Established 160 years ago, National Savings and Investments (NS&I), formerly called the Post Office Savings Bank and National Savings, is a state-owned savings bank in the United Kingdom. It offers a range of savings account products.
Direct ISA
The NS&I Direct ISA allows you to save up to the annual statutory limit of £20,000 for the 2020 / 2021 tax year, completely tax-free. You will get easy access to savings without an access charge or penalty. The minimum investment amount is just £1. The interest rate is variable at 0.10% AER. The ISA is quick and easy to set up online or by phone.
Junior ISA
The NS&I Junior ISA ISA is a tax-free account whereby money invested is sheltered from capital gains and income tax, making it an attractive, tax-efficient product. You can save little or often, either in monthly amounts or as a lump sum. You can invest between £1 and £9,000; only parents or guardians are able to open a Junior ISA, but anyone can pay into them (such as grandparents or friends). Money is safely locked away until the child turns 18, helping a nice nest egg build up. The variable rate of interest is 1.50% AER.
Other Services
As well as ISAs, the company offers a range of alternative savings products including premium bonds, income bonds, savings accounts and investment accounts.
NS&I Reviews and Ratings
Online reviews for NS&I are fairly polarised with many customers frustrated with the poor levels of customer service, telephone enquiries not getting answered, poor management and unhelpful staff. Users have labelled the staff as disorganised, dishonest and rude. Others have reported no issues with the company and would be happy to recommend.
Trustpilot – 1.8/5 (based on 50 reviews)
Facebook – 3.2/5 (based on 361 reviews)
Pros
- A long-established, reputable company established 160 years ago
- Quick and easy online signup
- Easy access to savings without an access charge or penalty
- The minimum investment amount is just £1
- A new easier-to-navigate website
- Monthly premium bonds prize draw
Cons
- Direct ISA and Junior ISA products only
- Stocks and Shares, Lifetime ISAs and other ISA products not offered
- A lack of online tools and downloadable help resources
- Very bad customer service experiences
- Negative online reviews and customer feedback
Website: NS&I