National Savings and Investments to axe Post Office Accounts

Tue, 08 Nov 2011
 
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National Savings and Investments has announced it is to stop operating its investment or savings accounts through the Post Office from the end of the month.

From the 28th November, NS&I's Easy Access savings accounts and Investment accounts will no longer be available over the counter at Post Office branches, although customers will still be able to purchase Premium Bonds.

The NS&I Investment Account will become a postal-only savings account in May 2012, with statements replacing the current passbook, while the interest rate paid on the account will be increased.

From July 2012, NS&I's Easy Access Savings Account will close to all customers. Instead, they will be offered the NS&I Direct Saver Account which operates online and by phone, or a new postal investment account.

The changes, which will immediately affect over 2.5 million Britons, are the latest in a five-year plan by NS&I to simplify and modernise its savings products . They are also expected to cut running costs by ten per cent.

Jane Platt, NS&I chief executive, said: "We have been working to simplify and modernise our range of savings and to encourage our customers to invest with us directly. At the same time the Post Office has grown its own range of savings products ."

"We’re very proud of the service we deliver to savers by post, online and, in particular, via our UK call centres where staff have an average of over 24 years’ experience and are available seven days a week, 365 days a year."

"We believe their expert knowledge of NS&I’s savings and investments will help our customers transfer to dealing with NS&I directly and we will work with our colleagues at the Post Office to support our customers through the changes."