Post Office National Savings Investment Account

T.F.S.B.I.G.W.S.

Does anyone bother with Post Office National Savings Investment Accounts? I queued at a Post Office Counter and handed my pass book over and asked for the interest to be added. During the last year the account system was changed and updated - but the counter clerk handed my book to me along with an envelope on which she had scribbled the NSB address and told me to send it with a covering letter asking for the book to be updated with the interest. It looks like I even have to stick a stamp on it.
I went online to NSB but there is only log in possible for ISA customers. I think I should probably close the account and deposit the £ elsewhere...
Sorry if this sounds like a rant - but it hardly seems customer focused. Does anyone have better experience of NSB savings accounts?

opinions4u

Regardless of the service, why would you want to remain in an account with a top rate of 0.3%?

john_s_2

I opened an Investment Account when I was a child, about 30 years ago. This was always how the interest was added - send it to Glasgow and they sent it back. In those days you had to include and SAE as well!

I closed it a long time ago! There are better accounts available from NSI, depending on what you're after (personally I like the RPI linked accounts, but you have to tie your money up for 3 or 5 years to get the full benefit, although you can withdraw sooner if you need to). Don't forget your cash is 100% guaranteed up to any amount with the NSI as it's backed by the Government. Or at least, it's as guaranteed as the Government is! (And trust me, if the Government falls the last thing you'll be worrying about is your savings account.)

cosstick

Hey, i have just found my National Savings Bank investment account book and the last stamp in it was 20 years ago. How do i get the money out of the account ? Or the intrest updated ?

Thanks, and sorry for hijacking :A

Baldur

cosstick wrote: »

Hey, i have just found my National Savings Bank investment account book and the last stamp in it was 20 years ago. How do i get the money out of the account ? Or the intrest updated ?

See http://www.nsandi.com/help/tracingservice/oldsavingsandinvestm.jsp

cosstick

Thanks baldur, i looked at that site but didnt think it was the right one, but on those old photos one of the logos match.

cj.greenwood

I was wondering if there was a calculator for these accounts to calculate my interest without having to send the book off.

My great nan set me an account up in 1987 when my great grandad died.
She put in £100.
Last update was January 1999 and the value was £226.65.

I want to close it as I'm getting married in 9 weeks(!!!) and need the money, but I was wondering how much It'd be worth now for my budget.

Lansdowne

You just send your book off to NS&I in Glasgow with a return envelope (or not as long as your correct address is in the front). You will get the interest added with a statement of how much interest relates to each year.

Doubt if there's a calculator online since it wouldn't be in great demand.

Don't forget to declare the £6 or whatever interest each year to HMRC as it is taxable!