FAQs

This section answers common media questions about NS&I. General product information can be found under Our range. Our latest Annual Report and Accounts are available in About NS&I.

If you're looking for information on Premium Bonds or ERNIE then go to our ERNIE FAQs section.

The questions are divided into common themes. Click on a topic title to view the list of common questions.

• Why does NS&I exist?
• Who does NS&I report to?
• How long has NS&I been around?
• What are your sales channels?
• Why should anyone invest with NS&I?
• How does NS&I set interest rates?
• Who sets the interest rates?
• How do you inform customers of rate changes?

Why does NS&I exist?

NS&I has two clear and distinct roles: to raise cost effective financing for the government and to reduce the cost of government borrowing to the tax payer.

Who does NS&I report to?

NS&I is an Executive Agency of the Chancellor of the Exchequer.  The Government Minister with the portfolio for NS&I is the Commercial Secretary to the Treasury, Sir James Sassoon.

How long has NS&I been around?

The Post Office Savings Bank was founded in 1861 to encourage and cater for the savings of ordinary citizens.

Reorganisation of the Post Office as a Public Corporation led to the bank's new title of Department for National Savings from 1 April 1968.

In 1969 the department became independent from the Post Office .  It became a separate Government Department responsible to Treasury Ministers, now known as the National Savings Bank. 

In February 2002, the corporate identity was changed finally to its current form National Savings and Investments (NS&I), to better reflect the services and products that it offers customers.

What are your sales channels?

You can apply for most of our investments using this website and customers increasingly are using the telephone in addition to the post. Information about NS&I’s range of accounts and investments is available through Post Office® branches across the UK, and customers can apply for most of them over the counter. Brochures based on our You and your money website written by independent experts, and brochures based on how to invest with NS&I, are available in 317 WH Smith stores throughout the UK.

	Internet		Telephony	Post	Post Office®
		Electronic
Premium Bonds
Direct ISA
Direct Saver
Investment Account
Easy Access Savings Account
Income Bonds
Guaranteed Income Bonds*
Guaranteed Growth Bonds*
Childrens Bonus Bonds
Guaranteed Equity Bond*

Why should anyone invest with NS&I?

We offer a broad and unique range of products that meet the needs of savers and investors alike, including a wide range of tax free savings and a 100% secure home for our customers' money.

We review the rates offered on all of our other products each month by assessing whether the rate they offer balances the interests of savers, the taxpayer and the stability of the wider financial services marketplace.  

Who sets the interest rates?

NS&I sets interest rates on products, with HM Treasury approval.

How do you inform customers of rate changes?

We advertise changes in national newspapers (eg Daily Mail, The Telegraph), provide leaflets in Post Offices, announce changes on our website, write to customers when their fixed rate products mature and also send press releases to the media.