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UK savings bank allows immediate access to popular account

From June 1, 2006, National Savings and Investments (NS&I), the UK government-backed savings and investments provider, is making its Investment Account more attractive for customers by removing the account's one month notice period and penalty.

This improvement means the Investment Account offers a straightforward passbook account.

At the moment, customers need to give one month’s notice to make withdrawals from their account without penalty, or they can make withdrawals with no notice by accepting a penalty equal to 30 days interest. Approximately 60% of customers take the penalty when making withdrawals from the Investment Account.

The new terms allow customers access to their money within a few days – with no notice and no penalty – making it easier for customers to manage their money, the savings provider says. To make withdrawals, customers can apply to NS&I by post.

Approximately 3 million customers have GBP6 billion invested in NS&I’s Investment Account. The account is a variable rate product, currently offering tiered rates up to 3.80% gross per annum.

We know from customer research that straightforward access is important to many of our customers. By removing the notice period for the Investment Account we are making it easier and more attractive for customers to manage their money, says Peter Cornish, marketing director for National Savings and Investments.

The Investment Account not only offers a safe home with attractive rates of return but now there is the added benefit of easy access which will appeal to existing and new customers alike, he adds.