NS&I Investment Account now postal-only with a higher rate
On 21 May 2012 we made some changes to how our Investment Account works. It is now a postal-only account and passbooks are no longer used.
Instead we are keeping customers up to date by sending transaction records after every postal deposit or withdrawal they make. We’ll also send each customer a statement once a year as a full record of all their transactions and interest earned.
As part of the changes, we’re pleased to announce that from 21 May 2012 all Investment Account customers will benefit from a higher interest rate of 0.75% gross/AER. (The previous rates were from 0.20% to 0.30%, depending on the account balance.) The rate is variable, so it could go up or down at any time.
The new rate will apply to all account balances from £1 upwards.
We are now accepting applications to open new Investment Accounts.
Already have an Investment Account?
We wrote to customers recently to tell them about the changes to how their accounts work, but if you haven’t heard from us you can find out more here.
Grossis the taxable rate of interest without the deduction of Income Tax.
AER (Annual Equivalent Rate)is a notional rate that 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.