Investment Account

Essentials at a glance

What's the interest rate?

0.01% gross/AER

Can you take money out?

Yes: no notice and no penalty

Will you pay tax?

Yes: tax on your gross interest

What's the min. to pay in?

£20

What's the max. to pay in?

£1 million per person

Great for you if …

• You want a straightforward savings account by post
• You want easy access to your money
• You want a savings account for a child or grandchild

Maybe not for you if …

• You want a fixed interest rate
• You want a regular income from your savings
• You want to use your account online and by phone
• You prefer to use your account in-branch

Investment Account FAQs

• How do I use this account?

  You can only use your Investment Account by post.

  When you make a cheque deposit or withdrawal, we’ll send you a record of your transaction. We’ll also send you a statement every January showing you all your transactions, plus your interest.

• How do I open an account for a child?

  Only a parent, guardian, grandparent or great-grandparent can open an account and make deposits for a child.

  Until the child’s 16th birthday, the parent or guardian nominated on the application looks after the account and we’ll send all correspondence to them.

• How do I take money out?

  The minimum you can withdraw is £1 and at least £1 must remain in your account to keep it open.

  You can withdraw money from your Investment Account using an online form, without having to send us any post.

  Withdraw from my Investment Account

  You’ll need your NS&I or account number to hand, as well as your bank account details.

  Or complete a withdrawal form and send it to us.

  Print and complete a withdrawal form

  Find out how long it takes to receive your payment

• Will I have to pay tax on my savings?

  The interest you earn on most savings will count towards your taxable income. But this doesn’t mean you’ll have to pay tax on it. It all depends how much interest you earn in total and what rate of tax you pay. You can find out more in our Help section.

  Paying tax on your savings

• How do I invest jointly?

  We’ll ask you as part of your application if you’d like to save with someone else. You’ll each get your own login details so you can manage your account.