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Media centre /
Press releaseREINVEST SAVINGS CERTIFICATES BY PHONE26 April 2005New service makes reinvesting in Savings Certificates easier National Savings and Investments’ (NS&I) Savings Certificates, the popular tax-free investments, can now be reinvested over the phone following the introduction of a new service by the government backed savings and investments provider. The new service, introduced on 17 April 2005 as a result of customer feedback, allows customers to reinvest maturing Savings Certificates into a new issue directly over the telephone 17 hours a day, 7 days a week, without having to fill out additional forms. Reinvesting made easy The new telephone service is the quickest way to reinvest in Savings Certificates, taking just a few minutes and without having to send in additional paperwork. Customers can even phone up in advance of their Savings Certificates maturing to give instructions to reinvest at maturity. Customers requesting a reinvestment will receive a new Certificate to replace the original. No action is necessary for customers wanting to continue their investment in Savings Certificates for another term of the same length. Their investment will automatically roll on again for another term without them having to lift a finger. The only time customers need to write to NS&I is if they want a repayment. To avoid fraudulent claims, customers wishing to repay part or all of their maturing Savings Certificates will still need to give their written permission. Fixed Interest Savings Certificates and Index-Linked Savings Certificates are popular with astute investors looking to protect their hard-earned savings from the tax man and - in the case of Index-Linked Savings Certificates – from the effects of inflation. Currently, over £17 billion is invested in NS&I Savings Certificates. Developing services for customers Offering customers the chance to reinvest Savings Certificates by telephone is the latest in a number of developments that have increased customer access to NS&I’s products and services. In January 2005, Premium Bonds became available to buy online at www.nsandi.com and since the introduction of this facility, over 41,000 people have purchased Premium Bonds worth £115 million directly from the website. In October 2004, NS&I introduced a new savings scheme to allow customers to set up standing orders for Premium Bond purchases from £50 upwards, with no limit on how much can be invested each month providing the customer does not exceed the maximum holding of £30,000. To date, over 32,000 people have taken up this option. John Prout, sales director for National Savings and Investments, said, “We are always looking into more convenient ways for customers to save. The new telephone service makes it easier than ever for customers to reinvest in Savings Certificates, taking away the need to fill out lengthy forms.” How Savings Certificates work There are two types of Savings Certificates available – Index-linked Savings Certificates and Fixed Interest Savings Certificates. The value of Index-linked Savings Certificates moves in line with the rate of inflation (Retail Prices Index) and, in addition, offer guaranteed rates of interest. They provide tax-free and inflation-beating returns and are available in 3-year and 5-year terms. Fixed Interest Savings Certificates offer fixed rates of interest so customers know at the start how much interest they will receive. Tax-free, they are available in 2-year and 5-year terms. Anyone aged seven or above can invest between £100 and £15,000 in each Issue of Savings Certificates, and a new Issue becomes available whenever NS&I changes the interest rates on offer. Customers do not need to declare their investment in Savings Certificates to the Inland Revenue, nor do they have to declare the tax-free returns they receive. Savings Certificates are on sale all year round meaning that NS&I, unlike many other high street providers, always has fixed rate offers available to savers and investors. How to invest in Savings Certificates By phone 0500 500 000 with a debit card Online www.nsandi.com with a debit card Post Office Complete an application form, sign and date it and hand it in at a Post Office branch. Pay by cash or cheque. By post Complete an application form and send to: Index-linked Savings Certificates Or Fixed Interest Savings Certificates
Application forms can be downloaded from www.nsandi.com and are available at Post Office branches. Interest rates and equivalent returns Index-linked Savings Certificates
These figures assume current rates of tax and that the RPI continues at its current level of 3.2% for the term of the investment. Fixed Interest Savings Certificates
(These figures assume current rates of tax) Ends Notes to Editors For further information, digital images, or to arrange an interview call the NS&I media team. NS&I Media Team
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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