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Frequently asked questions

In this section you’ll find the answers to the most frequent questions asked by advisers about NS&I

  • How do I register for the FA online service?

    If you haven’t done so already, you must first send us a completed Terms of Business (ToB) agreement by post. Once we have received this, you will receive an activation email within five working days.

    This email will be valid for 14 days and will allow you to go online and activate your registration.

    A senior representative of the firm must complete the initial registration, and they will be provided with administration rights, ie becoming ‘super-users’. This will allow them to add and remove additional users within the firm and determine individual access rights (ie admin access or standard access).

    Once registered for the service, you will be able to view any mutual NS&I customer accounts following receipt of a Letter of Authority (LoA) for each client you wish to view.

    When we receive a completed Letter of Authority, we will also send you an acknowledgement letter. This will contain a reference number which you can use to make client information requests over the phone. Please note that this is separate to your online log in credentials.

  • How is the change to Index-linked Savings Certificates from RPI to CPI affecting my clients?

    Your clients will continue to receive 0.01% interest in addition to the index-linking. Here is an illustration of what your clients could expect to receive from a £1,000 investment based on the June 2023 RPI index, and what the return could be based on CPI.

    Term

    RPI (using June 2023 rate of 10.70%)

    CPI (using June 2023 rate of 7.90%)

    2-year Index-linked Savings Certificate

    £1,225.67 Index-linking + 0.01%

    £1,164.46 Index-linking + 0.01%

    3-year Index-linked Savings Certificate

    £1,356.94 Index-linking + 0.01%

    £1,256.57 Index-linking + 0.01%

    5-year Index-linked Savings Certificate

    £1,663.16 Index-linking + 0.01%

    £1,463.23 Index-linking + 0.01%

    These are illustrations only, so they don’t take into account your client’s individual circumstances. They assume that your clients don't make any withdrawals during the term.

    The rates of inflation can go up or down so the illustrations are not a guarantee of the return your clients will receive. The actual return your clients receive will depend on the levels of the relevant index that apply at the start and end of each investment year.

  • How is the Premium Bond prize fund calculated?

    We hold a prize draw every month with two £1 million jackpots. We set the size of the prize fund by calculating one month’s interest on the total value of all eligible Bonds, at the annual prize fund interest rate. All prizes are free from UK Income Tax and Capital Gains Tax.

  • How much can a client invest in total in secure cash deposits with NS&I?

    Scenario 1 – For clients aged 18+

    A client can invest £6,170,000 in NS&I products: £2,000,000 in Direct Saver; £1,000,000 in Guaranteed Growth Bonds (British Savings Bonds), £1,000,000 in Guaranteed Income Bonds (British Savings Bonds); £1,000,000 in Income Bonds; £1,000,000 in Investment Account; £100,000 in Green Savings Bonds; £50,000 in Premium Bonds and £20,000 in our Direct ISA.

    Scenario 2 - For clients aged 16 or 17

    Initially, a client can invest £6,159,000 in NS&I products: £2,000,000 in Direct Saver; £1,000,000 in Guaranteed Growth Bonds (British Savings Bonds), £1,000,000 in Guaranteed Income Bonds (British Savings Bonds); £1,000,000 in Income Bonds; £1,000,000 in Investment Account; £100,000 in Green Savings Bonds; £50,000 in Premium Bonds and £9,000 in Junior ISA.

  • How much can my client invest with NS&I in tax-free savings?

    Initially, your client can invest £70,000 in NS&I tax-free products (£50,000 in Premium Bonds and £20,000 in our Direct ISA). They can then invest more, tax-free, once their ISA allowance starts again each year. It's also worth remembering that full values of mature Index-linked Savings Certificates and Fixed Interest Savings Certificates can remain invested tax-free. Your client may also invest £9,000 in our Junior ISA in the 2023/24 tax year for a child under 18 as well as £50,000 in Premium Bonds for a child under 16.

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