The government’s savings arm has announced it will no longer be selling its savings accounts through the Post Office from 28 November, it has been recently announced.
National Savings & Investments, which runs several different savings products such as fixed rate bonds, will no longer be selling easy access or investment savings products via Post Office branches. Instead, the NS&I will only accept new customers either online, over the phone, or through the post.
The new development will impact in excess of 2 million investment account customers along with an additional 250,000 with easy access savers. However, not all of the NS&I offerings available in person at the Post Office will be binned, as the strongest sellers – Premium Bonds – will remain on sale in person, as the savings product accounts for approximately 75 per cent of all Post Office sales.
These new changes are part and parcel to a wide-ranging plan to both modernise and simplify its products, the NS&I said. The government’s savings arm’s chief executive, Jane Platt, remarked on the news, stating that she was proud of the services the NS&I delivers to its customers though call centres, online, and by post.
NS&I has staff members with more than 24 years’ worth of experience on average, and NS&I call centres are open around the clock, according to Mrs Platt. The chief executive remarked that the extensive knowledge that their call centre staff have in regards to savings and investments will aid customers in the transition to conducting business with NS&I without the need to go through the Post Office, and Post Office staff are also committed to aiding customers throughout this transitionary period.