NS&I Contact Number

About National Savings & Investments (NS&I)

National Savings & Investments (NS&I) is the personal savings scheme which comes officially from the government itself. In the past, it was known as the Post Office Savings Bank, but once the service was privatised the name was changed to highlight the fact that it wasn’t so strongly associated with the Post Office any more. The NS&I provides its customers with various different methods for them to save money and make investments. The government use this source of money for funding in times when taxation will not quite be enough, but customers need not be concerned as there is a 100% guarantee on all deposits.

NS&I provide quite a broad variety of saving schemes, from bonds to investments. These all have their own benefits and different customers are likely to be more inclined towards different schemes. The different options are provided in order to accommodate as many people as possible, as certain schemes may not be for everybody. However, with all the different services on their site, if somebody is in a position to start saving, they are sure to find something beneficial from NS&I.

NS&I Products

To get an idea of the different financial products available from NS&I, take a look through the following list.

Premium Bonds

Bonds are purchased by customers are certain prices and their value grows over time. Premium Bonds are for those who have at least £100 to invest and those who purchase them will be entered (for free) in a prize draw for one million pounds every month. This is a tax-free investment opportunity and is 100% secure. The prize fund interest rate is 1.25%.

Money stored through this method will not gain value over time as the interest rate is used to fund the monthly prize draw. This makes this option less than ideal for customers who wish to buy bonds as a gift, but it could be a nice investment for individuals looking to save. There is no notice and no penalty when it comes to ordering online. (Click here for more information.)

Direct Saver

A Direct Saver account is a means for a customer to store their money. This sort of savings account is good for customers who wish to keep their savings separate from their other monetary affairs, but it can be accessed at any time, should the customer need it. A Direct Saver is taxable with a 0.80%gross/AER rate.

This is an easy option for those who do not have large amounts of money to safe as a Direct Saver account can be opened on as little as a £1 deposit. The maximum limit on how much a customer can store in a Direct Saver is two million pounds. These accounts can be opened by any person who is aged sixteen or more. (Click here for more information.)

Direct ISA

A Direct ISA is an alternative means for customers to store and save their money. A Direct ISA provides a 1% interest rate and is not taxable. The annual interest payout is calculated on a day to day basis, so will fluctuate if customers are regularly making withdrawals or deposits. This is useful for those who wish to make some kind of investment which they are unlikely to need to access.

The drawbacks, however, are that a Direct ISA only allows you to deposit so much money within a set tax year. The untaxed interest rate would be too easy for customers to exploit, without this measure. However, while it varies from year to year, this maximum capacity is usually in the tens of thousands, which is a lot of money for many people. The interest rate can and will change, but customers will always be given due warning for this. (Click here for more information.)

Income Bonds

Income Bonds are designed to help customers make a monthly earning from their savings. While other savings schemes will provide customers with an annual interest payment, Income Bonds do this on a monthly basis instead, so that customers can benefit from their savings more easily. Income Bonds can be purchased with a minimum of £500. They are taxable and come with a 1% gross/AER rate.

While there is no guaranteed return on investments with Income Bonds, they are still a useful way of storing your savings. Customers with Income Bonds are able to access their money at any time without any penalties or notice periods. There must always be at least £500 in your Income Bonds and these are available to anybody who is sixteen years of age or older. (Click here for more information.)

Children’s Bonds

When somebody purchases Children’s Bonds, it gives them a means to make an investment which will one day provide their children with a larger payout. These can be started with a minimum of £25 and cannot be accessed for at least five years without incurring a penalty. Children’s Bonds come with a high interest rate of 2.50% and so always lead to a fairly good return on the investment.

Children’s Bonds are only available to purchase by the parents and grandparents on a child, who must be no older than sixteen years old. Up to three thousand pounds can be invested for each child. The money can be accessed at any time, but a penalty equal to 90 days interest will be incurred. (Click here for more information.)

Investment Account

An Investment Account allows customers to manage their savings easily over the post. Investment Accounts can be opened on behalf of children and grandchildren and are a simple way to store savings. These come with a rate of 0.45% gross/AER and can be accessed at any time without incurring any kind of penalty.
An Investment Account cannot be accessed via any means other than through the post. That it is this one step removed helps to ensure that customers are not too tempted to access it. It can be started on as little as £20, which must be paid via check. (Click here to find out more.)

NS&I Contact Information

If you need to get in touch with NS&I, there are a couple of main ways for you to do so:

These numbers are both fine to call if you have any questions about any of the financial products which they provide. If you prefer to contact NS&I over the internet, click on this link, so that you can be brought through to their contact form. This allows you to send an email to them and is all very simple. If you usually handle your correspondence with written communication, you can send a letter to them at the following address:

NS&I,
Glasgow,
G58 1SB

How to Complain to NS&I

If you wish to complain to NS&I there are several ways for you to do so. If you wish to contact them via telephone, email or letter, you can use the details listed directly above. For all complaints it is important that you include all of your details, including your customer, account or holder’s number. Any additional letters and forms of communication which are relevant to your complaint should also be included. They aim to resolve all complaints within eight weeks.

Taking it Further

If you are not satisfied that NS&I have fairly resolved your complaint, it is possible for you to take it further. As NS&I deal in financial services, you are are able to contact the Financial Ombudsman Services (FOS) if you feel that your complaint was not handled fairly. The FOS can be reached over the telephone at 0300 123 9123 and 0800 023 4567. You can also send a letter to the following address:

South Quay Plaza,
183 Marsh Wall,
London,
E14 9SR

Keep in mind that the FOS are only to be contacted if you have tried and failed to resolve things directly with NS&I. As NS&I are a part of the government, it is also possible for you to take your complaint to your local MP. If you wish to write to your MP, you can contact them at the following address:

House of Commons,
London,
SW1A 0AA

Frequently Asked Questions

What are NS&I Bonds?

There are several different kinds of bonds available from NS&I, but essentially they are ways to invest and/or save money and they usually provide high interest rates too.

What are the NS&I prizes?

If you take out some Premium Bonds, you will automatically be entered into a monthly prize draw. Currently that prize is one million pounds, though it changes from time to time.

Why is NS&I a safe place to save?

There are many options that are available to those who wish to save money and what makes NS&I an especially safe option is that it is the official government option.

Where is NS&I based?

The NS&I head office is in Glasgow. If you wish to contact them by post, you can find the address listed above.

What does NS&I mean?

NS&I stands for National Savings & Investments.