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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

  • Do I need to complete a new ‘Letter of Authority Template’ for every client?

    Yes, unless one has already been registered with us since March 2018.

    We launched a new template in late February 2018, as part of the introduction of our new adviser phone service. As a result, we will need a new one completed for every client that has NS&I holdings and that you would have access to (unless you’ve supplied one after the beginning of March 2018).

    However these are now held on file and so once registered with us they will be retained for future reference for as long as the arrangement remains in place and in line with our record retention policy.

    Only this template can be used to access information on your clients’ NS&I holdings.

  • Do NS&I offer ‘adviser charging’?

    NS&I does not offer ‘adviser charging’. This is because we view charging to be a form of commission from the product provider to the advice firm, and following the FCA’s Retail Distribution Review in 2012, financial advice firms should be receiving their income from client fees and not product providers.

  • Do only people in the South East of England win the £1million jackpot?

    No. Since we introduced the £1 million jackpot prize in 1994, we’ve seen winners in every country in the UK and every county in England, as well as five winners living outside of the UK. It may appear that the South East wins more than any other area, but that’s because there are more Bonds held there compared with the rest of the UK.

  • Do you allow transfers from other ISAs into your Direct ISA?

    No, we do not currently allow transfers into our Direct ISA from other ISA providers. As NS&I is both a government department and an Executive Agency of the Chancellor we have to balance the needs of our savers, taxpayers and the broader financial services market. One of the ways we do this is by making sure we operate as efficiently as possible. ISA transfers involve a manual process, and allowing transfers in would increase the cost to run these accounts.

  • Does a client have to hold the maximum £50,000 to have any chance of winning?

    Jackpot winners have a varied amount invested – one winner of the £1 million jackpot only had £17 in Premium Bonds! However, the more Bonds you hold, the better your chances of winning.

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