NS&I to end Post Office link-up

[TrueBlueTerrier]

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National Savings & Investments (NS&I) has announced that it is to stop operating its accounts from the Post Office.

The Government-backed provider said the move was part of its programme to simplify and modernise its savings range and was 'in line with market trends'.

From 28 November, people will not be able to open Investment or East Access Savings accounts from the Post Office.


The only accounts that savers will be able to open from the Post Office will be Premium Bonds.

Its savings accounts will only be available via post, phone or online in the future, it said.

From December NS&I will begin contacting customers to explain their options, so customers will not need to take any action until then.

As well as simplifying and modernising NS&I's range of savings, the changes will help NS&I reduce its cost to the taxpayer and deliver a real saving of some 10% by 2015 - a requirement set down in the 2010 Spending Review.

"Since 2007 we have been working to simplify and modernise our range of savings and to encourage our customers to invest with us directly," Jane Platt, chief executive, NS&I, said.

"At the same time the Post Office has grown its own range of savings products.

"We believe their expert knowledge of NS&I's savings and investments will help our customers transfer to dealing with NS&I directly and we will work with our colleagues at the Post Office to support our customers through the changes."



A number of NS&I's most popular accounts are already only available directly, including its Direct ISA and Direct Saver.

[Lounge Lizard]

Nothing new here then, reducing the products and services available at Post Offices.
A fine way to celebrate the 150th anniversary of the Post Office Savings Bank.

[POSTMAN]

I'll give Teebs a break and find it meself...

[fishtank]

CWU today accuses the government of betraying the Post Office as it's revealed that more work will be taken away from the network. Government-owned financial products and services from National Savings and Investments (NS&I) will stop being available through the Post Office by July 2012 in a move which will take more revenue away from the post office network.

Billy Hayes, CWU general secretary said: "There is a total contradiction from government, with the minister Ed Davey on the one hand claiming he wants the post office network to become the front office of government services yet systematically government work is being removed. Previously it was the 'Green Giro' contract and now it is NS&I products - what will be next?

"The Post Office is not in safe hands under this government. Everything points to downgrading services, worse access for customers, more closures and fewer and fewer products and services. We want to see government actually deliver on their promises of investing in the Post Office and putting work into the network. So far they've been empty promises.

"The uncertainty facing the post office network is crippling for many postmasters. NS&I products have always been associated with the Post Office brand and are popular. Removing them makes no sense and is another betrayal of the network by a government which claims to care about the Post Office."