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Media centre /
Press releaseNATIONAL SAVINGS AND INVESTMENTS PLANS TO LAUNCH NEW SAVINGS ACCOUNT11 December 2003National Savings and Investments (NS&I) plans to launch a new savings account in early 2004. In recent months, NS&I has been investigating a range of straightforward savings solutions to provide the flexibility that meets the needs of today's customers. The new savings account will be straightforward and simple for customers to manage, offering consistent and competitive interest rates across all balances and, with a minimum balance of £ 100, is designed to encourage people to save. Customers will be able to access the new savings account via Post Office® branches, with NS&I over the telephone, via LINK ATMs (Automated Teller Machines), post and internet. There will be no fees or penalties and, backed by HM Treasury, the new savings account will afford the 100% peace of mind that NS&I customers have come to expect. The new savings account has been created in response to changing customer needs and will be launched in place of the Ordinary Account, which opened in 1861, but has not kept pace with other savings accounts. Ordinary Account customers will be able to use their accounts until July 2004, but will be invited to transfer to the new, more flexible savings account from the end of January 2004. The Ordinary Account is old-fashioned and offers limited access and modest returns for customers, as well as being expensive to operate for the taxpayer. The new savings account will be more efficient to run, and will enable NS&I to pass on the benefit to customers in the form of higher interest rates and easier access. Alan Cook, chief executive of National Savings and Investments, said, "We are planning the next chapter in the ongoing development of NS&I, primarily for the benefit of our millions of customers, but also to help us fulfil our role of providing cost-effective financing for the government. "As a core UK provider, the new savings account is an important step towards offering customers a full spectrum of relevant and secure savings and investments opportunities, making NS&I the first port of call for people with money to save and invest." NS&I will make further announcements to customers and the media about the new savings account in the near future. Notes to Editors1. National Savings and Investments is an Executive Agency of the Chancellor of the Exchequer. 2. National Savings and Investments' values are security, straightforwardness and integrity, delivered with a human touch.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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