8th April 2013
National Savings & Investments has brought the interest on its income bonds for investors with less than £25,000 into line with those with bigger balances.
All accounts now earn a single rate of interest – currently 1.75 per cent gross. Previously those with under £25,000 invested earned 1.45% gross. The change came into force on Saturday 6th April.
It will also allow on-line and phone management. Bond certificates are replaced by transaction records. Previously, savers received a separate bond certificate after each investment they made into income bonds. Now they will receive a transaction record which shows the amount invested and the total amount in their Income Bonds account. NS&I says the annual statement will now include an annual transaction history so savers receive details of all their transactions for the year in one document.
Jane Platt, Chief Executive, NS&I, said: “Our modernisation programme is now entering its final stages. We’ve transformed NS&I’s product range: delivering simpler, more straightforward savings products which give our customers the telephone and online access that they want.”