...
£30000 - £35000 per annum + benefits: Ashdown Group: PR Marketing & Events Exe...
$80000 - $110000 per annum, Benefits: Bonus and Employee Investment Scheme: Se...