How Can a National Savings and Investments Account Help you Financially?
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National savings and investments (NS&I) were previously called as post office savings bank and national savings, which is run by the government of the United Kingdom. The objective behind this establishment is to encourage funding from the citizens and channel them to meet the requirements of the nationalized public sector like channelizing the excess funds into other activities of the state. The government invites people by introducing some products which are tax free and are 100% backed by HM Treasury on all the deposits and at low rate of interest.
Procedure of Enrolling and investing:-
By using internet: – To open a national savings and investment account online, you need to visit and login the website. Once the home page is opened, click on “saving needs and helpful information”. After the details of various accounts are opened, select the link “range of savings and investments “to get options about the account. If you are looking for tax free savings, select the option “NS&I cash ISA” or if you are planning to invest for your children, then select the option called “Children bonus bonds”.
Select the option “Invest now” and click on it. Once it is opened you would be able to see the requirement for opening the account. Click on the button “before you apply” for review and then if you want to compare and then click on “Click to compare”. Before you click the options “I decline” or “I accept”, read “term and conditions and declaration”.
By using Telephone: -If you are not tech savvy, you can always call to the NS&I. Before you make a call, be prepared with your national savings and insurance number along with debit card. One of the employees would definitely help you in opening an account. Talk to employees and provide the answers for the questions they ask you to fill basic information. Know the daily timings (7AM– till midnight). You can call at UK toll free no. (0500)500 000* and use “NTHPAA” for quoting reference.
By using Postal service: – -If you face any problem while connecting through the phone, you can even post it. Send your payment through post and get the account opened on the name of your child. You can post it to the following address: FREE Post, BJ2092, Black pool, FY39XR. Incase post is not working, make a call to (0845) 964 5000 to receive a brochure.
Here is the exclusive list of products:-
- Direct saver account gives an attractive interest rate on your savings account and facility of operating your account online and by mobile.
- Children’s bonds could be the best gift at the time of special occasions like birthday, Christmas etc., as you can go for a long term investment with a small amount of £25, and grow as the child does. You can even present it to a child other than your own child.
- By investing in guaranteed growth bonds, you can know the exact amount you would receive at the time of maturity. This is the best plan you can opt for, as you are aware of the fixed returns.
- Income bonds are a safe and easy way of earning extra cash every month. Depending on the type of bonds, interest rates vary and are arranged in tiers. So you can invest more to get a higher income.
- Premium bonds are 100% assured by HM Treasury, you can be confident about the money you invest. There might be a little reduction, when inflation happens over a period of time.
- Inflation index linked savings certificate are given guaranty, even at the time of inflation. If you keep your investments and don’t withdraw it for at least four complete years, you can always enjoy the returns.
- Other investments which are equally beneficent are Individual savings account (Direct ISA & cash ISA), Guaranteed equity bonds, Investment account.
Author Bio: –hi! I am Lucy from Manchester, online journal writer and e-book writer. One of my favourite topics is Payday loans
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