National Savings & Investments (NS&I)

National Savings and Investments (NS&I) offer a wide range of savings and investment products that are backed by HM Treasury. Some are not always available, or are limited offers – keep an eye out for good deals.

What is NS&I?

NS&I is an Executive Agency of the Chancellor of the Exchequer that offers saving and investment products to the public.

NS&I is a government agency that offers saving and investment products to the public.

NS&I changes its products often, and at any given time you might find the following:

  • Income Bonds
  • Premium Bonds
  • Direct ISA (a Cash ISA)
  • Guaranteed Equity Bonds
  • Direct Saver – a savings account
  • Fixed Interest or Index-Linked Savings Certificates.
  • Guaranteed Growth Bonds and Guaranteed Income Bonds
  • Junior ISAs (Children’s Bonds are no longer available, but if you already have them you have options. Find out more on our Children’s Bonds page).

How they work

  • When saving or investing with NS&I, you’re lending to the government and your money is totally secure.
  • Different NS&I products may pay interest, stock market or inflation-linked returns (income) or, in the case of Premium Bonds, tax-free prizes.
  • Some NS&I products may impose early encashment penalties for some investment products, meaning you may get less back than your original investment.

Risk and return

You can be sure that you’ll get all your money back except where a penalty has been imposed for early encashment for some investment products.

As with any cash or investment-based product, if inflation is high your money might not hold its value in real terms - in other words its ‘buying power’ will be eroded by inflation.

Returns vary depending on the product you choose – for more information, check the NS&I website.

Access to your money

Varies from instant access for some savings accounts to several years for bonds and savings certificates.

Bonds and certificates can usually be cashed in early but there will usually be financial penalties for doing this.

Check the facts before you commit.

Safe and secure?

Your savings or investments are secure and backed by HM Treasury however much you save or invest, subject to any early encashment penalties on some investment products.

Where to get NS&I products

You can buy NS&I products directly from the NS&I website or over the phone.

Tax

Some NS&I products pay returns that are free from income and capital gains tax.

These include:

  • cash ISAs
  • premium Bonds
  • fixed Interest and Index-Linked Savings Certificates
  • junior ISAs (Children’s Bonds are no longer available, but if you already have them you have options. Find out more on our Children’s Bonds page).

Guaranteed Income Bonds and Guaranteed Growth Bonds pay returns with basic rate income tax deducted at source (at, currently, 20%), although non-taxpayers can reclaim this tax.

For other products, returns are taxable but paid ‘gross’ (without tax taken off).

If you’re a UK taxpayer, you have a duty to declare the income to HM Revenue & Customs and pay any tax you owe.

You should know that tax may change in the future.

If things go wrong

NS&I voluntarily works within the spirit of the Financial Conduct Authority guidelines.

If you’re unhappy with the service you get or you want to make a complaint, read Sort out a money problem or make a complaint.

Next steps

Not for you?

This article is provided by the Money Advice Service.

Share this page

What do you want to do?
What is your question about?
Do you want a reply?
Your email address
To reply to you, we need your email address
Your feedback

We will not reply to your feedback.  Don't include any personal or financial information, for example National Insurance, credit card numbers, or phone numbers.

This feedback form is for issues with the nidirect website only.

You can use it to report a problem or suggest an improvement to a webpage.

If you have a question about a government service or policy, you should contact the relevant government organisation directly as we don’t have access to information about you held by government departments.

You must be aged 13 years or older - if you’re younger, ask someone with parental responsibility to send the feedback for you.

The nidirect privacy notice applies to any information you send on this feedback form.

Don't include any personal or financial information, for example National Insurance, credit card numbers, or phone numbers.

Plain text only, 750 characters maximum.
Plain text only, 750 characters maximum.

What to do next

Comments or queries about angling can be emailed to anglingcorrespondence@daera-ni.gov.uk 

What to do next

If you have a comment or query about benefits, you will need to contact the government department or agency which handles that benefit.  Contacts for common benefits are listed below.

Carer's Allowance

Call 0800 587 0912
Email 
dcs.incomingpostteamdhc2@nissa.gsi.gov.uk

Discretionary support / Short-term benefit advance

Call 0800 587 2750 
Email 
customerservice.unit@communities-ni.gov.uk

Disability Living Allowance

Call 0800 587 0912 
Email dcs.incomingpostteamdhc2@nissa.gsi.gov.uk

Employment and Support Allowance

Call 0800 587 1377

Jobseeker’s Allowance

Contact your local Jobs & Benefits office

Personal Independence Payment

Call 0800 587 0932

If your query is about another benefit, select ‘Other’ from the drop-down menu above.

What to do next

Comments or queries about the Blue Badge scheme can be emailed to bluebadges@infrastructure-ni.gov.uk or you can also call 0300 200 7818.

What to do next

For queries or advice about careers, contact the Careers Service.

What to do next

For queries or advice about Child Maintenance, contact the Child Maintenance Service.

What to do next

For queries or advice about claiming compensation due to a road problem, contact DFI Roads claim unit.

What to do next

For queries or advice about criminal record checks, email ani@accessni.gov.uk

What to do next

Application and payment queries can be emailed to ema_ni@slc.co.uk

What to do next

For queries or advice about employment rights, contact the Labour Relations Agency.

What to do next

For queries or advice about birth, death, marriage and civil partnership certificates and research, contact the General Register Office Northern Ireland (GRONI) by email gro_nisra@finance-ni.gov.uk

What to do next

For queries about:

If your query is about another topic, select ‘Other’ from the drop-down menu above.

What to do next

For queries or advice about passports, contact HM Passport Office.

What to do next

For queries or advice about Penalty Charge Notices (PCNs), including parking tickets and bus lane PCNs, email dcu@infrastructure-ni.gov.uk

What to do next

For queries or advice about pensions, contact the Northern Ireland Pension Centre.

What to do next

If you wish to report a problem with a road or street you can do so online in this section.

If you wish to check on a problem or fault you have already reported, contact DfI Roads.

What to do next

For queries or advice about historical, social or cultural records relating to Northern Ireland, use the Public Record Office of Northern Ireland (PRONI) enquiry service.

What to do next

For queries or advice about rates, email LPSCustomerTeam@lpsni.gov.uk

What to do next

For queries or advice about  60+ and Senior Citizen SmartPasses (which can be used to get concessionary travel on public transport), contact Smartpass - Translink.