Net Financing

Net Financing is 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.

Efficiency

A measure of our efficiency is the ratio of total NS&I administrative costs to average funds invested by customers. Each quarter, NS&I issues these unaudited figures and also publishes its annual report and audited accounts for the financial year. Details of our performance can be found in our annual report.

How we performed in 2023-24

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74.15

Our customer satisfaction score

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87.69

Digital First

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20

Increase in NS&I’s Net Financing target for 2024-25

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0.54

Proportion of complaints raised against NS&I that were upheld by FOS, against a target of less than 0.84%

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97.08

Amount of key service levels achieved versus total contractual service levels, where service credits apply, across all GPS clients

6.6p

Administration cost per £100 of funds held by NS&I

359,000

As at March 2022, more than 359,000 people had signed up to Help to Save.

Inspiring a stronger savings culture

This was the fifth year of our strategy, Inspire & Invest. Here you can see our performance as well as the progress we’ve made towards each of our six strategic aims.

View annual report

Net Financing tracker

This graph tracks the actual Net Financing performance against the target over the current financial year. You can view performance in more detail by selecting the relevant quarter on the graph.

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In 2022-23, NS&I delivered £10.0 billion of Net Financing, against a whole year target of £6 billion (+/- £3 billion), excluding Green Savings Bonds.

In Q3 2022-23, NS&I delivered £0.5 billion of Net Financing, giving a half-year total of £3.9 billion. This is as at Q3 2022-23 and is against a whole year Net Financing target for 2022-23 of £6 billion (+/- £3 billion). As at 15 March 2023, NS&I's 2022-23 Net Financing whole-year forecast is £6.1 billion (excluding Green Savings Bonds). 

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In Q2 2022-23, NS&I delivered £2.1 billion of Net Financing, giving a half-year total of £3.4 billion. This is as at Q2 2022-23 and is against a whole year Net Financing target for 2022-23 of £6 billion (+/- £3 billion). 

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So far in 2022-23, NS&I has delivered a total of £1.3 billion of Net Financing. This is as at Q1 2022-23 and is against a whole year Net Financing target for 2022-23 of £6 billion (+/- £3 billion). 

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In  2021-22, NS&I delivered a total of £4.4 billion of Net Financing. This is against a whole year Net Financing target for 2021-22 of £6 billion (+/- £3 billion). 

In Q3 2021-22, NS&I delivered £1.6 billion of Net Financing, giving a year-to-date Net Financing total of £2.2 billion. This is against a whole year Net Financing target for 2021-22 of £6 billion (+/- £3 billion). 

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In Q2 2021-22, NS&I delivered £0.8 billion of Net Financing. This is against a whole year Net Financing target for 2021-22 of £6 billion (+/- £3 billion). 

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In Q1 2021-22, NS&I delivered -£0.2 billion (minus £0.2 billion) of Net Financing. This is against a whole year Net Financing target for 2021-22 of £6 billion (+/- £3 billion). 

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NS&I’s Net Financing in Q4 2020-21 was -£5.1 billion (minus £5.1 billion). Overall, NS&I delivered £23.8 billion of Net Financing in 2020-21. This is against a whole year target of £35 billion (+/- £5 billion). NS&I’s Net Financing target for 2021-21 was previously set at £6 billion (+/- £3 billion), but was revised to £35 billion (+/- £5 billion) to reflect government finance requirements arising from Covid-19.

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NS&I delivered -£9.5 billion (minus £9.5 billion) of Net Financing in Q3 2020-21. This is against a whole year target of £35 billion (+/- £5 billion). NS&I’s Net Financing target for 2021-21 was previously set at £6 billion (+/- £3 billion), but was revised to £35 billion (+/- £5 billion) to reflect government finance requirements arising from Covid-19. 

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NS&I delivered £23.8 billion of Net Financing in Q2 2020-21, giving a year-to-date total of £38.3 billion. NS&I’s Net Financing target for 2021-21 was previously set at £6 billion (+/- £3 billion), but was revised to £35 billion (+/- £5 billion) to reflect government finance requirements arising from Covid-19.

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NS&I delivered £14.5 billion of Net Financing in Q1 2020-21. This is against a whole year target of £35 billion (+/- £5 billion). NS&I’s Net Financing target for 2021-21 was previously set at £6 billion (+/- £3 billion), but was revised to £35 billion (+/- £5 billion) to reflect government finance requirements arising from Covid-19.

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End-year 2019-20

NS&I delivered £11.6 billion of Net Financing in 2019-20. This was against a whole year target of £11 billion (+ / - £3 billion).

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Q3 2019-20

NS&I delivered £2 billion of Net Financing in Q1 (April-June 2019), £2.9 billion of Net Financing in Q2 (July-September 2019) and £3.2 billion of Net Financing in Q3 (October-December 2019) giving a 2019-20 year-to-date total of £8.1 billion.

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Q2 2019-20

NS&I delivered £2 billion of Net Financing in Q1 (April-June 2019) and £2.9 billion of Net Financing in Q2 (July-September), giving a 2019-20 year-to-date total of £4.9 billion.

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Q1 2019-20

During Q1 (April-June 2019), NS&I delivered £2bn of net financing. This is against an overall 2019/20 net financing figure of £11bn target (+/- £3bn).

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End-year 2018-19

NS&I delivered £10.8 billion of Net Financing in 2018-19. This was against a whole year target of £9 billion (+ / - £3 billion).

Q3 2018-19

NS&I raised £3.3 billion of Net Financing in Q3 (October-December) 2018-19. This is against a whole-year target of £9 billion (+ / - £3 billion).

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Q2 2018-19

NS&I raised £2.5 billion of Net Financing in Q2 (Jul-Sep) 2018-19.

The overall Net Financing target for 2018-19 has been revised to £9 billion (+/- £3 billion), as confirmed in the Autumn Budget.

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Q1 2018-19

The March 2018 Spring Statement confirmed that NS&I’s 2018-19 Net Financing target is to deliver £6 billion, within a range of £3 billion to £9 billion. NS&I’s Value Indicator target for 2018-19 is to deliver £125 million of value, but with a lower limit of £0 (zero), (excluding Investment Guaranteed Growth Bonds).

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End-year 2017-18

NS&I delivered £9.8 billion of Net Financing in 2017-18, compared to the forecast at the Spring Statement 2018 of £10.2 billion. This is above the revised Net Financing target of £8 billion (within a range of £5 billion to £11 billion) that was set out in the Autumn Statement in November 2017.

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Q3 2017-18

Today’s Spring Statement confirms that NS&I’s Net Financing forecast for 2017-18 is £10.2 billion. This is in line with its revised Net Financing target of £8 billion (within a range of £5 billion to £11 billion) set out in the Autumn Budget on 22 November 2017.

The end-year forecast reflects higher Net Financing since NS&I increased interest rates on some of its variable rate products on 1 December 2017 and the return to sale of Guaranteed Growth Bonds and Guaranteed Income Bonds on 1 December 2017.

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Q2 2017-18

NS&I’s original target for 2017-18 was £13 billion (in a range of £3 billion either side of this, from £10 billion to £16 billion).

The revised Net Financing target is £8 billion (in a range of £3 billion either side of this, from £5 billion to £11 billion). The change to the target reflects lower than expected Net Financing being delivered in the first half of 2017-18, as a result of changes in the savings market.

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Q1 2017-18

NS&I today published its latest unaudited quarterly figures, for the first quarter (April-June 2017) of the financial year 2017-18.

In Q1 2017-18, NS&I delivered £1.6 billion of Net Financing. NS&I also delivered £29 million of savings to the taxpayer in Q1 2017-18 – as measured by the Value Indicator.

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Q4 2016-17

NS&I delivered £11.8 billion of Net Financing in 2016-17, compared to the forecast at Budget 2017 of £12.2 billion. This is above the revised Net Financing target of £9 billion (within a range of £7 billion to £11 billion) that was set out in the Autumn Statement in November 2016.

Q3 2016-17

NS&I has today published its un-audited quarterly results for the third quarter (October to December 2016) of the financial year 2016-17. NS&I delivered £6.1 billion of Net Financing in Q3 2016-17, giving a year-to-date total of just under £7.9 billion.

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Q2 2016-17

NS&I’s original target for 2016-17 was £6 billion (in a range of £2 billion either side of this, from £4 billion to £8 billion).

The new target of £9 billion (in a range of £2 billion either side of this, from £7 billion to £11 billion) reflects changes to the Government’s financing requirement. NS&I is forecast to meet the revised Net Financing target for 2016-17.  

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Q4 2015-16

NS&I delivered £11.3 billion of Net Financing in 2015-16 – meeting its target of £10 billion in a range of £8 billion to £12 billion. NS&I delivered £149 million of savings to the taxpayer – using the Value Indicator measure to calculate how much more cost-effective it is to raise funds through NS&I than through gilts. NS&I’s efficiency ratio – how cost effectively NS&I manages the funds it holds – improved once again, hitting 12 basis points (against 14 basis points in 2014-15).

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Q3 2015-16

Q2 2015-16

NS&I today published its un-audited quarterly results for the second quarter (July-September 2015) of the financial year 2015-16.

NS&I delivered £2.4 billion of Net Financing in Q2 2015-16, giving a year-to-date total of £7.8 billion.

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Q1 2015-16

In Q1 2015-16, NS&I delivered £5.4 billion of Net Financing and £22 million of savings to the taxpayer – as measured by the Value Indicator.

The Net Financing delivered in the first quarter is in line with expectations and reflects strong sales of 65+ Bonds and the smooth closure of the product on 15 May. Premium Bond sales have also contributed to Net Financing after the investment limit was raised from £40,000 to £50,000 on 1 June.

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Q4 2014-15

NS&I’s Net Financing target for 2015-16 is £10 billion in a range of £8 to £12 billion. This includes 65+ Bonds sales in April and May 2015. NS&I’s Net Financing target for 2014-15 was £13 billion in a range of £11 to £15 billion. In December 2014 NS&I’s forecast was that it would deliver £13.5 billion of Net Financing, however the unprecedented demand for 65+ Bonds in the final quarter saw NS&I deliver £18.2 billion, exceeding the target range.

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Q3 2014-15

NS&I delivered £57 million of value to the taxpayer in Q3 2014-15, as measured by the Value Indicator. NS&I forecast a Value Indicator return of £299 million in 2014-15. This is in line with the target set at Budget 2014 to deliver positive value. The 65+ Bonds are a specific Budget measure distinct from NS&I’s normal activity – the cost of raising finance through this product over gilts is therefore not reflected in the Value Indicator calculation.

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Q2 2014-15

NS&I delivered £2.2 billion of Net Financing in Q2 2014-15, giving a year-to-date total of £4.4 billion. The Autumn Statement confirmed that the latest NS&I Net Financing forecast for 2014-15 is £13.5 billion – within NS&I’s full year target of £13 billion in a range of £11 billion to £15 billion.

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Q1 2014-15

In Q1 2014-15, NS&I delivered £2.1 billion of Net Financing and £179 million of savings to the taxpayer – as measured by the Value Indicator.

Net Financing has been driven by strong customer demand for Premium Bonds since the maximum holding limit was raised from £30,000 to £40,000 on 1 June. NS&I met this demand with key performance indicators consistently maintained at more than 95%.

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Complaints performance data

We are committed to fairness and transparency. We regularly publish information about our performance, including complaints data.

Complaints Data