Post Office to stop serving some National Savings customers
Thursday, 03 November 2011 11:51
National Savings and Investments (NS&I), one of the most popular and trusted savings providers in the UK is going to stop operating its accounts through the Post Office.
All of NS&I’s savings accounts will only be available through the post, by phone or online.
From the 28th November Easy Access savings accounts and Investment accounts will no longer be able to be opened, though Premium Bonds will still be available. The change will affect 2.3 million people who hold investment accounts and a further 260,000 who hold Easy Access Accounts.
After 28th November no new Investment accounts can be opened but customers with existing Investment accounts will still be able to use them at Post Offices and by post. In May 2012 existing customers will only be able to operate their accounts by post and at this time new customers can open accounts, but only by post. A new higher interest rate will apply from May 2012.
The Easy Access Savings Account will be closed entirely in July 2012 when existing customers will be offered the chance to switch their savings to a new postal investment account or NS&I’s Direct Saver Account or to a separate provider. Up until July 2012 customers can still operate the Easy Access Savings Account at a Post Office or by post.
Premium bonds will continue to be on sale at Post Offices as they account for 75 per cent of all NS&I sales at Post Offices.
NS&I said that the changes were part of their plan to lower running costs by ten per cent and to persuade customers to deal with NS&I directly.
Jane Platt, chief executive of NS&I, said: "We're very proud of the service we deliver to savers by post, online and, in particular, via our UK call centres [which] are available seven days a week, 365 days a year."
Use the Myfinances.co.uk comparison tables to find the best deal on a savings account.
Comments
Newsletter sign up