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Investment Account
Straightforward savings by post


How to invest

Straightforward savings by post

NS&I’s Investment Account helps make saving simple – you can pay money in by posting us a cheque whenever you like. And you can set up a standing order from your bank account for an easy way to save regularly. You can also take money out whenever you need it, with no notice and no penalty.

We’ll keep you up to date by sending you a transaction record every time you make a postal deposit or take money out. We’ll also send you a full statement each year.

Take a look at this summary box to help you compare our Investment Account with accounts from other providers.


Summary box: key product information

Account name

NS&I Investment Account

Interest rates

Variable, credited annually – see interest rate below

Tax status

Taxable, paid gross

Minimum opening investment

£20

Maximum investment

£1 million per person

Conditions for bonus payment

Not applicable

Withdrawal arrangements

No notice and no penalty

Access

Apply, deposit and withdraw by post


Interest

0.75 % gross/
AER


Definitions

Gross is the taxable rate of interest without the deduction of UK Income Tax.

AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year.


Apply

The information below is designed to help you decide if this account is right for you. If you’re still not sure, you may want to consult a financial adviser.

Search for a financial adviser


It might be right if you:

  • want a straightforward savings account that you can use by post
  • want easy access to your money
  • want to open a savings account on behalf of your child or grandchild

It might not be right if you:

  • want a fixed rate of interest
  • need a regular income from your savings
  • want to manage your account online and by phone
  • want to manage your account at a branch

Right for you?

Find out more about our Investment Account, including who can invest, investment limits and interest rates…

Find out more

Ready to invest?

Find out what information you need to have to hand and what to do next.

You cannot apply for an NS&I Investment Account online. Find out how to apply

Not right for you?

Also consider:

Direct Saver

Everyday savings online and by phone

Direct ISA

A tax-free rate of 1.50% AER (variable)

See our full range

Apply

Our Investment Account is a straightforward postal savings account. Once you’ve opened the account with at least £20, you can pay money in by posting us a cheque whenever you like. And you can set up a standing order from your bank account for an easy way to save regularly. You can also take money out whenever you need it, with no notice and no penalty.


Anyone aged 16 or over, either individually or jointly with one other person. You can open an account for a child under 16 if you’re the child’s parent, legal guardian, grandparent or great-grandparent. Accounts can also be opened in trust for beneficiaries of any age.

Joint accounts

When you open an account jointly with someone else, we’ll send all correspondence to the first account holder named on your application. When you apply, we’ll ask you whether both account holders need to sign for withdrawals together or whether either one can sign individually.

Remember if you decide that either holder can sign for withdrawals individually, then either of you can withdraw money and close the account independently. Either one of you can write to us at any time to change this arrangement.

Children’s accounts

You can open an account for a child under 16 if you are the child’s parent, guardian, grandparent or great-grandparent. When you apply, you’ll need to nominate one of the child’s parents or guardians to manage the account on behalf of the child. Only the parent, guardian, grandparent or great-grandparent will be able to make deposits for the child.


Minimum

You can open an account with just £20.Each cheque deposit you make after that must be at least £20. For standing orders and other electronic deposits, the minimum is £1.

Maximum

You can invest up to a total of £1 million per person.


Your money will earn interest daily from the date we receive each deposit until the day before you withdraw it. We’ll credit the interest to your account on 1 January each year.

The interest rates are variable, so they may change from time to time. Check the current interest rates


Although the interest is taxable, we don’t deduct the tax ourselves – so if you’re a non-taxpayer you won’t need to fill in an HM Revenue & Customs form to receive your interest gross.

If you are a UK taxpayer, you will need to declare your interest and pay any tax due. If you hold a joint account, both holders may need to declare their share of the interest to HM Revenue & Customs. We’ll send you a statement before the end of April each year, showing how much interest you’ve received.

Find out more about tax and savings


Once your account is open, there are three easy ways to pay money in:

  • post us a cheque and deposit form
  • set up a standing order from your bank account
  • make an electronic transfer from your bank
Find out more about paying money in

You can take out money at any time with no notice and no penalty. The minimum you can take out is £1, and you must keep at least £1 in your account for it to stay open.

Find out more about taking money out

Apply

About the terms and conditions


Please read the terms and conditions before you apply for our Investment Account.

We last updated the Investment Account terms and conditions on 1 April 2014.


Description
1. These terms and conditions apply to the NS&I Investment Account, and explain the obligations we have to you, as a customer, and the obligations you have to us. Please read these carefully and keep for reference.

2. Deposits into the Account are investment deposits in the National Savings Bank and are subject to the National Savings Bank Act 1971, National Savings Bank Regulations 1972 (Statutory Instrument Number 1972/764 - see paragraph 96) and the National Savings Bank (Investment Deposits) (Limits) Order 1977 (Statutory Instrument Number 1977/1210), as amended or re-enacted from time to time. This is a guide to the main provisions. In the event of any differences between these terms and conditions and the legislation, the legislation will prevail.

Definitions
3. In these terms and conditions:
(a) “Account” means the NS&I Investment Account;
(b) “BACS” means Bankers’ Automated Clearing Service;
(c) “banking day” means a day (other than a Saturday, Sunday or bank holiday) on which banks are generally open for business in London, and, in relation to the processing of a payment, any other place of receipt;
(d) “Director” means the Director of Savings;
(e) “NS&I” means National Savings and Investments.

4. For the purposes of these terms and conditions, any references to “we”, “us” or “our” are references to the Director or those acting under the Director’s authority in carrying out the business of the National Savings Bank.

Interest
5. All deposits accepted (see paragraph 23) will earn interest at a variable rate. The rate applicable to a particular Account at any time may depend on the balance in that Account. Both the rates, and the balances required to earn them, if applicable, may be changed from time to time.

6. The current rate(s) and the balances required to earn them, if applicable, and notice of any changes will be available:

  • on the NS&I website;
  • in our Interest Rates leaflet available from us;
  • in the London, Edinburgh and Belfast Gazettes (the Gazettes); and
  • directly from us over the phone.

7. The Treasury may change the interest rate(s) which apply to your Account from time to time.  Typically the Treasury will exercise this power:
(a) to enable us to respond proportionately to a change in the Bank of England’s  
base rate or any other publicly listed market rate;
(b) to enable us to respond proportionately to changes in the interest rates paid or
charged by other banks and financial institutions;
(c) to reflect changes in the costs we reasonably incur in providing your Account;
(d) to reflect changes in the law or a decision by an ombudsman;
(e) to enable us to meet changed regulatory requirements; or
(f) to reflect changes in any codes of practice to which we subscribe.

8. We will give you a reasonable period of personal notice if the Treasury make a material change to the applicable interest rate(s) which is to your disadvantage.  Whether the change is material will be determined by reference to the size of the balance of your Account and the size of the change to the interest rate(s). 

9. Subject to a minimum balance of £1, interest is earned on a daily basis on the closing balance for each day. The closing balance on any particular day will include all the deposits dated that day (see paragraph 24 and paragraphs 38 to 42 inclusive) less any withdrawals dated for that day (see paragraphs 49, 50 and 52). Interest is earned at 1/365th of the annual rate for each day.

10. Interest will be credited annually after close of business on 31 December and will   
include all interest earned for that year up to and including 31 December. The interest will then form part of the balance in the Account on and from the following day (1 January).

Tax
11. Interest will be credited to the Account without deduction of tax. However it is  
subject to UK Income Tax so Account holders may need to declare their interest
to HM Revenue & Customs, depending on their circumstances

Who may open an account?
12. Accounts may be opened in accordance with paragraphs 13 to 19, unless a  
limitation applies (see paragraph 20).

13. Individuals . If you are an individual of at least 16 years of age you may open an Account in your own name.

14. Joint Accounts . If you are an individual of at least 16 years of age you may open an Account jointly with one other individual of at least 16 years of age.

15. You may hold more than one Account in either or both individual and joint capacities.

16. Children. A child under 16 years of age cannot open an Account. Accounts may be opened for a child under 16 years of age to be held in the name of, and as the property of, the child, in accordance with paragraphs 64 to 71.

17. Trustees . If you hold money on trust for one or more persons, you may (whether you are an individual or not) open an Account in your capacity as a trustee either:

  •  by yourself; or
  •  jointly with one or more other trustees.

18.  Where there are more than two trustees, we may require all such trustees acting jointly  to nominate no more than two of their number to manage the Account.

19. Deputies . If you are legally entitled to make investments on behalf of a person who lacks capacity, you may open an Account on behalf of and in the name of that person.

20. General limitations . Accounts cannot be opened by:
(a) a person who is either a US citizen and/or a US resident for tax purposes;
(b) a person who is an undischarged bankrupt;
(c) a person who is 16 years of age or older and operates under a legal disability; or
(d) one person on behalf of another, unless:
(i) the application is made in accordance with paragraphs 14, 16 and 19; or
(ii) the applicant is acting under a valid power of attorney.

How to open an account
21. An application to open an Account must be made by post to NS&I.

22. The opening deposit must be made by personal cheque drawn on a UK £ sterling bank or building society account held by you, a building society branch cheque or bankers draft or by postal order.

23. In all cases, an application to open an Account is subject to acceptance by us.

24. Once an application is accepted, the date of opening your Account and of the opening deposit will be the date that NS&I received your application and deposit.

25. You will receive confirmation that your Account has been opened by post, including the date of opening and details of the opening deposit.

26. Where the Account is held jointly any correspondence, including the confirmation that the Account has been opened and transaction records, will be sent to the holder named first on the application to open the Account.

Evidence of identity
27. Under Money Laundering Regulations we are required to verify the identity and address of our customers before we can accept an application to invest. To do this we may make electronic checks using data from a third party including information from the Electoral Register. In accepting the terms and conditions you are confirming that you, and anyone else named on the application, are aware that your and their identity and address will be checked.

28. We may also write to any person named on the application requesting documentary evidence of their identity and address. The request for evidence of identity will specify the time within which the evidence must be returned to us. If the evidence is not received by us within the specified time we will not be able to process your application.

29. If we are unable to process your application due to lack of evidence of identity, your application will be cancelled from inception and any money paid to us will be refunded to you. No interest is earned or paid for the intervening period.

Cooling off
30. If you are not happy with your choice of Account you have 14 days from the date you receive confirmation of your investment within which to cancel your Account. To cancel your Account you must notify us in writing, by post, by fax, by email, or by telephone, using the details at the end of these terms and conditions.

31. If you cancel your Account we will return all the money in your Account including any interest it has earned. If you do not cancel your Account you will remain bound by these terms and conditions until your Account is closed.

Deposits into your Account - limits
Minimum deposit

32. The minimum amount that may be deposited at any one time:

  • for cheques, postal orders and bankers’ drafts is £20 (and the first deposit into an Account must be made in this manner (see paragraph 22)); and

  • for electronic transfers is £1.


33. Subject to the maximum investment limits (see paragraph 34), and any limitations imposed by your or our banking service provider, a deposit may be made for any amount equal to or more than the minimum.

Maximum deposit
34. The maximum investment limits restrict the amount that a person may invest in Accounts. The maximum investment limits are as follows:
(a) an individual may hold no more than £1,000,000 in Accounts;
(b) an Account may not contain more than £2,000,000; and
(c) the trustees of any trust may hold no more than £1,000,000 of the trust money in Accounts.

35. For the purposes of determining whether a maximum investment limit has been reached:
(a) where deposits have been made in an Account held in joint names, each Account holder will be treated as being credited with an equal share of those deposits;
(b) any amounts held by a person in their capacity as a trustee will be treated separately from any amounts held by that person in their personal capacity.

36.  Once a maximum investment limit has been reached, no further deposits will be permitted. However, interest will continue to be credited each year and it will remain possible to receive a transfer of amounts from the investment deposit account of another depositor who has died.

Deposits into your Account – procedure
37.  All deposits into the Account must be in £ sterling, drawn on a bank in the UK.

Deposits by post
38. You may deposit cheques, bankers’ drafts and postal orders by post. You will need to send the payment, together with the deposit form, available from us and online at nsandi.com, by post to us. For interest purposes the date of deposit will be the date your payment and form are received by us.

39. Deposits sent to us by post will not be accepted without a completed deposit form. Cheques, bankers’ draft and postal orders received without a fully completed deposit form will not be credited to your Account, and will be returned to you where possible.

40.  The amount of any cheque deposit will be available for withdrawal from the seventh banking day. For example if we receive your cheque and deposit form on a Monday, your payment will be cleared on the Tuesday of the following week. Allow one additional day for each English bank holiday. Clearance times on other types of deposits may vary.

Deposits by electronic transfer (Faster Payments and BACS, including under a standing order, although we reserve the right to accept a different method if necessary)
41. You can save regularly by setting up a standing order with your bank or building society. You can also make individual deposits (other than the first deposit into an Account) by electronic transfer if your bank or building society offers such a facility.  For interest purposes the date of such deposits will be the date the funds are received in our bank account and will be available for withdrawal from the following banking day.

Exceptional circumstances
42.  In certain circumstances where it is required by law, or where circumstances arise beyond our control, the payment into your Account may be prevented or may take longer than the time periods set out in paragraphs 38, 40 and 41.

Payments out of your Account - limits
43. Funds are only available for withdrawal after your payment has cleared. The time taken for payments to clear is detailed in paragraphs 40.

44.  The minimum amount that may be withdrawn is £1.

45.  Withdrawals will only be permitted to the extent that they will not reduce your balance to less than £1. If you wish to make a withdrawal that will take your balance below £1, you will need to close your Account.

Payments out of your Account - procedure
46. To make a withdrawal, you will need to complete a withdrawal form, available from us and online at nsandi.com, and send it by post to us. No notice is required.

Payment by electronic transfer (direct credit)
47. Withdrawals may be paid by electronic transfer, and such transfers will be made to a UK Sterling bank or building society account held in the Account holder’s name(s) but see paragraph 66 in the case of withdrawals in respect of childrens’ Accounts.  

48. Because we intend to use BACS as the means of making these electronic transfers (although we reserve the right to use a different means if necessary) the specified bank or building society account must be capable of receiving payments via BACS.  

49. We will normally initiate the electronic transfer within three banking days of receiving your instruction.

50. Once we have initiated the electronic transfer, the date of withdrawal will be taken to be the date on which, in the normal course, the requested amount would be credited to your bank or building society account. In the case of BACS, this is normally two banking days after we initiate the transfer.

51. Where an electronic transfer is initiated properly we will not be liable for:

  • any failure or delay of the receiving bank or building society in crediting the specified account; or

  • any failure or delay in any part of the electronic transfer process which is beyond the Director’s direct control;


including any failure which occurs because the specified account is incapable of receiving an electronic transfer.

Payment by crossed warrant
52. Withdrawals may be paid by crossed warrant sent to you at your address or directly to a nominated bank or building society for credit to an account in your name(s). The date of withdrawal will be taken to be the date on the warrant.

Transfers
53. You may be able to transfer funds into your Account from your existing NS&I savings and investments. You may also be able to transfer funds from your Account to other NS&I savings and investments. We will provide you with details when you ask us to.

Repaying deposits and closing your Account
54. We can repay deposits in your Account without having received a request for withdrawal where we see fit, including in particular where:
(a) deposits have been made otherwise than in accordance with the National Savings Bank Regulations 1972 and the National Savings Bank (Investment Deposits) (Limits) Order 1977;
(b) we reasonably think you (or in the case of a joint Account, one of you) have provided false information;
(c) we reasonably suspect that your Account is being used for an illegal purpose;
(d) any declaration or information that we require in relation to you or one of the other Account holders is not received within a reasonable period of time after it is requested; or
(e) the balance of your Account falls below the minimum balance needed to retain your Account;

55. You can close your Account at any time, for any reason, without charge.

Giving us instructions
56. We cannot change or cancel a payment instruction given by you because we start processing it when we receive it.

57. We may refuse to act on your instructions if:
(a) we reasonably believe that you did not give us the instruction; or
(b) we reasonably suspect fraudulent activity in relation to the Account; or
(c) your instructions are unclear, incomplete or not in the required form; or
(d) in carrying out these instructions, we might thereby act contrary to a law, regulation, code or other duty which applies to us; or
(e) it would cause you to exceed any limit or restriction which applies to your Account; or
(f) we have any other valid reason for not acting on your instructions.

58. If we refuse to make a payment we will notify you and, if possible, give our reasons for doing so. You can obtain information about the refusal and, where appropriate, our reason for refusing the payment, along with information on how to correct any errors that led to the refusal, by contacting us using the details at the end of these terms and conditions (unless we are prevented by legal obligation, or by other circumstances beyond our control, from providing you with this information).

Joint accounts
59. Where an Account is held jointly:

  • the Account will be the joint property of both holders;

  • in the event of the death of a joint holder full ownership will pass to the survivor who will be entitled to operate the Account on the same terms;

  • if a holder tells us of a dispute, NS&I may freeze the Account until we receive written instructions from both of you. The Account will continue to earn interest.


60. Where the Account is to be held jointly by two individuals, the applicants will need to specify whether withdrawals are to be authorised by both holders together, or by either one of them acting alone. Note that the facility for any one party to authorise withdrawals can be cancelled by either holder.

61. Where the Account is held jointly, all correspondence will be sent to the holder named first on the application to open the Account.

62. Where an Account is held jointly and the holders have decided to allow either holder to authorise withdrawals (see paragraph 60), either holder may make withdrawals, including closure of the Account, independently of the other joint holder.

63. Upon the application of both holders, or the survivor of them, we may remove the name of any person from the title of the Account.

Children under 16 years
64. Accounts may be opened on behalf of, and in the name of, a child under 16 years of age by their parent, grandparent, great grandparent, guardian or deputy (see paragraphs 16 and 19). Confirmation of the account opening will be sent to the applicant. Further deposits may be made by the child’s parent, grandparent, great-grandparent, guardian or deputy. Confirmation of such deposits will be sent to the person nominated to manage the Account (see paragraph 65). 

65. Any application to open an Account on behalf of a child must nominate a person who is responsible for the welfare of the child (normally a parent or guardian) to manage the Account on behalf of the child. Until the child reaches 16 years of age, the nominated person will receive communications and may give instructions on behalf of the child. However, we may exceptionally communicate with and accept instructions from another person who is responsible for the welfare of the child where we consider it appropriate to do so.

66. Payments will normally be made by electronic transfer to a bank account in the name of the nominated person, or by crossed warrant made payable to the nominated person. 

67. When a child reaches 16 they will have responsibility for managing their Account.  We will ask for their signature when they first transact with us after reaching 16. We may also ask for evidence of identity at this stage (see paragraphs 27 to 29).

68. A child may have multiple Accounts and each may be managed by a different nominated person.

69. The maximum investment limit referred to in paragraph 34(a) applies to the total of the deposits made in all of the Accounts held by a child, regardless of who has responsibility for managing those Accounts. For the purpose of the maximum investment limits, a child’s Account is treated separately from any Account held by the nominated person in their own name.   

Accounts opened prior to 21 May 2012
70. Where an Account was opened for a child pursuant to an application received prior to 28 November 2011, and the child is under the age of 7 on 21 May 2012, the Account will need to be managed by a person with responsibility for the welfare of the child until that child reaches 16 years of age. This person can be nominated at any time. Please contact us for details how to do this. No withdrawals can be authorised without a responsible person being nominated.

71. Where an Account was opened for a child pursuant to an application received prior to 28 November 2011, and the child is at least 7 years of age on 21 May 2012,  paragraph 65 will not apply and the child will be able to manage the Account as if they were 16 years of age. Although not required to do so, a child holding such an Account will be permitted to request that payment be made to a person responsible for their welfare.

Statements and transaction records
72. We will send you a statement annually showing all transactions for the previous year ending on 31 December.  The statement will include details of all transactions and interest added to the Account.

73.  You can request, at any time, an interim statement of all transactions on your Account. This statement will include all transactions since 1 January immediately preceding its issue.

74.  You will receive a transaction record every time you make a deposit in accordance with paragraph 38 or a withdrawal. The transaction record will confirm the details of the transaction that has taken place and your balance immediately following that transaction.

75. Where an Account is held jointly, the statements, transaction records and correspondence will be sent to the holder named first on the application to open the Account.

76. You are responsible for checking the information we give you and must tell us as soon as you can if it includes something which appears to you to be wrong or if a payment was not made in accordance with your instructions.

Liability
77. If you tell us that a payment from your Account was not authorised by you, we will carry out an investigation. As soon as we are reasonably satisfied that you did not authorise the payment, we will, subject to paragraph 78, refund the amount deducted and will return your Account to the position that it would have been in if the unauthorised payment had not taken place. This means that, in addition to the amount of the unauthorised payment, we will pay any interest on the amount incorrectly paid but we will have no further liability.

78. We will not be liable to restore your Account if you have acted fraudulently.

79. If you ask us to make a payment and, after a reasonable period has elapsed, the bank or building society to which payment should have been made says that it did not receive the payment, we will refund the amount of the payment and return your Account to the position it would have been in if the payment had not been made, except in the following cases:
(a) there was a mistake in any of the details contained in the payment instructions you gave us. If this is the case, we will make reasonable efforts to recover the funds;
(b) we can show that the payment was in fact received by the bank or building society to which payment should have been made.

80. It is possible that a bank or building society may make a payment into your Account by mistake, and then may seek to recall that payment. If this happens, we may take the payment out of your Account.

How we use your information
81. We may use any information provided to us to help us:
(a) manage your Account;
(b) prevent and detect crime;
(c) understand our customers’ requirements; and
(d) develop and test products and services.

82. We treat all the information we hold concerning customers as private and confidential. We will not reveal any details about you or your investments to anyone not connected to NS&I, unless:
(a) you ask us to reveal the information or we have your permission to do so;
(b) we are required or permitted to do so by law;
(c) it is required by credit reference and fraud prevention agencies and other companies that provide a service to us or you; or
(d) there is a duty to the public to reveal the information.

83. If you are a joint applicant, we will pass your information to the other joint applicant. When giving us information about another person, you confirm that they have appointed you to act on their behalf. This includes providing consent to process their data as set out in these terms and conditions.

84. We may monitor or record telephone calls for training and quality purposes.

85. From time to time we may change the way we use your information. Where we believe you may not reasonably expect such a change we will notify you personally. If you do not object to the change within 60 days, you will be deemed to have consented to that change.

86. Your information will be held by us in both paper form and on our IT systems. Information about you will be kept after your Account is closed in line with our retention procedures. If you would like a copy of the information we hold about you, please make a Data Subject Access Request under the Data Protection Act and send it to: The Data Protection Officer, National Savings and Investments, 1 Drummond Gate, London, SW1V 2QX – make sure your request is signed. You can print off and complete the form available in the ‘Privacy’ section of the NS&I website or write to the Data Protection Officer giving us your full name, current address and any previous addresses, which savings or investments you have with us and the account, holder’s or customer numbers. There may be a small charge for this service – if so, we will let you know.

87.  We would like to keep you up to date with information about our products and services which we think might interest you. If you do not want to receive this information please contact us using the details at the end of these terms and conditions.

How to notify us of changes to personal details
88.  To enable us to manage your Account effectively and to be able to contact you when necessary we ask that you let us know, as soon as possible, of any changes to your name, address, telephone number or email address. Please use the details at the end of these terms and conditions to notify us of any such changes.

Complaints
89.  If we make a mistake we’ll aim to put things right quickly and without fuss, and we have a procedure designed to resolve complaints effectively and fairly. Complaints can be made in writing to the Customer Service Team at the address at the end of these terms and conditions, by calling us free on 0800 092 1286 (calls from mobiles and some landline providers may not be free), or by visiting nsandi.com, clicking ‘Contact us’, clicking on the ‘Contact us online’ button in the ‘Email us’ section, and selecting ‘complaint’ in the ‘subject’ dropdown menu. A leaflet describing our complaints procedure is available on request or you can download one at nsandi.com, clicking on ‘Why save with us’, clicking on ‘Our commitment’ and then clicking on the link under the heading ‘Not happy with our service?’.

90.  If a customer feels that we have not resolved their complaint to their satisfaction, they may be able to refer it to the Financial Ombudsman Service (FOS) at South Quay Plaza, 183 Marsh Wall, London E14 9SR (Tel 0800 023 4567). The FOS is an organisation set up by law to give consumers a free and independent service for resolving disputes.

Changes to these terms and conditions
91. These terms and conditions may be amended to reflect changes to the legislation applicable to the Account.

92. Typically, changes will be made pursuant to paragraph 91:
(a) to make the terms and conditions clearer or more favourable to the Account holder;
(b) to reflect changes in the Government’s funding requirements;
(c) to reflect changes in the law or a decision by an ombudsman;
(d) to enable us to meet changed regulatory requirements;
(e) to reflect changes in any codes of practice to which we subscribe;
(f) to reflect changes in the general practice of banks and other organisations offering similar products or services; or
(g) to allow for new technology systems, methods of operation, security or facilities.

93.If the change is to the Account holder’s detriment we will let them know personally at least 30 days before the change. If this is the case you can switch to another NS&I product or close your Account, without notice.

94. For any other changes, we will let customers know by putting a notice on our website and, if appropriate, publish a notice in a range of national newspapers.

Customers with special needs
95. Some of these terms and conditions may not apply if we have agreed changes with you in order to make your Account more accessible. If so, any differences will be agreed with you individually.

Regulations

96. As at 1 April 2014, The National Savings Bank Regulations 1972 (Statutory Instrument Number 1972/764) have been amended by the following Statutory Instruments:

1974/553 1978/888 1981/484 1982/1282 1982/1762
1983/1750 1984/9 1984/602 1986/2001 1988/1166
1988/2144 1989/25 1989/2045 1991/72 1992/2892
1993/3130 1996/801 1996/1724 1998/1446 1999/588
1999/1611 2001/858 2003/2895 2004/1662 2005/2114
2006/1066 2007/1265 2007/1898 2008/734 2008/1142
2008/1164 2008/3098 2011/783 2011/2288 2013/8

97.  The Statutory Instruments listed in paragraph 96 can be accessed at www.legislation.gov.uk .

Law and jurisdiction
98. These terms and conditions and any agreement made on the basis of them will be governed by and interpreted in accordance with English law.

99. In the event of the death of the last surviving holder, we reserve the right to make payment in accordance with the law of the place in which the Account holder resided or, if different, was domiciled at the date of their death.

100. Subject to paragraphs 101 and 102, the courts of England are to have exclusive jurisdiction to settle any dispute (including claims for set off and counterclaims) which may arise in connection with these terms and conditions or any agreement made on the basis of them and which, subject to the Regulations, falls to be determined by a court of law.

101. Where section 16 of the Civil Jurisdiction and Judgments Act 1982 applies the relevant court of law of the relevant part of the United Kingdom shall have jurisdiction to settle any such dispute.

102. Paragraphs 100 and 101 are included for the benefit of NS&I. Accordingly NS&I retains the right to bring proceedings in any other court which has jurisdiction to whose jurisdiction the depositor irrevocably submits.

Investment Account
National Savings and Investments
Glasgow
G58 1SB

1 April 2014  

PLEASE KEEP FOR REFERENCE


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Before you start

Make sure you've read all the information and terms and conditions to ensure this investment is right for you.

You cannot apply for an NS&I Investment Account online. Please see how to apply below.


Apply by post

Download one of the Investment Account application forms below:

Application form if aged 16 or over

Application form if aged under 16

Post your completed form and cheque (minimum £20) – made payable to National Savings and Investments – to: Investment Account, National Savings and Investments, FREEPOST GW3276, Glasgow, G58 1BR

Your cheque must be drawn on a UK bank account in the applicant’s name.


If you are resident outside the UK, you will need to send documentary evidence of your identity and address with your application.

Find out which documents you’ll need to include with your application

If you're applying on behalf of someone else in trust, or under a Power of Attorney or as a receiver, you will need to apply by post.

Call us on 0500 007 007 and we'll send you the relevant application form.


After you apply we may ask for proof of identity and address .

If we ask you to send us some documents, we need to receive them from you within 30 days of the date you applied. So please make sure you reply in good time.

Once we’ve processed your application, we will post you confirmation that your account has been opened.

Your right to cancel

If you open an account but then decide it does not suit your needs, let us know in writing* or call us within 14 days of receiving your welcome letter. We’ll then refund your money with any interest due.

* By post to Investment Account, National Savings and Investments, Glasgow G58 1SB; by fax on 0141 636 8744; or by email to customerenquiries@nsandi.com

Any questions?

If you have any questions before applying, just contact us .


Manage existing accounts

Straightforward savings by post

NS&I’s Investment Account helps to make saving simple. You can pay money in whenever you like by posting a cheque to us. And if you want an easy way to save regularly, you can set up a standing order from your bank account or deposit money by electronic transfer. You can also take money out whenever you need it, with no notice and no penalty.

Important

We made some changes to our Investment Account – from 21 May 2012 the account became postal-only. Read more about the changes .


Download and complete a deposit form and post it to us with a cheque for at least £20. Make your cheque payable to National Savings and Investments and write your NS&I Investment Account number on the back. We can also accept cheques made payable to the account holder(s).

We'll then send you a transaction record to confirm that we've received your deposit - keep this somewhere safe. We'll also send you another deposit form so that you always have one to hand when you need it.


Setting up a standing order is an easy way to save regularly without even having to think about it. Once it's set up, your bank or building society will pay the same amount into your NS&I Investment Account regularly. The minimum for each payment is £1.

Please note you must have opened an Investment Account and have received your account number before completing the standing order form.

If you already hold an Investment Account and would like to save regularly then there are two ways to do this:

  • set up your standing order through your online bank; or
  • print and complete the form below and send or take it to your bank or building society. (Please do not send to NS&I.)

You can cancel your standing order at any time by contacting your bank or building society.

To set up your standing order online you will need the following account information:

Payee name National Savings and Investments
Account number 11994808
Sort code 08 31 30
Reference your NS&I Investment Account number*

* You must give your Investment Account number as the reference. Please enter your number without any hyphens, spaces or full stops.

To complete the printed form you’ll need:

  • your bank or building society account details
  • your NS&I Investment Account number
Download the standing order form

If your bank offers electronic payments (usually through the Faster Payments Service), you can make a transfer to your NS&I Investment Account using the following details:

Sort code: 08-31-30
Account number: 11994808

Important: you will also need to give your NS&I Investment Account number as the reference, otherwise the payment won't reach your NS&I account.


If you want to take money out of your Investment Account, simply download and complete the Investment Account withdrawal form below. Tell us on the form how you want to be paid – either directly into your nominated bank account (by BACS) or by warrant (like a cheque).

We’ll make your payment within a few days of receiving your completed form, and we’ll send you a transaction record to confirm your withdrawal. We’ll also send you another withdrawal form for the next time you want to take money out.

Investment Account withdrawal form

Taking money out on behalf of child

When you’re taking money out for a child under 7 years old, we need the details of the child’s parent or guardian before we can process your request. You only need to supply your details once, so if you have already given them to us simply download and complete the Investment Account withdrawal form.

Investment Account withdrawal form

Investment Account nominated parent/guardian for a child under 7

We will send you a transaction record after each postal deposit and when you withdraw money to help you keep track of your savings throughout the year. Every January we’ll send you a full statement showing all your transactions, including the interest you’ve earned and any standing order or other electronic deposits you have made.


You can change your personal details by printing and completing the Investment Account change of name and address form. Please send the form to us at: Investment Account, National Savings and Investments, Glasgow G58 1SB.

Download the Investment Account change of name and address form

Alternatively, you can call us on 0500 007 007 and we will send the form to you by post.


You can close your account at any time for any reason, without a penalty. If you hold your account jointly, you may need the agreement of both holders to close the account, depending on which type of withdrawal authority you chose when you applied to open the account. To close an account, simply complete a withdrawal form and write ‘CLOSE’ in the relevant box.


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