NS&I investment account to make access easier

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NS&I investment account to make access easier

Wed 24th May 2006

National Savings and Investments (NS&I) investment account will no longer require a month notice for withdrawals.

As of June 1st, NS&I investment account customers will be able to benefit from greater access to their investments and no longer have to worry about having to pay the equivalent of 30 days' interest as a penalty.

Currently around 60 per cent of investment account users accept the penalty fee which they incur if they want to take out money at short notice; this penalty fee will no longer apply to the NS&I investment account.

Peter Cornish, marketing director for NS&I, said: "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."

The NS&I investment account is a variable rate product, currently offering tiered rates up to 3.8 per cent gross per annum, anyone aged over seven can invest between £20 to £100,000.

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