NS&I remove premium bonds from Post Office counters

[TrueBlueTerrier]

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Savers will no longer be able to buy Premium Bonds in cash over the counter at the Post Office from 1 April, BBC News reports.

This is part of a continued move away from the Post Office by National Savings and Investments (NS&I) as services continue to move online.

New customers can still pay by cheque or debit card at post offices or directly with NS&I. This can be done by phone, by post, on the internet, or by standing order.

About £44bn is invested in Premium Bonds by 21.6 million people, all hoping to win the £1m monthly jackpot.

While the number of people who have invested in Premium Bonds has fallen by about 1.4 million in the last 10 years, the amount invested has more than doubled, excluding the effect of inflation.

Meanwhile, the government-owned NS&I is transferring customers who hold its Cash Individual Savings Account (ISA) or a T-Cash ISA, and who could make withdrawals at Post Office counters, to its Direct ISA on 25 May.

There are nearly 100,000 savers affected, but they will see their rate of interest rise from 0.5% to 2.25% as a result.

The Cash ISA was closed to new customers in April 2009. Existing customers will receive a letter explaining the shift, and outlining the split from services at the Post Office.

[Wessex]

This might be a bit short-sighted , a lot of people have signalled that they intend to stop buying UK Lotto tickets, and invest in Ernie instead , when the ticket price doubles to £2 this autumn.Their first port of call surely will be their local PO ?