FAQs

This section covers questions commonly asked by the media.

What is NS&I’s purpose?

As an integral part of the government’s debt management arrangements NS&I is responsible for providing cost-effective financing to the government by issuing and selling retail savings and investment products to the public. Our overall aim is to help to reduce the cost to the taxpayer of government borrowing.

Who does NS&I report to?

NS&I is an executive agency of the Chancellor of the Exchequer. The government minister with the portfolio for NS&I is the Economic Secretary to the Treasury, Simon Kirby MP.

When was NS&I established?

The Post Office Savings Bank was founded in 1861 to encourage and cater for the savings of ordinary citizens.

Reorganisation of the Post Office as a public corporation led to its name changing to the Department for National Savings on 1 April 1968.

In 1969 NS&I became a separate government department responsible to Treasury ministers and independent from the Post Office known as the National Savings Bank.

In February 2002, the corporate identity was changed to its current form National Savings and Investments (NS&I) to reflect the services and products that it offers.

Why should anyone invest with NS&I?

NS&I offers a unique range of products that meet the needs of savers and investors alike, including a range of tax free savings. NS&I also provides a 100% secure home for our customers’ money, backed by HM Treasury.

How does NS&I set interest rates?

Each month NS&I reviews the rates offered on its accounts and investments to ensure the right balance is struck between the interests of our savers, the taxpayer and the stability of the wider financial services marketplace.

Where can I find further information about NS&I and its products and services?

General product information can be found on the retail website.

See our products

Our latest Annual Report and accounts are available in ‘about NS&I’.

View our annual report and accounts

Information on Premium Bonds or ERNIE can be found in the ERNIE FAQs section.

View the ERNIE FAQs