NS&I Annual Report 2024-25 published

• NS&I delivered £9.75 billion of Net Financing to the Government in 2024-25, meeting its target of £9 billion (+/- £4 billion).
• NS&I met its customer satisfaction target of at least 80%, with performance of 84.57% in 2024-25.
• In 2024-25, NS&I paid out more than 70 million Premium Bonds prizes worth over £5 billion.

NS&I today announced its 2024-25 annual results for the year to 31 March 2025, showing a year of delivery for government and for savers. Key points include:

Net Financing

NS&I delivered £9.75 billion of Net Financing to the Government in 2024-25, meeting its target of £9 billion (+/- £4 billion). During 2024-25, NS&I launched new fixed-term Bonds, offering savers the choice of longer-term security in a changing savings market. As the market adjusted to base rate reductions begun by the Bank of England in August 2024, NS&I responded with gradual interest rate reductions across its variable and fixed-term products, in line with its operating framework to balance the interests of savers, taxpayers and the broader financial services sector.

Customer satisfaction

NS&I met its target for customer satisfaction this year, with a performance figure of 84.57%, against a target of at least 80% (see Notes to Editors below for more detail). For 2024-25, NS&I switched to a ‘relational’ satisfaction measure. This provides a more holistic view reflective of the whole customer base, so that it is accurately reflecting best practice measures more aligned with NS&I’s competitors.

Value and efficiency

NS&I delivered £650 million of savings to the taxpayer in 2024-25 – using the Value Indicator measure to compare how much it costs to raise funding via NS&I with raising the same amount via the sale of gilts. The efficiency ratio – which shows how cost-effectively NS&I manages the funds it holds – was 6.73p in 2024-25, meeting the target of less than 7.20 basis points. This means that it costs NS&I less than 7p a year to manage each £100 of stock it holds.

Transforming NS&I
NS&I made significant progress in the delivery of its transformation programme in 2024-25. The series of procurement packages were completed and, as 2025-26 began, the first major milestone was achieved when Atos employees providing customer-facing and support services to NS&I’s retail savings customers were transferred to Sopra Steria, who are now delivering these for NS&I.

Decoupling and reintegrating 25 years of complex IT infrastructure and manual processes as part of the transformation programme has been more challenging than originally envisaged. This has meant that NS&I needed to adapt its approach and re-profile some elements, which has led to longer timescales and an increase in costs.

Service Delivery Measures
In total, NS&I met five and missed one of its six service delivery measures in 2024-25. NS&I met the service delivery measures for: Net Financing; Customer satisfaction; Government Payment Services (GPS) delivery; Digital-first; and Efficient administration of funds.

NS&I did not meet its service delivery measure for Employee engagement, although this remains strong at 66%, above the Civil Service median of 64%. See pages 15-16 of NS&I’s Annual Report and Accounts for full details.

Premium Bonds: still a national treasure

Premium Bonds remain one of the most popular savings products in the UK. In 2024-25, more than 70 million prizes worth over £5 billion were paid out.

One Premium Bonds holder struck gold in March 2025, winning the £1 million jackpot prize from a total holding of just £100, purchased less than two years earlier – the second smallest holding ever to hit the jackpot.

NS&I Chief Executive, Dax Harkins, said:

“I am pleased that NS&I performed strongly in 2024-25, delivering £9.75 billion of financing to the Government, meeting our customer satisfaction target and delivering £650 million of savings to the taxpayer, as shown by the Value Indicator.

“Despite challenges with our transformation programme, we have started to deliver the new multi-supplier operating model and achieved the first major milestone – the transfer of UK customer-facing and support staff from Atos to Sopra Steria.

“We can look forward to the coming year with confidence as we create a modern, scalable and flexible business that will deliver for government, customers and taxpayers for generations to come."

2024-25 annual results*

All figures are in £ billion and are subject to rounding.

*All figures from 2021-22 onwards (with the exception of Net Financing) include Green Savings Bonds.

**C&AIP is capitalised and accrued interest and prizes earned. All figures are in £ billion and subject to rounding.

Notes to Editors

1. NS&I reports quarterly on gross inflows and outflows, Net Financing and total stock. Each quarter, NS&I releases unaudited figures and has published its audited Annual Report and audited accounts for 2024-25, which can be downloaded here. Net Financing excludes Green Savings Bonds, as they are a policy product.
2. Net Financing – the measure of the net change of NS&I funds, meaning total inflows from deposits, retention of maturing monies and capitalised and accrued interest, less the total outflows from withdrawals and interest or Premium Bonds prize draw payments. A positive Net Financing figure represents a positive contribution to government financing.
3. Satisfaction as of March 2025: [84.57]%pts, target: 80%pts. © Ipsos 2025, Financial Research Survey (FRS), for the 12 months ended 31 March 2025. Results based on a sample of 3,475 adults (aged 16+) that hold NS&I savings products. The survey contacts around 50,000 adults (aged 16+) a year in total across Great Britain. Interviews were face-to-face, over the phone and online, taking into account (and weighted to) the overall profile of the adult population. The results reflect the percentage of NS&I savings product customers who were extremely, very or fairly satisfied with NS&I as a savings provider.
4. Government Payment Services (GPS) delivery performance measures how well NS&I delivers key service levels for our business-to-business clients; Digital-first measures the number of NS&I’s digital transactions divided by the total number of NS&I’s transactions; and Employee engagement measures the level of employee engagement in the Civil Service people survey.
5. NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to more than 24 million customers. All products offer 100% capital security, because NS&I is backed by HM Treasury.
6. Further information on NS&I, including press releases and product information, is available on the website at nsandi.com.