When you choose to save online with NS&I we guarantee that your money is safe with us. In the unlikely event of money being fraudulently taken from one of your online NS&I accounts or investments by someone else, we will reimburse you in full. All we ask is that you follow our recommendations for keeping your security information safe – see Staying secure online.
Here we explain your liability and our liability under this guarantee.
Our liability for losses due to unauthorised payments
If you deny having authorised a payment, it's for us at NS&I to prove the payment was authorised.
If a payment from your account was not authorised by you, we must, within a reasonable period, refund the amount of the unauthorised payment and restore your account to the position that it would have been in if the unauthorised payment had not been made.
Your liability for losses due to unauthorised payments
You may be liable if you have acted fraudulently.
You may be liable if you have intentionally, or through your negligence, failed to comply with the terms and conditions covering how you give us instructions relating to your account.
You may be liable if you fail to take all reasonable steps to keep your security information safe.
Except if you have acted fraudulently, you will have no further liability after you have notified us of the loss, theft, misappropriation or unauthorised use of your security information.
Except where you have acted fraudulently, you will not be liable where we have not ensured that you are able to report the loss, theft, misappropriation or unauthorised use of your security information.
NS&I may state in our account terms and conditions that a customer is liable for an amount up to a maximum of £50 for losses in respect of unauthorised payments arising from the use of lost or stolen security information, or where the customer has failed to keep their security information safe or failed to take measures to ensure that this information cannot be stolen/misappropriated.