Open Banking: your questions answered
What is Open Banking?
Open Banking is a new initiative that will allow you to share details of your bank accounts securely with other banks and authorised third party providers. This means you’ll be able to view all your account information in one place where you have accounts with different banks. It will also help you easily compare accounts to see which is best for you. And over time, banks and other providers will develop a range of new financial services that you might choose to make use of.
How will this affect NS&I customers?
We’re working towards allowing our customers to share information from selected NS&I accounts with banks and other authorised providers who offer an Open Banking service. We’ll update this page when we have more details.
Can I allow a third party provider to access information about all my NS&I accounts?
No, you’ll only be able to share information from selected NS&I accounts. We’ll update this page when we have more details.
How do I register for Open Banking services?
You’ll normally be able to register through your open banking provider’s website or mobile app. You will need to follow the instructions given by your provider.
Do customers have a choice as to whether NS&I share their account information with third party providers?
Yes. We will only ever share your account information with an authorised provider if we have your consent to do so, and only for those accounts that you choose.
You’ll need to make the request through your Open Banking provider, who will also need your consent.
If I consent to NS&I sharing my account information with a third party provider, how do I withdraw my consent?
You’ll be able to withdraw your consent through your provider’s Open Banking service.
You’ll also be able to contact us directly and ask us to stop sharing NS&I account information with your Open Banking provider.
Do I need to give my log in details and password to the third party provider for them to provide their service?
No, you won’t need to give your NS&I log in details and password to an authorised Open Banking provider. When you ask to view your NS&I accounts through your Open Banking provider, you’ll be redirected to a secure NS&I webpage where you will need to enter your log in details and password. Your Open Banking provider won’t have access to these details. Instead a secure digital “token” is created which will tell our systems that you have authorised your provider to access your selected NS&I account details.
Other non-authorised providers may ask for your log in details, but we would never recommend that you provide them. If you go through an authorised Open Banking provider, there will be no need to share your log in details.
Why is NS&I involved in Open Banking if it is not a bank?
The government is keen to encourage the use of Open Banking. NS&I is a government agency as well as a major provider of savings and investments, and we believe that some of our customers will want to make use of Open Banking services offered by their banks and other providers.
That’s why we’re working towards allowing our customers to share information from selected NS&I accounts with banks and other authorised providers. We’ll update this page when we have more details.
Is the NS&I government 100% guarantee affected by Open Banking?
All of the money you hold with us is 100% secure. This will not be affected by Open Banking.
Will NS&I accounts be offered by other providers?
No, we don’t have any plans for NS&I accounts to be sold by other providers.
How do third party providers find out more?
NS&I is an Account Servicing Payment Service Provider, and we are committed to enabling our customers to share information from selected NS&I accounts securely with third party providers (TPPs).
We have a developer portal for TPPs who want to extend their Open Banking service to NS&I accounts. The portal is also the key resource for TPP developers who want to work with our APIs.