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Media centre /
Press releaseNS&I TO CLOSE TREASURER’S ACCOUNT10 May 2007Closing to new business on 10 May 2007 and to further transactions on 10 August 2007 From today (10 May 2007), organisations will no longer be able to open the Treasurer’s Account operated by NS&I (National Savings and Investments). From 10 August 2007 existing holders will not be able to make any further transactions unless it is to close the account. There are around 200* similar accounts offered by banks and building societies so there are viable alternatives for Treasurer’s Account holders. The Treasurer’s Account is a deposit account for non-profit-making organisations and was opened by NS&I in 1996. It has 932** account holders with a total of £61.3 million invested but has been in decline since 2003. It represents less than 0.1% of the funds invested in NS&I. The Treasurer’s Account is unique within the NS&I range as only not-for-profit organisations can invest in this account. NS&I believes it would take considerable investment to successfully grow its presence in this niche market and it is more cost-effective for NS&I to build on its success in the personal savings market. Peter Cornish, NS&I’s Director of Customer Offer said, “The Treasurer’s Account has been in decline for some time which has prompted our decision to close the account.” He continues “Banks and building societies offer similar accounts for non-profit-making organisations so there are plenty of alternatives available in the market place.” NS&I will be writing to all account holders to inform them of the closure. Ends Notes to Editors * Moneyfacts Datascreen, 8 February 2007 ** 932 Treasurer’s Account holders, as at 29 March 2007, with a total of £61.3 million invested. The Treasurer’s Account is operated by phone and post, with a 30 day notice period or penalty applied to withdrawals, the account has a minimum initial investment of £10,000 and a maximum holding of £2 million. The current interest rates (variable) are as follows:
If, for any reason, organisations do not close their account before 10 August 2007 the money will remain 100% safe. Organisations will still be able to access their money by closing their account at any time in the future. National Savings and Investments is an Executive Agency of the Chancellor of the Exchequer.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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