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.

Value Indicator

An indication of our cost-effectiveness in raising finance for the government. It compares the total cost of delivering Net Financing and servicing existing customers’ deposits with how much it would cost the government to raise funds through the wholesale market via equivalent maturity gilts and Treasury bills.

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 2018-19

95.6

Incoming customer interactions with us via digital channels (online and telephone)

84.3

Our customer satisfaction score

0.078

Administration costs the taxpayer just 7.8p for every £100 held with NS&I

100

We met or exceeded all of our 12 Service Delivery Measures

67

Civil Service People Survey employee engagement score

249,000

Downloads of our Premium Bonds prize checker app in 2018-19

£12.8 million

We were over £12 million more cost-effective in raising money for Government than via alternative methods

37 million

Premium Bonds prizes – more than any previous year

Inspiring a stronger savings culture

This was the first 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 cross-cutting strategic aims.

View annual report

NS&I Equality and Diversity data 2018-19

53%

53% of staff at NS&I identified as female, 47% as male and 1% preferred not to say (percentages are rounded)

48%

At our Executive Committee, Board and Senior Leadership levels, 48% of people identified as female and 52% identified as male

6%

6% of employees who disclosed their disability status declared that they had a disability. 

NS&I is committed to the Civil Service's aim of being the UK's most inclusive employer by 2020, and is also a signatory to HM Treasury's Women in Finance Charter.

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.

Q4 2018-19

NS&I raised £1.9 billion of Net Financing in Q4 (January-March 2019) 2018-19. In 2018-19 NS&I raised £10.8 billion of Net Financing. This is 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).

Read the full story

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.

Read the full story

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).

Read the full story

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.

Read the full story

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.

Read the full story

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.

Read the full story

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.

Read the full story

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.

Read the full story

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.  

Read the full story

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).

Read the full story

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.

Read the full story

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.

Read the full story

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.

Read the full story

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.

Read the full story

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.

Read the full story

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%.

Read the full story

Complaints performance data

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

The following data refers to complaints recorded about NS&I between 1 October 2018 – 31 March 2019.

Complaints performance data
Product / Service grouping Provision (at reporting period end date) Intermediation (within the reporting period) Number of complaints opened Number of complaints closed Percentage closed within 3 days Percentage closed after 3 days but within 8 weeks Percentage upheld Main cause of complaints opened
Banking and credit cards 0.23 N/A 10,755 10,075 69.93% 29.85% 63.37% General Admin/Customer Service
Home Finance N/A N/A N/A N/A N/A N/A N/A N/A
Insurance and pure protection N/A N/A N/A N/A N/A N/A N/A N/A
Decumulation and pensions N/A N/A N/A N/A N/A N/A N/A N/A
Investments N/A N/A N/A N/A N/A N/A N/A N/A
Credit related N/A N/A N/A N/A N/A N/A N/A N/A

Historic Complaints Data

To support our ethos of transparency, and to put the above figures into context, we are also providing the following information.

  1. Less than one complaint was opened per 1,000 accounts (holdings) held
  2. The total number of holdings at NS&I as at 31 March 2019 was 47,045,445. Examples of NS&I holdings include individual Savings Certificates, Direct ISA accounts, Direct Saver accounts and Premium Bonds. For Premium Bonds we deem all Bonds held under one holder’s number to be one holding.
  3. Details of complaints data published by the Financial Ombudsman Service (FOS) can be found here: Financial Ombudsman Service complaints data

How do I make a complaint about NS&I?