NS&I to close EASA and Investment Account

ChaChaSlider

Taken from the ns&i website

We’re making some changes to two of our savings accounts as part of our plans to simplify our range of savings and investments and to encourage customers to deal with us directly.

From 21 May 2012 our Investment Account will become a postal-only account.

On 27 July 2012 our Easy Access Savings Account will close completely.

From 28 November 2011 we are not accepting new applications for either of these accounts. (Although from 21 May 2012 we will start accepting new applications for the postal Investment Account.)

Can't post link as I'm new

These accounts have been doomed for a few years with shocking interest rates but taking away the passbook is further moving them away from the post office and are yet more investments they're pulling after the inflation beating savings in September. They're going to have nothing left to invest in very soon it seems:(

alanq

I suppose it will lead to less confusion when the Post Office doesn't handle similar PO (Bank Of Ireland) and NS&I accounts.

If NS&I can raise the funds it requires many times over with Savings Certificates I don't suppose that it needs the expensive administration of accounts with frequent transactions and in most cases small balances.

http://www.nsandi.com/important-news-about-nsi-savings-accounts