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NS&I Reveal Findings Of Families, Finance And The Future Report

NS&I’s ‘Families, Finance and the Future’ report has shown that before having children, Britons believe you should have an income of at least £25,000 per annum to ensure financial security, while 20% of those surveyed said that they would seriously consider not having children because the cost of having them nowadays is so high.

The NS&I report, Families, Finance and the Future, was written by the Future Foundation and commissioned by NS&I. The report was produced by a combination of desk research and original survey work. Figures taken from a nationally representative sample of 1,049 adults aged 16+. Other sources the report used include the British Household Panel Survey, the ONS, Eurobarometer, the Department for Communities and Local Government, and previous surveys conducted by the Future Foundation.

Almost two-thirds (64%) said people should be financially secure before starting a family, while 78% agreed that the standard of living was an influencing factor when deciding on how many children to have. Just 26% of Britons believe that money shouldn’t be a consideration when deciding to start a family.

Tim Mack, NS&I Savings Spokesman, said: “Starting a family is always going to be much more than a purely economic decision, though for some the financial requirement is clearly an income of £25,000 per year. Britons are also considering their financial future when deciding on the number of children they will have.”

More than one in ten respondents (12%) thought that those thinking of starting a family should be earning between £40,000 and £70,000 before having children, while a similar number (13%) believed that they didn’t need anything as they would always be able to get by. Men were more likely to suggest a bigger financial cushion than women – £27,000 per year, compared to just £23,000 for women – while people without children gave much higher estimates, saying people should be earning at least£30,000.

As well as looking at the situation for individuals, the report also argues that finances and families are linked on a larger, macroeconomic, level.

Barry Clark, Account Director at the Future Foundation, said: “Baby booms tend to follow economic booms and the reverse is true too. Our data suggests that over the past 60 years, GDP growth and the change in birth rates in the UK have been closely linked, so we expect that the coming years will show more than ever that finances and families are related on both a personal and national economic scale.”

The primary consideration influences on the number of children people decide to have appeared to be common:

78% – standard of living they can give their children
73% – meeting the cost of raising their children
51% – size of the house they can afford to raise their family in
39% – education they can make sure their children receive

It is evident that perceived affluence has an effect on the birth rate. In fact, Future Foundation research and the British Household Panel Survey both have shown that in European countries where more people have an income that is either in line with or above their financial expectations, families bear more children.

Barry Clark added: “The highest earners would seem less likely to have larger families owing to the demands of, and devotion to, their careers, or a sharper awareness of just how much children cost to raise.”

Via EPR Network
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NS&I Has Announced Changes To The Way Customers Can Invest In Its Fixed Rate Bonds

From the end of October, the products will only be available directly from NS&I (by freephone, online or by post) and no longer available through the Post Office.

NS&I and the Post Office have jointly agreed to this change, which is in part a reflection of the development of the Post Office’s own brand of savings products. These include Post Office Growth Bonds – a very similar range of fixed rate savings bonds to the two NS&I products. The decision also reflects NS&I’s desire to develop its direct sales channels.

The Post Office will continue to offer a wide range of other NS&I savings products – including Premium Bonds and Savings Certificates – which can be purchased over the counter.

Existing NS&I Guaranteed Growth Bond and Guaranteed Income Bond customers will not notice any change as all post-sale servicing and support is already carried out directly through NS&I.

Peter Cornish, Director of Customer Offer, NS&I, said: “We are committed to making our products as straightforward as possible and ensuring that customers understand where they are investing their money. The changes we have jointly agreed with the Post Office will do just that. Our Guaranteed Income Bonds and Guaranteed Growth Bonds will continue to offer customers a simple and straightforward saving opportunity.”

“The Post Office is our key distribution partner and we recognise it is a familiar option for many savers looking to invest with NS&I. Therefore, a wide range of our savings products will continue to be available over the counter in Post Office branches.”

Gary Hockey-Morley, Post Office Limited marketing director, said: “NS&I savings products will continue to be a key part of the ever expanding range of value for money financial services available at Post Office branches. We look forward to continuing our long standing partnership with NS&I well into the future, through providing easy access to a wide range of their savings products through our 12,000 branches which lie at the heart of communities across the UK.”

Customers can invest between £500 and £1 million in total in an NS&I fixed term bond, with guaranteed rates of interest. NS&I’s Guaranteed Income Bond offers customers the opportunity to receive their interest as a monthly income, whilst the interest earned on NS&I’s Guaranteed Growth Bonds is credited to the Bond annually.

NS&I’s fixed rate bonds are available in terms of one, two, three and five years. The two-year term was launched in July 2009 and is only available directly from NS&I.

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NS&I Unveils The First Live Vegetable Plot At BBC Good Food Shows

NS&I (National Savings and Investments), one of the UK’s largest savings organisations, is delighted to be working with Matthew Biggs to encourage ‘growing your own’ at this year’s BBC Good Food Show events.

Visitors to this year’s events in Glasgow (SECC, 30 October – 1 November), London (Olympia, 13 – 15 November) and Birmingham (NEC, 25 – 29 November) are encouraged to stop by the ‘Grow Your Own Food with NS&I’ vegetable plot. The plot will be tended to by Gardeners’ Question Time expert Matthew Biggs, who will be on hand to offer visitors helpful hints and tips on growing fruit and vegetables.

Matthew Biggs commented: “I am delighted to be working on the ‘Grow Your Own Food with NS&I’ feature. I’m looking forward to speaking to visitors at this year’s events, offering advice on how they can make the most of growing their own fruit and veg.”

He added: “Growing your own is the perfect way to cut down your shopping bill, as a bumper crop of ingredients such as tomatoes or rocket, can be grown easily for the small cost of a packet of seeds. It’s also fun for the family and a great way to enjoy fresh food with the finest flavour long after you’ve planted the first seed.”

About NS&I
NS&I is one of the UK’s largest savings accounts providers with almost 27 million customers and over £96 billion invested. It is best known for premium bonds, but also offers a Direct ISA, guaranteed growth bonds, guaranteed equity bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because NS&I is backed by HM Treasury.

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National Savings And Investments Is Increasing The ISA Allowance On Both Its Direct ISA And Cash ISA For Its Over 50s Customers

The revised allowance will come into effect from 6 October 2009. This change will enable existing Direct ISA and Cash ISA customers who will be 50 years or over on the 5 April 2010 to deposit up to £5100 into their ISA in the current tax year. From 6 April 2010 more than 400,000 of NS&I’s Direct ISA and more than 231,000 Cash ISA savers will be eligible for the higher allowance.

These changes reflect the Chancellor’s announcement in his 2009 Budget which stated that cash ISA customers aged 50 years or over should have an increase to their tax-free ISA allowance, increasing the maximum investment from £3600 to £5100 from 6 October.

The interest rate paid on NS&I’s Direct ISA is currently 2.50%, and 0.5% per annum on its Cash ISA.  John Prout, Director of Customer Sales and Retention at NS&I, said: “We have contacted the 365,000 of our ISA customers who will be 50 years or over on the 5 April 2010 to let them know that they can make use of their higher allowance from 6 October. They can do this by calling NS&I on our new freephone number, 0500 007 007.

At NS&I we pride ourselves on being straightforward in both our communications and our savings bond range. We urge all of our eligible ISA customers to take full advantage of the increased allowance available to them.”

NS&I has changed its general enquiries number. Customers will now need to call the freephone number 0500 007 007 to contact NS&I directly. The former chargeable enquiries number, 0845 964 5000, will continue to operate but customers may incur a charge from their provider. NS&I’s sales line will continue to operate through 0500 500 000.

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NS&I Finds The Luckiest Premium Bonds Regions

NS&I has released a list of the luckiest regions for winning Premium Bonds prizes showing that those firstly in the South West, and then in the East Midlands, win more Premium Bonds prizes of £1000 or more, than the rest of the UK. Ranking as third luckiest was Wales, while the North East of England emerged as the least lucky of all the regions.

Sally Swait, Premium Bonds manager at NS&I, commented: “Each month ERNIE randomly generates the winning Premium Bonds numbers from his home in Blackpool, where all eligible Bonds – regardless of their age – have an equal chance of winning.

“The last year has seen the South West region receive the greatest luck in having their numbers come up, though all other regions were not without their own significant wins. As the numbers are generated randomly each month, we may very well see a change in the rankings of the luckiest regions in the UK next year.”

NS&I also discovered that there are currently more than 599,000 unclaimed Premium Bonds prizes across the UK, worth over £35 million.

The good news is that there is no time limit for claiming prizes. Premium Bonds results can be found by using the Premium Bonds draw prize checker or writing in to NS&I.

Premium Bonds are an investment where, instead of interest payments, investors have the chance to win tax-free prizes. They were officially launched by Harold Macmillan, Chancellor of the Exchequer, in his 1956 budget.

At the end of June 2009, more than 23 million people had a total of over £40 billion invested in Premium Bonds. There are currently more than one million tax-free prizes from £25 to £1 million being won each month.

Calculations for the luckiest regions data is based on the total value of prizes (£1000 and more) won by counties with at least 100,000 Premium Bond holdings. Information is for the period July 2008 – June 2009.

The current Premium Bonds prize fund rate is 1.0% tax-free. The current odds of each £1 Bond number winning any prize are 36,000 to 1, so with average luck, an investor with £30,000 in Premium Bonds could win 10 tax-free prizes a year.

All Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax!

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NS&I Report Reveals Future Families Founded On Fortune

The new National Savings and Investments (NS&I) commissioned report, ‘Families, Finance and the Future’, suggests the existence of a new institution of British life – the ‘Financial Family’ – a collaborative unit of close friends and family marked by financial interdependence. It does not simply show a steady flow of cash down the generations, or the ‘sandwich generation’ arrangement observed in recent years, but also shows flows of money and advice, up and down the generations as well as between siblings.

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The costs of living and care for the elderly are recognised as rising, and the report suggests that the traditional family unit is shifting – yet family ties will be stronger than ever, and people will rely much more on financial networks. By 2029, there will be more cohabiting couples, and more single-person households than married couples living together** – so the Financial Family will be important even after the traditional family has declined.

According to the new survey research, the majority of people felt financially responsible for family members (54%), while 70% stated that current economic trouble meant families needed to support each other (70%).

Young people are more engaged with the Financial Family, with 50% of 16-24s identified as members of a Financial Family, compared to 30% of 25-34s and 20% of 35-44s. As this generation grows up, the Financial Family will become more and more widespread.

Technology will also mean that people are better equipped to share financial advice – but will also make it more important they do so. As the amount of information that tries to reach consumers increases, people will rely on the insights of their financial network to process this mass of information. This network is likely to revolve around the family as most people feel comfortable discussing financial matters (55%) with close friends and family, or sharing financial tips and advice (60%).

Barry Clark, Associate Director at the Future Foundation said: “We feel we’ve revealed a new way for people to look at British family life – and one that will become increasingly common. When we look at several demographic trends, like the rise of single-person households, the advance of technology and young people’s involvement in financial matters, we can expect the Financial Family to be a very important feature in the future. The Financial Family is here to stay.”

Tim Mack, Savings Spokesman at NS&I, said: “We started from an intuitive feeling that discussing money isn’t taboo any more, but the results far exceeded our expectations. The research shows that the discussion of finances, and our relationship with money, extends beyond the traditional family.”

About NS&I
NS&I is one of the largest UK investments and savings organisations, offering a range of savings accounts and investments products, including fixed rate savings bonds, fixed term investments, Premium Bonds, savings certificates, and ISAs to almost 27 million customers. Established in 1861.

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National Savings And Investments, The Government-Backed Savings And Investments Provider, Today Announced Its Annual Results For The Year To 31 March 2009 And For The First Quarter Of 2009-10

Highlights for the financial year for year ending 31 March 2009 included net financing of £12.5 billion – against a revised November 2008 forecast of £11 billion (within a range of £2 billion either side) – due to unsolicited savings deposits following the ‘flight to safety’ which began in mid-September last year and making sales of £8.5 billion through premium bonds – an increase of almost £2 billion from the previous year.

The ‘flight to safety’ is now over and NS&I is operating in a more challenging savings environment; however, the focus remains on balancing the interests of savers, the taxpayer and supporting stability in the wider financial services marketplace by maintaining an appropriate competitive position

Jane Platt, NS&I’s chief executive, said: “The global financial crisis, which began last September, meant that demand for our products increased dramatically despite us cancelling all discretionary marketing and led to us delivering £12.5 billion of net financing last year. I’m proud of the way the teams at our operations centres responded to this challenge and helped to ensure we remained open for business and maintained our high customer service standards, in spite of the unsolicited inflows of money.

“As the Bank of England base rate continued to fall rapidly and financial markets remained unusually volatile, we agreed with HM Treasury that NS&I’s Value Add target for 2008-09 would be temporarily suspended and no target set for the coming year. Our decision-making is now driven by the need to maintain a balance between offering a fair rate to our customers, delivering cost-effective finance to Government, and the need to support stability across the wider financial services marketplace by maintaining an appropriate competitive position.”

NS&I’s Annual Report and Accounts 2008-09 were presented to the House of Commons on 15 July 2009, pursuant to section 7 of the Government Resources and Accounts Act 2000.

About NS&I
NS&I is one of the UK’s largest financial providers with almost 27 million customers and over £94 billion invested. It is best known for premium bonds, but also offers inflation-beating savings accounts, guaranteed equity bonds and guaranteed growth bonds in its range. All products offer 100% security, because NS&I is backed by HM Treasury.

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New Fixed Rate Direct Two Year Bonds By NS&I

NS&I is to launch a new 2-year issue of both its Guaranteed Growth Bonds and Guaranteed Income Bonds. The new 2-year Bonds will only be available direct (via phone or online) from NS&I and will pay an interest rate of 3.75% per annum and 3.65% respectively.

Fixed Rate Direct Two Year Bonds

Customers can invest between £500 and £1 million in total in the fixed rate bonds, with guaranteed rates of interest. The Guaranteed Income Bond offers customers the opportunity to receive their interest as a monthly income, while with the Guaranteed Growth Bond customers will receive their interest at the end of the 2-year term.

The Bonds come with the 100% capital guarantee which NS&I can offer because all of its savings and investments are backed by HM Treasury.

The new Bonds, which are available online and through NS&I’s award winning UK based call centres, are part of NS&I’s strategy to encourage customers to buy and manage their savings with NS&I directly. This enables NS&I to offer a more attractive interest rate to customers.

Peter Cornish, Director of Customer Offer at NS&I, said: “Our Guaranteed Income Bonds and Guaranteed Growth Bonds offer customers a simple and straightforward saving opportunity.

“Money saved in our Guaranteed Income Bonds or our Guaranteed Growth Bonds will earn a competitive and guaranteed rate of interest for the next two years. It is a simple offer and easy to take up, either online at nsandi.com or through our UK based call centres.”

Dr Robin Keyte, Chartered Financial Planner and Director of Towers at Taunton Ltd, which specialises in fee-based financial planning and socially responsible investments, commented on the new issues from NS&I: “NS&I’s Guaranteed Growth Bonds and Guaranteed Income Bonds are an effective way for customers to earn a fixed rate of interest on their investment, either as monthly income or as a lump sum at the end of the term. Like all NS&I investments, they also have the added benefit of a 100% capital guarantee, which is something many people will value highly in the current environment.”

About NS&I
NS&I is one of the UK’s largest financial providers with almost 27 million customers and over £94 billion invested. It is best known for Premium Bonds, but also offers Inflation-Beating Savings, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. All products offer 100% security because NS&I is backed by HM Treasury.

NS&I products are available over the telephone, internet, post and by standing order. They are also available through a network of Post Office branches. Customers can also pick up brochures for NS&I Premium Bonds, Inflation-Beating Savings and Income Bonds at retailer WHSmith in 400 of its High Street stores and 155 of its travel stores.

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NS&I Has Announced The Launch Of A New Issue Of Its Guaranteed Equity Bond That Is Linked To The FTSE 100 Index

National Savings and Investments (NS&I) has announced the launch of a new issue of its Guaranteed Equity Bond. This will offer a potential return that is linked to the FTSE 100 index – up to a maximum of 40% over the 5-year term – without any risk to investors’ capital.

For example, if the averaged index end level is 20% greater than the averaged index start level at the end of the 5-year term, £10,000 invested would earn a gross return of £2,000 at the end of the term. If the index end level was 45% greater than the index start level at the end of the term, £10,000 invested would earn a gross return of £4,000, because the maximum return is 40%. The returns are calculated by comparing the start level of the FTSE 100 index (averaged over the first five days of the investment term) to the end level (averaged over the final six months).

While the returns paid on NS&I Guaranteed Equity Bonds are linked to the FTSE 100 index, NS&I does not invest the money in equities, so investments in the Guaranteed Equity Bond will not be eligible for dividends. Therefore investors may not get as high a return as they might through investing directly in the stock market. However, unlike investments in the stock market, any money invested is guaranteed 100% secure, backed by HM Treasury. If the FTSE 100 index end level is the same as or lower than the start level, investors’ initial capital would be returned in full.

Issue 18 of the Guaranteed Equity Bond will be on sale until 11 August 2009 (although it may close earlier if fully subscribed). Investments will earn interest at 0.5% pa gross until the Bond’s investment term starts on 26 August 2009. This interest will be paid when the Bond matures. The minimum investment level for this Guaranteed Equity Bond remains at £1,000 and the maximum investment is £1 million per person or £2 million for a joint investment.

This latest Guaranteed Equity Bond launch roughly coincides with the maturity of Issue 8 of NS&I’s 5-year Guaranteed Equity Bond on 28 July 2009, which went on sale in June 2004. NS&I has written to investors to inform them that their Bond is about to mature.

NS&I’s previous Guaranteed Equity Bond issue closed two weeks early as a result of customer demand. NS&I Guaranteed Equity Bond key features and further details available from the NS&I website

About NS&I
NS&I is one of the UK’s largest financial providers with almost 27 million customers and over £94 billion invested. It is best known for Premium Bonds, but also offers Inflation-Beating Savings, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because NS&I is backed by HM Treasury.

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NS&I Reveals That Brits Are Failing To Make The Most Of Summer Savings

According to the latest NS&I Quarterly Savings Survey, much of the British population is failing to make the most of money saved on household bills and outgoings during the summer months as the increased sunshine makes them forget their budgets.

More than two-fifths (42%) of Britons think they spend less on outgoings such as utilities and groceries during the summer months, with people expecting these summer savings to average more than £75 (£77.39) a month. However, rather than setting these extra pounds aside, it seems they’re being spent on leisure actives. Nearly half (48%) of the population think they spend more on leisure activities in summer, this is more than likely to be impacted by children’s school holidays. During this season, outgoings on activities like socialising with friends, parties and holidays increase by a monthly average of more than £100 (£109.80). The warmer weather carries much of the blame for this rise in spending as 43% of Britons say improvements in the weather made them feel more relaxed about their outgoings.

While 92% of people say they use less heating in summer, four-fifths (82%) hang washing outdoors rather than use the tumble drier and more than two-thirds (70%) save on transport by walking more – there are other expenditures which outweigh these savings. Nearly two-thirds (60%) of the population confess to spending more on holidays in summer than winter and almost two-fifths (39%) are more likely to spend money going out to bars and restaurants with friends.

Dax Harkins, NS&I‘s savings strategist, said: “Everyone loves to see the sunshine, but people should try not to be so dazzled that they forget their finances. It’s great that many essential household costs are less during the warmer months, but Brits would be wise to try and make the most of these savings by putting some of this money away. Summer fun doesn’t need to be expensive.”

In fact, by taking a careful look at their finances, Britons could make even more seasonal savings. More than a quarter (26%) of the population feel there are more opportunities to set money aside during the summer of which they currently aren’t taking advantage. Further, 23% believe that they could look more carefully at the amount they spend socialising to reduce their outgoings

Harkins continued: “Some people (7%) say that they’re too busy to budget properly. I would urge everyone to try and set aside a small amount of time, even just half an hour each month, to review their incomings and outgoings and to assess how they can better plan their budget – and as a consequence make their longer-term finances healthier.”

NS&I’s Savings Survey
For a copy of NS&I’s Savings Survey, case studies or further information on the statistics supplied in this release please contact the NS&I media team. Previous copies of the survey are available from http://www.nsandi.com/press-room/savingsurvey/index.jsp. Selected regional data is also available on request.

The telephone survey was carried out by TNS among 1003 GB adults aged 16 and above, 1 – 3 May 2009.

About NS&I
National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments to almost 27 million customers. NS&I is best known for Premium Bonds, but also offers a range of savings accounts including easy access savings accounts, savings bonds, investment accounts and high return savings. All products offer 100% capital security, because NS&I is backed by HM Treasury.

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NS&I Invites Voters To Pick Their Favourite Sustainable Garden At BBC Gardeners World Live

The NS&I sponsored Grow Your Own campaign is to showcase three gardens f r o m 10 June in Birmingham.

NSIgarden

For the second year, three unique and visionary garden designs have been selected to be displayed at the BBC Gardners’ World Live event. The designs all feature modernity, sustainability and growing fruit and veg as key themes.

Visitors to the show will be able to vote for their favourite garden in the Grow Your Own area of the show which is also supported by NSI. The overall winner of the NS&I Growing Gardens Today Competition will be announced live on the Grow Your Own area stage by gardening expert Carol Klein on Sunday 14 June.

Of the competition, Carol Klein said. “I am thrilled to be announcing the overall winner of the NS&I Growing Gardens Today competition this year. This year’s designs are hugely creative, incorporating recycled and sustainable materials while showing different ways to grow your own fruit and vegetables. NS&I is a big supporter of encouraging the public to grow their own in a sustainable and cost effective way.”

Visitors to the show will also have the opportunity to pick up good gardening money-saving tips and ideas for contemporary working gardens. Expert gardeners will be giving practical demonstrations and advice on growing and using fruit, veg and herbs.

The winners:
Sheila Jean Dearing, a former bio-medical scientist, f r o m Devon, has always been deeply interested in gardening and developed her passion further when she began cultivating her own gardens. Her design, ‘Forest to Fork’ (located at Stand GA25), combines creativity with science to produce a space that is both beautiful and practical. Designed using FSC softwood throughout, this garden demonstrates how a small space can be productive, low maintenance and eco-friendly with a modern feel.

Christopher Parry and Rene Humphrey f r o m Bath, both graduated f r o m the Oxford College of Garden Design in 2007 before going on to set up their own garden design business TwentyEightDesigns. ‘Urban Veg’ (located at Stand GA23) is the first show garden built by the duo and aims to show NEC visitors a contemporary space made for today’s city lifestyle. Designed with sustainability in mind, the garden includes many recycling components such as reusable materials, a sleek built in compost bin and reclaimed bricks for walls.

Sally Wilding-Webb f r o m Devon has a certificate in garden design and firmly believes that the roots of good garden design are in horticulture. Sally aims to show visitors that a garden can be a sustainable fruit and veg plot as well as an area of relaxation. Her design ‘Everything in the garden’ (located at Stand GA24), encompasses modern techniques – such as a pond to encourage wildlife, lavender to welcome bees for pollination and an array of fruit and vegetables. 

All three gardens are located in the popular Grow Your Own area at the show. Voting commences at 9am on Wednesday 10 June 2009 and closes at midday on Sunday 14 June 2009.

 

About NS&I
NS&I is one of the UK’s largest financial providers with almost 27 million customers and over £92 billion invested. It is best known for Savings Bonds, but also offers Inflation-Beating Savings, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range of savings accounts. All products offer 100% security, because NS&I is backed by HM Treasury.

About the RHS
The RHS is the UK’s leading gardening charity dedicated to advancing horticulture and promoting good gardening. Its charitable work includes undertaking scientific research into issues affecting gardeners, holding plant trials and educational events and activities.

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NS&I’s June Jackpot Of £1million Has Been Paid To A Surrey Resident, Who Bought His Winning Bond In March 2006

The winner, a gentleman from Surrey who wishes to remain anonymous, became ERNIE’s 233rd Premium Bond millionaire. He said of the win: “When Agent Million knocked on my door and told me that I’d won the jackpot I thought it was a practical joke! I’m still in shock but once the news sinks in I cannot wait to share the good fortune by treating my family to a lovely summer holiday.”

In Surrey, more than 535,300 people hold Premium Bonds worth £1.4 billion. There are more than 13,500 unclaimed Premium Bonds in total worth at least £796,000. This is the 13th time that the £1 million jackpot has been won in Surrey.

In March, NS&I announced that from the April prize draw onwards, one of the two monthly £1 million Premium Bond jackpot prizes will be replaced by a wider mix of other prizes in the monthly draws.

Similarly, a new £25 Premium Bonds prize has been introduced to the draws alongside the existing prizes (ranging from £50 to £1 million). These changes have been introduced because Premium Bond holders say that maintaining the chances of winning tax-free prizes on a regular basis is particularly important to them.

In June’s draw ERNIE paid out more than 1.1 million prizes, amounting to more than £33 million in value. There were 40,520,994,477 eligible numbers in the Premium Bond draw.

1. In June there were 1,125,583 prizes and a total prize fund of £33,767,475.
2. All Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax.
3. Pictures of ERNIE (including the new ERNIE 4 machine), Agent Million and people buying Premium Bonds are available in high-resolution jpeg format from the NS&I media team.

About NS&I
National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments to almost 27 million customers. NS&I is best known for Premium Bonds, but also offers a range of savings accounts including easy access savings accounts, savings bonds, investment accounts and children’s bonus bonds. All products offer 100% capital security, because NS&I is backed by HM Treasury. Further information and digital images are available from the NS&I media team. An ISDN line is available for interviews.

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NS&I Issues New Inflation-Beating Savings From National Savings and Investments

NS&I has announced the release of two new issues of Inflation-Beating Savings, also known as Index-linked Savings Certificates. These give savers the chance to invest up to £15,000 tax-free* per issue. The Certificates are the only form of savings available in the retail market that offer a 100% safe, tax-free* home, with a guaranteed inflation-beating return.

The value of the Index-linked Savings Certificates moves in line with inflation as measured by the Retail Prices Index (RPI), and interest is added on each anniversary. The Certificates are designed to be held for the whole investment term to receive the full guaranteed compound interest, as the guaranteed rates of extra interest increase each year during the term. This means the returns outstrip any rise in RPI inflation and, as nothing is taken away in tax, the spending power of the investment is increased by the end of the term.

This is the first time that a continuous period of deflation has been experienced since NS&I’s Index-linked Savings Certificates were launched in 1975. Interest and any positive index-linking are applied annually on each anniversary date. However, if index-linking is negative from one anniversary to the next, it is ignored and the extra interest is still added.

With the introduction of these new issues, the previous issues – which were available from June 2008 – have been removed from sale. People who already have an investment in a former issue of Inflation-Beating Savings are also eligible to invest in the new issues.

NS&I Inflation-Beating Savings key features:

– Savings grow ahead of inflation, as measured by the RPI
– Minimum investment of £100, maximum investment £15,000 per issue
– All returns are tax-free*
– Interest and any index-linking added at the end of each year
– Designed to be held for 3 or 5 year terms, no interest or index-linking paid if cashed in during the first year
– Capital invested is 100% secure

*Tax-free means that interest and index-linking are exempt from UK Income Tax and Capital Gains Tax.

About NS&I
National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments to almost 27 million customers. NS&I is best known for Premium Bonds, but also offers a range of savings accounts including easy access savings accounts, savings bonds, investment savings accounts, and children’s bonus bonds. All products offer 100% capital security, because NS&I is backed by HM Treasury. Further information and digital images are available from the NS&I media team. An ISDN line is available for interviews.

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Banks, Bonds, CDs, Checking & Savings, Financial, Financial Services, Interest Rate

NS&I Changes Premium Bonds Prize Structure And Variable Rates On Savings

NS&I has announced that f r o m the April prize draw onwards one of the two monthly Premium Bond jackpot prizes of £1 million will be replaced by a wider mix of prizes in the monthly draws, allowing more people to win but still retaining the chance of winning the £1 million jackpot prize. Similarly, a new £25 Premium Bond prize will be introduced and used alongside the existing prizes (ranging f r o m £50 to£1 million). These changes have been introduced because Premium Bond holders say that maintaining the chances of winning tax-free prizes on a regular basis is particularly important to them.

In addition to these changes, NS&I is reducing the Premium Bond prize fund rate f r o m 1.8% to 1%. This rate will be held at least until the June 2009 draw even if there are further changes to the base rate. This is the first change NS&I has made to the prize fund rate since December last year – during which time the Bank of England base rate has fallen f r o m 3.0% to 0.5%. The revised prize fund rate will come into effect f r o m 1 April 2009.

The current odds of each £1 Premium Bond number winning any prize will remain unchanged at 36,000 to 1, so with average luck an investor with £30,000 in Premium Bonds could win 10 tax-free prizes a year. The unclaimed premium bond prizes range all the way f r o m £25 up to £100,000. NS&I gives away over one million tax-free* Premium Bond prizes each month.

NS&I is also reducing the interest rates on its other variable rate savings by up to 0.50%, following movements in the Bank of England base rate. The revised interest rates will come into effect f r o m 18 March 2009.

Peter Cornish, Director of Customer Offer, NS&I, said: “Premium Bonds are unique and are hugely popular with our customers. Replacing one of the £1 million jackpot prizes with a wider mix of prizes and introducing the new £25 prize category will help us maintain the frequency of tax-free prizes – something that we know is particularly important to Premium Bond holders. “

He continued, “We always aim to reward as many of our customers as possible f r o m the prize fund available, together with having the right mix of prizes. We continue to pay out hundreds of thousands of tax-free prizes each month and customers also benefit f r o m a 100% guarantee on their investment because we are backed by HM Treasury.”

As always, NS&I will communicate all of these changes to customers via a range of outlets, including press advertisements and NS&I’s website, as well as putting an updated Premium Bonds prize draw details leaflets in all Post Offices and updated interest rates leaflets in most branches of WH Smith throughout the UK.

* Tax-free means that interest and prizes are exempt of f r o m UK Income Tax and Capital Gains Tax Gross means the taxable rate of interest without deduction of UK Income Tax.

 

When interest rates are s e t on tax-free products, NS&I takes into account the amount of tax the Exchequer would have received if the product had been taxable.

About NS&I
NS&I is one of the UK’s largest financial providers with 27 million customers and over £94 billion invested. It is best known for Premium Bonds, but also offers inflation-beating savings account guaranteed equity bonds, savings bonds easy access accounts and children’s bonus bonds in its range. All products offer 100% security, because NS&I is backed by HM Treasury.

Out of hours above number diverted to staff mobile phone ISDN line for interviews: 020 7602 4522.

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401K, Checking & Savings, Financial, Financial Education, Financial Information, Financial Services, Investment, IVA, Money

NS&I Has Launched A New Online Feature, The Five Questions, Featuring Sir Alan Sugar, To Encourage The British Public To Give Their Personal Finances A Much Needed Health Check

With research from NS&I revealing that 40 per cent of the population have no long-term financial plan and almost a fifth (17 per cent) don’t seek information on managing their money because it is too confusing, the need for a quick, simple way to help people review their current financial situation is clear.

The Five Questions prompt individuals to consider important aspects of their financial management, including how much debt they have and what their cash and assets are worth. Each question is designed to ensure that everyone, regardless of age or situation, really thinks about their current financial situation and plans accordingly for a secure financial future.

John Prout, Director of Customer Sales and Retention at NS&I said: “The Five Questions help focus the mind and help people make an honest and straightforward appraisal of their financial situation. This is part of our ongoing work to fulfil our duty, as an organisation in the financial services industry, to help everyone understand the basics when it comes to making financial decisions.”

Once answered, the five questions link to specific information on NS&I’s You and your money website. This is an impartial website launched by NS&I in 2008 as part of an ongoing drive to improve the public’s understanding of personal finance. The site has a dedicated financial jargon-buster guide and sections on key life stages, such as planning for a family or retirement. Just like The Five Questions, it is simple and easy to use, even for those who find finance difficult to understand.

John Prout added, “Most people are very familiar with the healthy eating model of ‘five portions of fruit and veg daily’. We want to encourage a similar mindset about financial planning to ensure people review their finances on a regular basis.”

Nick Cann, Chief Executive at the Institute of Financial Planning stated, “Asking the key questions to help you get your finances in better shape needn’t be hard work. Through basic planning techniques, individuals can then make the first step to improve their overall financial ‘fitness’. We welcome this initiative, and it aligns well with the IFP’s development of a national Financial Planning Week – scheduled for September 2009.”

You and your money has a range of useful links and tools to help people decide what action they should be taking. These include:

-pensions and personal inflation calculators
-FSA online tools
-Government online tools and calculators

NS&I plans to add further lifestyle sections to the website over time.

*The survey, which questioned people about financial planning, was carried out by TNS in 2008 among 1009 GB adults aged between 16 and 64.

About NS&I
NS&I is one of the UK’s largest financial providers with 28 million customers and over £88 billion invested. It is best known for Premium Bonds, but also offers Inflation-Beating Savings and investment accounts, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. NS&I also provides a choice of isa accounts with the direct isa and a cash isa which will remain available to new customers until 5th April 2009. All products offer 100% security, because NS&I is backed by HM Treasury. NS&I has a number of spokespeople available for interviews via ISDN line: 020 7602 4522.

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