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Media centre /
Press releaseNEW ISSUES OF NS&I GUARANTEED GROWTH BONDS AND GUARANTEED INCOME BOND26 October 2009
NS&I (National Savings and Investments) is releasing new Issues of its Guaranteed Growth Bonds and Guaranteed Income Bonds with rates up to 4.60% AER2 with immediate effect. The interest rates on NS&I’s other savings products will remain unchanged. John Prout, Director of Customer Sales and Retention, NS&I, said: “The new Issues of our Guaranteed Growth Bonds and our Guaranteed Income Bonds are good news for savers. Customers can choose to invest between £500 and £1 million in our 1, 2, 3 or 5-year Bonds. With the new rates starting at 3.85% gross/ 3.92% AER for a 1-year Bond, we hope that the new Issues will be highly attractive to customers who are looking for a guaranteed fixed rate of interest, coupled with 100% security for their money, as NS&I is backed by HM Treasury.” NS&I recently announced changes to the way customers can invest in NS&I’s Guaranteed Growth Bonds and Guaranteed Income Bonds. From today these products will only be available directly from NS&I (by freephone3, online or by post) and no longer available through the Post Office. NS&I and the Post Office have jointly agreed to this change, which is in part a reflection of the development of the Post Office’s own brand of savings products. These include Post Office Growth Bonds – a very similar range of fixed rate savings bonds to the two NS&I products. The decision also reflects NS&I’s desire to develop its direct sales channels. In addition to this, the move to direct channels is more cost-effective which means NS&I can offer higher rates of interest. The Post Office will continue to offer a wide range of other NS&I savings products – including Premium Bonds and Savings Certificates – which can be purchased over the counter.
1. Gross means the taxable rate of interest without the deduction of UK Income Tax 2. AER 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 3. NS&I has also recently 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. * Calls from mobiles may not be free. 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.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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