The cash value of NS&I’s Index-linked Savings Certificates has been updated to reflect the new Retail Prices Index (RPI).

As of 17 October 2017, the Retail Prices Index stands at 275.1.

NS&I’s Index-linked Savings Certificates are lump sum investments, designed to be held for fixed terms. They pay a fixed rate of interest on top of the rate of inflation (as measured by the Retail Prices Index) to ensure that savings stay ahead of rising prices. On each anniversary, interest and index-linking are added to the Certificate.

Retail Prices Index

To calculate the value of NS&I’s Index-linked Savings Certificates in November1 NS&I uses the Retail Prices Index (RPI) figure for September, published in October. As of 17 October 2017, the RPI is 275.1 meaning that the Index is 3.9% higher than it was one year ago.

NS&I’s Index-linked Savings Certificate calculator

NS&I’s Index-linked Savings Certificate calculator is a quick and easy way to get an approximation of how much Index-linked Savings Certificates are worth and includes interest earned at the relevant rates for each Issue.

How much are your certificates worth?

The calculator can only provide a value for Index-linked Savings Certificates within their current investment terms.

Index-linked Savings Certificates rates of return

Index-linked Savings Certificates offer a tax-free2 return that beats inflation when held for the full investment term.

Issues currently available to existing customers with maturing Index-linked Savings Certificates only Rate p.a./ AER3
5-year (Issue 53)

Guaranteed compound rate over 5 years

RPI4 + 0.01%
3-year (Issue 26)

Guaranteed compound rate over 3 years

RPI4 + 0.01%
2-year (Issue 43)*

Guaranteed compound rate over 2 years

RPI4 + 0.01%

*Only available to customers with maturing 2-year Certificates

In August 2012, NS&I announced changes to its Savings Certificates.

You can view the changes here.


Notes to Editors

  1. The RPI for September 2017 (announced on 17 October 2017) will apply to investments, valuations and repayments made by customers during November 2017.
  2. All returns are free of UK Income Tax and Capital Gains Tax.
  3. AER (Annual Equivalent Rate) illustrates what the annual rate of interest would be if the interest was compounded each time it was paid. Where interest is paid annually, the quoted rate and the AER are the same.
  4. Retail Prices Index (RPI) is the measure of inflation NS&I uses to calculate changes in the value of its Index-linked Savings Certificates. The RPI is compiled and published monthly by the Office for National Statistics (ONS). The RPI can go up or down. To check the RPI, visit the Office for National Statistics website at and search for RPI All Items Index.
  5. NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to 25 million customers. All products offer 100% capital security backed by HM Treasury.