About NS&I /

Our story

The story of National Savings and Investments

In 1861 the Palmerston Government set up the "Post Office Savings Bank" - a simple savings scheme aiming to encourage ordinary wage earners "to provide for themselves against adversity and ill health".

The scheme quickly became very popular, and the deposits found their way from the Post Office to the Exchequer, providing a fund which the then Chancellor, Gladstone, could borrow for putting towards public spending.

Our principles

This set two principles which have remained in place ever since:

Expansion and change

Significant expansion over the next century included the introduction of Savings Certificates during the First World War to help finance the war effort, while Premium Bonds were officially launched on 1 November 1956 by Harold Macmillan, Chancellor of the Exchequer. The first draw took place on 2 June 1957.

1969 saw the first main structural change - the Post Office Savings Bank became a separate government department accountable to Treasury Ministers, and was renamed National Savings. The Post Office still have a role, but as a distribution outlet for National Savings and Investments products.

Over the years National Savings developed its range of savings and investments to suit the market and meet the needs of customers and the UK Government's need for funding.

On 1 July 1996 National Savings became an Executive Agency of the Chancellor of the Exchequer. While National Savings and Investments remain accountable to the Treasury, Agency status has given us greater autonomy in day-to-day management.

Working in partnership

National Savings and Investments embarked on an ambitious modernisation programme in April 1999 when it signed a pioneering Public Private Partnership with Siemens Business Services. Over 4,000 staff were transferred from National Savings to Siemens Business Services who now handle the service delivery of our products, transforming business operations such as call centres and upgrading information technology.

The partnership has helped make Siemens Business Services one of the UK's largest providers of back and front office services, while National Savings and Investments gained access to leading-edge IT systems, transaction processing, and business transformation expertise. The original partnership deal was for 10 years, and in 2004 it was extended for another five years, taking the partnership to 2014.

One of the most innovative elements of the partnership with Siemens Business Services is the creation of joint goals at all levels through both organisations. This has meant significant customer service improvements and cost efficiencies. It has also meant improved customer access with the introduction of the telephone and internet as sales and service channels.

Awards

National Savings and Investments has received many endorsements of its quality and service. In 2004, it received its third Charter Mark for Excellence in Public Service. This is building on other awards such as the Kelly's Award for Excellence in Purchasing and Supply in 2000 and reaching the final of the UNISYS Management Today Service Excellence Awards in 2002 and 2003. In 2004 we also won the Institute of Financial Services Financial Innovations Award. All of these awards recognise the benefits that our partnerships have brought internally, to our customers and the UK tax payer.

Transformation programme

The transformation programme is delivering a total change in systems, processes and culture to create the basis for a modern, dynamic business, allowing National Savings and Investments to be customer focussed not product focussed.

Two new purpose-built call centres have been set up operating 7am until midnight, every day of the year. A one stop enquiry line is now available for all products, making it easier for customers to do business with us. Callers will speak to a customer service representative, not a machine.

Customer choice

National Savings and Investments is constantly looking to expand consumer choice and create more ways for customers to do business with us. While the Post Office will continue to be a major distribution channel, customers now have greater choice of access - more products can now be bought over the telephone and via our web site.  Customers can now also pick up our brochures at selected WHSmith stores.

The clear focus of our work is to continue the transformation of National Savings and Investments. UK customers are already experiencing the increased choice and flexibility of an enhanced product range and better customer service.

Kidscape

Kidscape is NS&I’s Corporate Charity of the Year 2007/08.  Committed to keeping children safe from abuse, Kidscape is the first charity in the UK established specifically to prevent bullying and child sexual abuse.

Kidscape works UK-wide to provide individuals and organisations with practical skills and resources necessary to keep children safe from harm. The Kidscape staff equips vulnerable children with practical non-threatening knowledge and skills in how to keep themselves safe and reduce the likelihood of future harm.