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Media centre /
Press releaseNATIONAL SAVINGS AND INVESTMENTS AND TESCO PERSONAL FINANCE BEGIN IN-STORE PILOT07 November 2005Premium Bonds and Inflation-Beating Savings brochures available from 50 stores from 7 November The first stage of National Savings and Investments’ (NS&I) marketing partnership with Tesco Personal Finance starts on 7 November when a pilot will take place in 50 stores. The pilot begins less than eight weeks after NS&I announced it had teamed up with Tesco Personal Finance to market NS&I’s tax-free Premium Bonds and inflation-beating Index-linked Savings Certificates in over 500 stores from early 2006. Brochures for the two unique, capital secure savings products, Premium Bonds and Inflation-Beating Savings, will be available to pick up at checkouts in stores, enabling shoppers in the 50 Tesco pilot stores to invest by phone or by post. The brochures have been designed to include elements of NS&I’s and Tesco’s own unique styles, but customers will be investing with NS&I and will enjoy exactly the same 100% capital guarantee as customers who invest directly with NS&I. The pilot stores cover the breadth of Scotland, England and Wales, from Edinburgh to Essex. The pilot, designed to ensure Tesco in-store and NS&I back office operations work perfectly, will conclude early next year, and then will then be made available in a further 450 stores. Why Tesco? NS&I chose Tesco Personal Finance to market its products to make it easy and convenient for people to save and invest alongside their weekly shop. This will be achieved through Tesco’s proven retail and financial services experience, in store-marketing opportunities and access to over 15 million customers every week. With a customer base of 26 million people and £70 billion invested, NS&I has sought new ways of reaching out to an even wider audience by signing up new partners to market its products. Tesco Personal Finance is the first new partnership. Tesco Personal Finance is the first new partnership and will support NS&I’s target to grow net financing by £15 billion from £63 billion in April 2003 to £78 billion in March 2008. Launching the pilot, John Prout, NS&I sales director, said: “Our marketing partnership with Tesco Personal Finance is another crucial stage in NS&I’s development. We’re starting the partnership with this pilot to help us ensure customers receive a seamless, straightforward and high quality service once the partnership rolls out to an additional 450 stores early next year.” James Yerkess, head of savings for Tesco, said: "The distinctive look of the brochures means they will be easy for our customers to see at the checkout and will show how closely NS&I and Tesco are working together to make it easier to save for the future.” ENDS Notes to Editors Photography Hi-res jpeg images of the new NS&I/Tesco Personal Finance Premium Bonds and Inflation-beating savings brochures are available. Contact the NS&I media team (details below) for more information. Tesco pilot stores Aldershot, Ashby de la Zouch, Baguley (Manchester), Baldock, Blackpool Clifton, Bridgend (Wales), Bristol Eastville, Bristol Lime Trees Road, Bristol Bradley Stoke Centre, Bournemouth Riverside Avenue, Bursledon (Hampshire), Cambridge Newmarket Road, Colchester Greenstead Road, Colchester Highwoods Square, Cheshunt Brookfield Centre, Corstorphine (Edinburgh), Durham Rennys Lane, Edgbaston, Edinburgh Broughton Road, Falkirk Grahams Road, Finchley, Gallows Corner (Essex) Gillingham (Kent), Hoover Building (Greenford), Hull Hall Road, Hove, Kensington, Kettering Carina Road, Leytonstone, Lunsford Park (Kent), Martlesham (Suffolk), North Shields Norham Road, Norwich Harford Bridge, Peterborough, Plymouth Roborough, Poole Fleets Corner, Poole Tower Park, Prescot (Merseyside), Redditch, Salisbury Bourne Centre, Scarborough Westwood, Scunthorpe, Sidcup, Southend, Sunbury, Telford Wrekin Retail Park, Wellingborough Victoria Park, Wokingham, Worcester Mill Wood Drive, York Stirling Road. National Savings and Investments NS&I, established in 1861, is a Government department and an executive agency of the Chancellor of the Exchequer. It offers a range of savings products through a network of 14,600 Post OfficeTM branches, over the telephone, internet, post and by standing order. It has 26 million customers and £70 billion funds invested. All products offer 100% security because they are backed by HM Treasury. For the first time in six years, NS&I has been advertising its Premium Bonds and inflation-beating range of Index-linked Savings Certificates on television and also since August, NS&I has been giving away two £1 million jackpot Premium Bond prizes a month as well as more than 1 million other tax-free prizes. Premium Bonds NS&I’s flagship product is Premium Bonds, in which 23 million people have invested £27 billion since they were launched in 1956. The amount invested has doubled since 1999. In September 2005, £68 million in 1.1 million tax-free prizes were awarded including two worth £1 million. The current prize fund rate is a tax-free 3.0% p.a. Inflation-Beating Index-linked Savings Certificates Index-linked Savings Certificates were launched 30 years ago in 1975 and provide a tax-free return guaranteed to beat inflation (RPI). They are currently available in three and five year Issues. Current rates: 3-year (10th Issue) RPI + 0.95% tax-free. 5-year (38th Issue) RPI + 1.00% tax-free. Tesco Personal Finance Tesco Personal Finance is one of the UK’s fastest growing financial services businesses. Since launched in 1997, the company has grown to five million in-force customer accounts and has launched, on average, three products each year. With 40% of sales now originating from the internet and 60% of business coming through the stores, many of which are open 24 hours, products are available where and when customers want them. The process The deal was signed on 9 September 2005 after a process to seek out, establish and maintain distribution partnerships with a wide range of organisations across a variety of sectors, including supermarkets, member organisations and high street retailers. In August 2004, NS&I issued a request for proposal through the Official Journal of the European Union. As a government department, NS&I is required to operate a strict procurement process. The notice in the Official Journal of the European Union also stated that NS&I would seek to partner with just one organisation in a number of different retail sectors and attracted significant interest from many types of organisations, including Tesco Personal Finance. During 2005, NS&I had a number of meetings with other supermarkets involved in the process to discuss the opportunities that could be gained from a relationship and how NS&I and a supermarket could work together. Tesco Personal Finance issued its proposal in June 2005. During the following weeks, NS&I reviewed all the proposals and, in early August, NS&I’s Board made the decision to seek a marketing partnership contract with Tesco Personal Finance.
Tesco Personal Finance
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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