NS&I Ordinary Account closed
Over the last six months, NS&I has written to 2.6 million customers, informing them about the changes. Additionally, public notices have been published and NS&I has undertaken a major media campaign, with interviews on regional radio stations and coverage in local papers. Around one million customers have responded in some way, either by phone, post or by applying directly to transfer to the Easy Access Savings Account.
To date, customers have requested the transfer of 250,000 accounts to the Easy Access Savings Account, a rate of over 2,000 a day. New customers to NS&I account for 10% of investments in the Easy Access Savings Account.
However, NS&I has concerns that 200,000 Ordinary Accounts are still being used regularly, with 10,000 customers continuing to make deposits every week. NS&I urges these customers to transfer their savings as soon as possible to avoid any inconvenience. Furthermore, there are around half a million customers holding accounts with an average balance of around £850 who have not transferred their savings.
- There still are 12.8 million Ordinary Accounts worth £452 million, compared to 13 million worth £1.2 billion in January 2004
- Only 1.4 million Ordinary Account customers used their accounts in 2003
- 11.9 million Ordinary Accounts worth £214 million have not been used for over two years
- 1 million Ordinary Accounts have a balance of less than £2
- 11.5 million Ordinary Accounts have a balance of less than £6
Customers can transfer to the Easy Access Savings Account or the Investment Account by obtaining a transfer form from their local Post Office branch or calling NS&I on 0845 366 6667
To close their account customers should request a closure form (NSA5MA) from a Post Office branch or telephone 0845 366 6667. The completed form should be sent with their passbook to: National Savings &Investments, Glasgow G58 1SB.
| Account balance | Easy Access Savings Account | Ordinary Account | Investment Account |
|---|---|---|---|
| £100-£499 | 1.75% | 0.85% | 3.00% |
| £500-£999 | 1.75% | 0.95% | 3.05% |
| £1,000-£4,999 | 3.25% | 0.95% | 3.05% |
| £5,000-£9.999 | 3.55% | 0.95% | 3.15% |
| £10,000-£24,999 | 3.80% | N/A | 3.35% |
| £25,000-£49,999 | 4.05% | N/A | 3.55% |
| £50,000+ | 4.30% | N/A | 3.90% |
Notes to Editors
To claim lost or forgotten savings, with or without account passbooks, customers should contact NS&I and ask for a Tracing Service form or download a copy from the tracing service on the website at www.nsandi.com . Call 0845 964 5000 for further information.
If, for any reason, customers did not transfer their account before 31st July their money will remain 100% safe and available to transfer at any time in the future. Special arrangements may be made for customers in hardship as a result of not transferring their savings prior to July 31st
National Savings and Investments is an Executive Agency of the Chancellor of the Exchequer.