Easier Access to NS&I savings account

Thu, 25 May 2006

National Savings and Investments (NS&I) is removing the one month notice and penalty from its investment account.

Currently customers must give one month's notice before removing money from an investment account, or pay a penalty of 30 days' interest.

Around 60 per cent of customers withdrawing from their investment account currently pay the penalty, but the new system which scraps these charges will come into effect on June 1st 2006.

National Savings and Investments estimates that around three million people have £6 billion in their investment accounts.

Peter Cornish, National Savings and Investments marketing director, believes that the "easy access" will be to the benefit of new and existing customers.

"The investment account not only offers a safe home with attractive rates of return but now there is the added benefit of easy access which will appeal to existing and new customers alike," said Mr Cornish.

National Savings and Investments became an executive agency of the chancellor of the exchequer in 1996 and received its third charter mark for excellence in 2004.

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