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Index-linked Savings Certificates

Inflation-beating, tax-free returns


How to invest

Off
sale

Inflation-beating, tax-free returns

NS&I Index-linked Savings Certificates guarantee that your investment will grow in spending power each year, whatever happens to the cost of living. That's because they ensure the value of your savings is guaranteed to grow ahead of inflation, as measured by the Retail Prices Index (RPI), if you keep your investment for the whole term and don't make any withdrawals.

There are no Issues on general sale at the moment, but if you sign up below for email updates we’ll let you know as soon as the next Issues go on sale.



Sign up for email updates

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Manage existing Certificates

Index-linked Savings Certificates will start changing on 20 September 2012

This means that the way you can look after your Certificate depends on when you invested in it.

Changes

If you invested in, or renewed the Certificate, before 20 September 2012, find out more here >

If you invested in, or renewed the Certificate, on or after 20 September 2012, find out more here >

If the changes affect you, we’ll write to you around 30 days before your Certificate matures. Below is a brief overview of the changes.


What’s new with Index-linked Savings Certificates?

The changes at a glance


Financial changes

  • penalty and loss of index-linking for cashing in early
  • minimum balance of £100
  • single annual rate of interest for each Issue

Looking after your investment

  • fewer options when your investment matures
  • annual statements to help you keep track
  • new online and phone service

Rules for investors

  • joint investors can combine their investment allowance
  • minimum age 16 for new and renewed investments: children under 16 can no longer hold Savings Certificates

If you have an existing Index-linked Savings Certificate, don’t worry. The changes will only affect you if your Certificate matures on or after 20 September 2012, and you choose to renew it for a further term. So you don’t need to do anything yet.

We’ll write to you around 30 days before your Certificate matures, to remind you that it’s time to decide what to do with your money. We’ll include full details of the changes to your investment, together with information explaining your choices for renewing or cashing in.

Find out more about the changes

For Certificates invested in or renewed before 20 September 2012

Before

This information is for customers who invested in, or renewed, Index-linked Savings Certificates before 20 September 2012.

If you have any Certificates that you invested in, or renewed, on or after 20 September 2012, you can find out more here >


Each time we release a new Issue, you can invest up to a further £15,000 per person in it regardless of how much you may have invested in previous Issues. The minimum for each investment is £100.

Joint investors can combine their allowance to invest up to £30,000 per Issue (when on sale). Half of any amount you invest jointly will count towards your personal investment limit. For example, if you invested £15,000 jointly in a particular Issue, you could still invest a further £7,500 in that Issue in your own name.

There are no Issues on general sale at the moment, but if you register for email updates we’ll let you know as soon as the next Issues go on sale.

Register today

Index-linked Savings Certificates are designed to be held for the whole investment term to receive the full compound interest. This is because the fixed rates of interest we pay increase each year during the investment term.

But if you need access to your money you can cash in your Certificate early. Any return you receive will depend on when you cash in:

During the first year

You won’t earn any index-linking or interest, but we’ll pay you the full amount of your original investment.

On an anniversary date

We’ll pay you the anniversary value for that year, which will include any positive index-linking and fixed interest at the rate that applies for that year.

Between anniversary dates

We’ll pay you the most recent anniversary value plus any positive index-linking and fixed interest for each complete month since then.

If the RPI figure has gone down since the previous anniversary, you will still receive the full anniversary value plus fixed interest for each complete month.

To cash in, you can download and complete the cashing in form below and post it to us, or call us and we’ll send you one. To cash in a joint Certificate, both investors must sign.

Please note that the form below is only to cash in Certificates invested in or renewed before 20 September 2012. If you’re unsure if this is the correct form for you, please call us

Download the Index-linked Savings Certificate cashing in form

Our online calculator will give you an estimate of the value of the Certificates you currently hold.

If you want an accurate valuation please write to us quoting any relevant reference numbers (for example your NS&I number, account number or holder’s number) and remember to sign your letter.


We will write to you around 30 days before your investment matures, to explain the options. We'll include the value of your investment, together with information explaining your choices for renewing or cashing in.

If the relevant Retail Prices Index (RPI) hasn't been published when we contact you, the value we quote will be an estimate. Find out more (PDF)

If you want to renew or cash in at maturity your completed form must reach us no later than two working days before your investment matures (this is to give us time to process your instructions).

The minimum you can renew for a different term is £100.


Please let us know if you change any of your details to make sure any communications reach you.

Find out how to change your details

For Certificates invested in or renewed after 20 September 2012

After

This information is for customers who invested in, or renewed, Index-linked Savings Certificates on or after 20 September 2012.

If you have any Certificates that you invested in, or renewed, before 20 September 2012, you can find out more here >


Looking after your Certificate online and by phone

Using our online service is a safe, simple and convenient way to manage your NS&I Index-linked Savings Certificate. Once you’ve registered and heard from us that your service is up and running, you’ll be able to:


  • apply to buy Index-linked Savings Certificates (when Issues are on sale) and other NS&I accounts and investments
  • keep track of your money with NS&I and get valuations
  • cash in (remember there is a penalty for cashing in early)
  • keep your details up to date including your address, email and nominated bank accounts
  • give us your instructions when your Certificate matures
  • choose to go paperless (available online only)
Find out more

Each time we release a new Issue, you can invest up to a further £15,000 per person in it regardless of how much you may have invested in previous Issues. The minimum for each investment is £100.

Joint investors can combine their allowance to invest up to £30,000 per Issue (when on sale). Half of any amount you invest jointly will count towards your personal investment limit. For example, if you invested £15,000 jointly in a particular Issue, you could still invest a further £7,500 in that Issue in your own name.

There are no Issues on general sale at the moment, but if you register for email updates we’ll let you know as soon as the next Issues go on sale.

Register today

You can cash in all or part of your Index-linked Savings Certificate before the end of the term, but we will deduct a penalty equivalent to 90 days’ interest on the amount you cash in. You’ll also lose the index-linking on your whole Certificate for that year. Please note that if you cash in within the first 90 days, you will get back less than you invested. If you cash in part of your Certificate, you must keep at least £100 invested.

If you’ve registered to use our online and phone service, you can cash in by logging in here or calling 0500 007 007. Otherwise download and complete the cashing in form below.

Please note that the form below is only to cash in Certificates invested in or renewed on or after 20 September 2012. If you’re unsure if this is the correct form for you, please call us

Download the Index-linked Savings Certificate cashing in form

Our online calculator will give you an estimate of the value of the Certificates you currently hold.

If you want an accurate valuation you can log in or call us if you are registered for our online and phone service (you’ll need your NS&I number and password). Otherwise please write to us quoting any relevant reference numbers (for example your NS&I number, account number or holder’s number) and remember to sign your letter.


We will write to you around 30 days before your investment matures, to explain the options. We'll include the value of your investment, together with information explaining your choices for renewing or cashing in.

If the relevant Retail Prices Index (RPI) hasn't been published when we contact you, the value we quote will be an estimate. Find out more (PDF)

If you are registered for our online and phone service you can provide your maturity instructions online or over the phone - we will explain how to do this at the time.

If you have chosen our paperless service on your maturing investment we will email you 30 days before your investment matures to let you know your maturity options are ready to view online.

If you want to renew or cash in at maturity your instructions must reach us no later than two working days before your investment matures (this is to give us time to process your instructions).

The minimum you can renew for a different term is £100.


If you’ve registered to use our online and phone service, you can change your details using our online and phone service by logging in here or calling 0500 007 007.

Or you can let us know the changes by post by writing to us >