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Media centre
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FAQsThis 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?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. Back to topWho does NS&I report to?NS&I is an executive agency of the Chancellor of the Exchequer. Our minister is the Economic Secretary to the Treasury, Kitty Ussher MP. Back to topHow 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. Back to topHow much government funding is managed by NS&I?Around £83 billion, which is almost 16% of the national debt or 9% of the UK retail savings investments market. Back to topWhat are your sales channels?NS&I products are available through 13,500 Post Office® branches. Customers can also use the post and increasingly are using the telephone. You can also apply for most of our investments using this website and brochures for Premium Bonds and Inflation-beating Savings are also available in 400 WHSmith stores across the UK.
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. Back to topHow does NS&I set interest rates?When we set our rates, we take into account returns on gilts (British government securities) for fixed rate products, the price of Treasury bills for our variable rate products and movements in the Bank of England base rate. Back to topWho sets the interest rates?NS&I sets interest rates on products, with HM Treasury approval. Back to topHow 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. Back to topWhy do you change interest rates when the Bank of England announces changes to base rate?Changes to base rates affect all short term variable rates in the market. Back to top |
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