NSI Announces Changes To Fixed Rate Bonds
Released
on: October 28, 2009, 3:31 am
Author: NS&I
Industry: Financial
NS&I
has announced changes to the way customers can invest in its fixed
rate bonds. From the end of October, the products will only be
available directly from NS&I (by freephone, 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.
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.
Existing
NS&I Guaranteed Growth Bond and Guaranteed Income Bond customers
will not notice any change as all post-sale servicing and support
is already carried out directly through NS&I.
Peter
Cornish, Director of Customer Offer, NS&I, said: "We
are committed to making our products as straightforward as possible
and ensuring that customers understand where they are investing
their money. The changes we have jointly agreed with the Post
Office will do just that. Our Guaranteed Income Bonds and Guaranteed
Growth Bonds will continue to offer customers a simple and straightforward
saving opportunity."
"The
Post Office is our key distribution partner and we recognise it
is a familiar option for many savers looking to invest with NS&I.
Therefore, a wide range of our savings products will continue
to be available over the counter in Post Office branches."
Gary
Hockey-Morley, Post Office Limited marketing director, said: "NS&I
savings products will continue to be a key part of the ever expanding
range of value for money financial services available at Post
Office branches. We look forward to continuing our long standing
partnership with NS&I well into the future, through providing
easy access to a wide range of their savings products through
our 12,000 branches which lie at the heart of communities across
the UK."
Customers
can invest between £500 and £1 million in total in
an NS&I fixed
term bond, with guaranteed rates of interest. NS&I's Guaranteed
Income Bond offers customers the opportunity to receive their
interest as a monthly income, whilst the interest earned on NS&I's
Guaranteed Growth Bonds is credited to the Bond annually.
NS&I's
fixed rate bonds are available in terms of one, two, three and
five years. The two-year term was launched in July 2009 and is
only available directly from NS&I.
-ENDS-
About NS&I
NS&I is one of the UK's largest savings provider with almost
27 million customers and over £96 billion invested. It is
best known for Premium Bonds, but also offers fixed
term investments and fixed
interest savings options in its range. All products offer
100% security, because NS&I is backed by HM Treasury.
NS&I
products are available over the telephone, internet, post and
by standing order. Many are also available through a network of
Post Office branches. Customers can also pick up NS&I brochures
at retailer WHSmith in over 400 of its High Street stores.
PR
Contact:
Gill Stephens
National Savings and Investments
375 Kensington High Street
London
W14 8SD
020 7348 93449
www.nsandi.com
2012
