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Media centre /
Press releaseNS&I ISA CHANGES FOR OVER 50s24 September 2009
NS&I (National Savings and Investments) is increasing the ISA allowance on both its Direct ISA and Cash ISA* for its over 50s customers, it has announced today. The revised allowance will come into effect from 6 October 2009. This will enable existing Direct ISA and Cash ISA customers who will be 50 years or over on the 5 April 2010 to deposit up to £5,100 into their ISA in the current tax year. From 6 April 2010 over 400,000 of our Direct ISA and over 231,000 Cash ISA savers will be eligible for the higher allowance. These changes reflect the Chancellor’s announcement in his 2009 Budget which stated that cash ISA customers aged 50 years or over should have an increase to their tax-free ISA allowance, increasing the maximum investment from £3,600 to £5,100 from 6 October. The interest rate paid on NS&I’s Direct ISA is currently 2.50%, and 0.5% per annum1 on its Cash ISA. Customers who fit the above criteria will be able to make use of their higher allowance by calling NS&I’s award-winning call centre on 0500 007 007**, or they can set up regular deposits via standing order. The provisions to enable customers to top up their NS&I Direct ISA online will be set in place at a later date. “We have contacted the 365,000 of our ISA customers who will be 50 years or over on the 5 April 2010 to let them know that they can make use of their higher allowance from 6 October. They can do this by calling NS&I on our new freephone number, 0500 007 007. At NS&I we pride ourselves on being straightforward in both our communications and our savings products,” John Prout, Director of Customer Sales and Retention at NS&I said. “We urge all of our eligible ISA customers to take full advantage of the increased allowance available to them.” Direct ISA key features
NS&I has changed its general enquiries number. Customers will now need to call the freephone number 0500 007 007** to contact NS&I directly. The former chargeable enquiries number, 0845 964 5000, will continue to operate but customers may incur a charge from their provider. NS&I’s sales line will continue to operate through 0500 500 000. ENDS Notes to editors * The NS&I Cash ISA is no longer on sale. Customers who already have an NS&I Cash ISA can carry on using it, however deposits can no longer be made at a Post Office® branch or at a bank/building society. Customers can still make deposits by phone, post, standing order and electronic funds transfer. ** Calls from mobiles may not be free. All calls may be recorded. Calls will be taken by one of NS&I’s award-winning UK customer service team, available every day from 7am till midnight. 1. Rates paid per annum include AER. This stands for Annual Equivalent Rate and enables the comparison of interest rates from different financial institutions and across different products on a like-for-like basis. It shows what the notional annual rate would be if interest was compounded each time it was credited or paid out. Where interest is credited once a year the rate quoted and the AER will be the same. As at April 2009 there was over £2.4 billion invested in the NS&I Direct ISA and over £1.5 billion in the Cash ISA. About NS&I
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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