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Changes - We're changing our fixed term investments

We're changing our fixed term investments

NS&I has looked after the nation’s savings for over 150 years, and now over 25 million people trust us with their money. Like any organisation, we have to move with the times, so, we’re modernising our systems and encouraging our customers to deal with us directly – online, by phone and by post.

We’re also simplifying our range of accounts and investments to make them more consistent and easier to understand. As part of these plans we’re making changes to our fixed term investments.

What are fixed term investments?
They are investments that last for a set period of time, known as a ‘term’. Our current range of fixed term investments are: Index-linked Savings Certificates, Fixed Interest Savings Certificates, Guaranteed Growth Bonds, Guaranteed Income Bonds and Children’s Bonus Bonds.

Will the changes affect me?
Yes, if you: 

  • have any existing NS&I fixed term investments that mature on or after 20 September 2012, and you decide to renew them

  • buy any new Issues of NS&I fixed term investments that we release on or after 20 September 2012

No, if you only have variable rate savings with NS&I, for example Premium Bonds, Income Bonds or any of our savings accounts.

What are the changes?
The changes are specific to each investment type, but in general they include:

  • new ways to keep track of your money: online and by phone

  • a penalty for cashing in early

  • a minimum age of 16 for all investors

One of the main changes is to our online and phone service – we’re giving you more choice in how you look after your fixed term investments. For any investments that you renewed on or after 20 September 2012, you can now manage them online or by calling us. You can check the value of these investments online or by phone – making it a lot easier to keep track of your money. We’ll also send you a statement each year, so you’ll have a paper record too. Or you can choose to go paperless if you’re happy to receive your records electronically.

We’ve also introduced a penalty for cashing in a fixed term investment early. Penalties for early withdrawal are already standard practice with most banks and building societies, and some of our investments already have them in place. So we’re now making all our fixed term investments consistent.

When do the changes take place?
The changes started happening on 20 September 2012. If you’re affected, we’ll write to you around 30 days before your fixed term investment matures, to remind you that it’s time to decide what to do with your money. We’ll include full details of the changes to your investment, together with information explaining your choices for renewing or cashing in.

How to find out more
Click on these links:

Index-linked Savings Certificates

Fixed Interest Savings Certificates

Children’s Bonus Bonds

Guaranteed Growth Bonds

Guaranteed Income Bonds