NS&I

NS&I, or National Savings and Investments, is the UK government's savings bank¹. It is both a government department and an executive agency of the Chancellor of the Exchequer, acting under the authority of the Director of Savings, and it is backed by HM Treasury². That backing is the main thing that sets it apart from a bank or building society: money saved with NS&I is a direct claim on the government rather than a deposit protected by the Financial Services Compensation Scheme (FSCS).

Its best-known product is Premium Bonds, the monthly prize draw where prizes range from £25 to £1 million, tax-free³. Around that sits a range of savings products sold direct to the public, with no branches: cash ISAs for adults and children, easy-access savings, and fixed-term savings bonds. NS&I had 49,865,483 holdings as of 31 March 2026⁴.

What NS&I offers: Premium Bonds, ISAs and savings bonds

NS&I sells a small, fixed range of products, and it sells them direct rather than through comparison sites or brokers. Each product works differently, so it is worth knowing which is which before you put money in.

Premium Bonds are NS&I's flagship product. Instead of paying interest, each £1 Bond is entered into a monthly prize draw with prizes from £25 to £1 million, and any winnings are tax-free³. The odds of a £1 Bond winning a prize are 21,000 to 1 from the July 2026 prize draw, having been 23,000 to 1 until the June 2026 draw, and NS&I states these odds are variable³. You can apply and cash in online, by phone or by post³. Any Bond numbers over the £50,000 holding limit are not eligible to win prizes, and NS&I has the right to reclaim a prize paid in error on numbers beyond the limit³. If you win £25,000, £50,000 or £100,000, NS&I sends a claim form that must be completed and returned before the prize is paid³.

Cash ISAs. The NS&I Direct ISA is a cash ISA with a variable interest rate, managed online or by phone only, and it can only be opened in your own name⁷. The NS&I Junior ISA is a cash Junior ISA for children, managed online only⁸. You can read more about how ISAs work generally in our guide to ISAs.

Savings accounts and bonds. The Direct Saver is an easy-access style account you apply for and manage online or by phone, in your own name or jointly with one other person⁹. NS&I also sells fixed-term bonds: Guaranteed Growth Bonds, which you can invest in alone or with one other person¹⁰; Guaranteed Income Bonds, which similarly allow joint investment¹¹; and Green Savings Bonds, which are managed online only at nsandi.com¹². See our guide to savings accounts for how these types compare with bank and building society accounts.

A few older products have closed. NS&I states that the Ordinary Account, Treasurer's Account, SAYE, Yearly Plan and Deposit Bonds have all been closed completely, with any remaining funds transferred to the NS&I Residual Account, and that all former cash ISA accounts were transferred to a Direct ISA¹³.

NS&I ISAs are cash only

Every ISA NS&I sells is a cash ISA. The Direct ISA is a cash ISA with a variable interest rate¹⁴, and the Junior ISA is a cash Junior ISA: NS&I states plainly that it does not offer a stocks and shares Junior ISA⁸. Across the wider market there are four types of ISA: cash ISAs, stocks and shares ISAs, innovative finance ISAs and lifetime ISAs¹⁵, but NS&I sells only the cash kind.

That matters if you want your ISA money invested in the stock market rather than held as cash. NS&I's own guidance on the Direct ISA lists the reasons the account may not suit you, including if you want to invest your full allowance in a stocks and shares ISA or an innovative finance ISA, if you want to manage the account by post, if you want to transfer in ISA investments from another provider, or if you want a flexible ISA, which NS&I does not offer⁷.

Transfers work in both directions. You can transfer an NS&I ISA balance to another provider by contacting the new provider, which arranges the transfer⁷. One rule change is coming: from 6 April 2027, transfers from non-cash ISAs into cash ISAs will not be permitted¹⁶, which will affect anyone thinking of moving stocks and shares ISA money into a cash ISA such as NS&I's.

Who can save with NS&I

Most adults living in the UK can open NS&I products, but there are practical conditions. Several accounts are online or online-and-phone only: the Direct Saver and Direct ISA are managed online or by phone only⁷, Green Savings Bonds can only be invested in and managed online at nsandi.com¹², and the Junior ISA is online only⁸. The Investment Account sits at the other extreme and can only be managed by post¹⁷.

If you live outside the UK, NS&I states that you may still be able to save with it if you have a UK bank account¹⁸. Joint holding is available on several products: the Direct Saver can be opened jointly with one other person⁹, as can Guaranteed Growth Bonds¹⁰, Guaranteed Income Bonds¹¹ and Green Savings Bonds¹⁹. The Direct ISA is an exception and can only be held in your own name⁷. You cannot open a Direct Saver for money held in trust⁶.

Age matters for control of an account. NS&I states that as soon as you turn 16, you become responsible for your own NS&I accounts¹⁷. For children's investments, a parent or guardian buying Premium Bonds as a gift for someone else's child must provide proof of their own and the child's identity by post if they are not already NS&I customers²⁰.

How to open an account and prove your identity

NS&I is required by law to check your identity and address when you apply to invest or register for its online and phone service, and possibly at other times to keep its records updated²¹. Normally this is done electronically through a credit reference agency, and documents are only requested if that check is unsuccessful²¹.

If documents are needed, what you send depends on your situation:

• Adults in the UK send or upload two different documents, one from List A (identity) and one from List B (address), matching the name and address on the application. The same document cannot be used for both²¹.
• Savers aged 16 or 17 need only one document, from a shorter list that includes a passport copy, a copy of a GB or Jersey photocard driving licence, or a birth certificate²¹.
• Under 16s living outside the UK need one document: a certified copy of the child's birth certificate or a copy of the child's passport²¹.
• Savers living outside the UK need two documents, and copies normally have to be certified. Accepted identity documents include a passport copy, a certified national identity card, a certified passport card, a certified overseas driving licence showing your address, and a certified bank statement issued within the last three months²¹.

If you send or upload a copy of any document from List A or List B, it must be certified, except a GB passport or a GB or Jersey photocard driving licence. Altered documents and printed copies of online documents are not accepted²¹. A UK certifier must be a qualified person practising in the legal, financial or teaching professions, a doctor, dentist or vet, a nurse (RGN or RMN), a minister of a recognised religion, a civil servant, a prison, police or customs officer, or an elected official such as a councillor, MP or Mayor. The certifier must not be related to you by birth or marriage, be in a personal relationship with you, or live at your address, and should currently be practising in their profession. The certification must be dated within three months to be valid²¹. If you live outside the UK, a practising lawyer or attorney, a Justice of the Peace, or a local Mayor can certify copies, and a Mayor's certification must be accompanied by their official stamp²¹.

Once your identity is confirmed, you receive an NS&I number and create a password to access your account¹⁸. NS&I may also verify the identity of everyone named in an application, in line with anti-money laundering legislation²².

Managing your savings online, in the app and by phone

NS&I has no branches, so day-to-day management happens online, by phone or by post. The online and phone service covers Premium Bonds, Green Savings Bonds (online only), Income Bonds, Direct Saver, Junior ISA (online only) and Direct ISA⁵. Once registered, NS&I already holds your details, which it says makes applying for a new investment online or by phone quicker and easier⁵.

Through the online service you can check your NS&I investments, pay money in and take it out, change your personal details, and choose to have any Premium Bonds prizes paid straight to your bank account⁵. Paying in is done by bank transfer or standing order: NS&I gives you the sort code and account numbers for your account, you quote your NS&I account number as the reference, and you set up the payment with your bank online, by phone or in a branch²³. Standing orders can be weekly or monthly, depending on how often you want to put money away, and to stop or change one you contact your bank²⁴. NS&I also offers a "pay by bank account" option, which needs an NS&I account you can top up online and a UK bank account you can access through your bank's app or website; NS&I states that neither it nor Ecospend, the service it uses, can access your bank login details²⁵.

Not everything is online. If you have Premium Bonds, Children's Bonds or an Investment Account, you can manage them by post and you do not have to use the online service¹⁷. Someone managing an account on behalf of another person can do so online, by phone or by post, though post is required in some circumstances, such as restricted authority or joint action²².

Security is two-factor. When you log in to your NS&I account online, NS&I uses two-factor authentication (2FA) to ensure it is you, using at least two of three different types of identification information²⁶. If you forget your password, you can reset it online using your NS&I number and surname, with an automated call to your phone, and you can get a reminder of your NS&I number online using your name, date of birth and postcode²⁶. NS&I says it monitors accounts 24/7 and uses technology to safeguard savings²⁸.

Changing your details or your linked bank account

Most detail changes can be done online if you are registered for the online service, or by phone. You can update your password and security details online or by calling NS&I²⁹. For Premium Bonds specifically, you can change your own or your child's address and contact details with a simple online form, with no need to create an account or send paper; you need your holder's number and your previous and new details³⁰.

Changing the bank account linked to your savings is done online by choosing "Nominated accounts" and changing the bank account or accounts linked to your NS&I accounts, or by phone if you are registered. NS&I makes an automated security call when new bank details are added³¹. This matters because it is the account NS&I pays money out to, so keeping it current avoids delays when you withdraw.

Moving money between NS&I products is done by "switching", which NS&I defines as moving some or all of the money in an existing NS&I account to a new account you open with it³². You can switch to any NS&I account on sale for which you are eligible, for any amount from the minimum to the maximum for the account you are switching to, by completing the relevant form including the amount and the account it comes from³². For example, if you have a Direct Saver, you can apply online for a Guaranteed Growth Bond and pay for it from the Direct Saver¹⁰.

To merge two accounts into one, write to NS&I, Sunderland SR43 2SB with a signed letter, giving the type of investment, approximate start date, amount invested, your holder's or customer number, and the account, Bond or Certificate numbers³³. NS&I cannot disclose or change personal information without the account holder's signature or signatures, which is why these requests are done on paper³³. If you are over 16 and the investment was made for you as a child, NS&I may not hold your signature, so your signature should be witnessed by someone aged 18 or over who is not a family member³³.

Tracing lost investments and unclaimed Premium Bonds prizes

If you have lost track of savings with NS&I, or you believe a relative had Premium Bonds you cannot find, NS&I operates a tracing service. You can trace lost savings and investments using an online form, without having to send any post³⁴. This covers holdings such as individual Savings Certificates, Direct ISA accounts, Direct Saver accounts and Premium Bonds⁴.

Unclaimed Premium Bonds prizes are a common reason people trace an account. NS&I has made prizes easier to collect: 9 in 10 prizes are now paid straight to your bank account or reinvested into more Bonds³⁵. You can choose to have any Premium Bonds prizes paid straight to your bank account through the online service⁵. If a prize cannot be paid because NS&I does not have current details, the prize waits until you are traced and your details are confirmed.

Taking ownership of accounts you have lost touch with may need extra steps. If you cannot use the online service, you write to NS&I stating which accounts you have, your holder's or account numbers, your name, address and date of birth, your signature, and the signature and details of a witness¹⁷. For online registration in these cases, you complete a registration form and send it to NS&I first, because someone needs to witness your signature¹⁷. A witness must be anyone over 18, but not a family member¹⁷.

When someone dies: what estates and families need to know

When an NS&I account holder dies, the balance becomes part of their estate. For the Direct Saver, NS&I states that if the account holder, or the last surviving holder of a joint account, dies, it will not be able to accept any more deposits into the account, the balance becomes part of the estate, and the account continues to earn interest⁶. The same principle applies across NS&I products: the personal representatives of the estate deal with NS&I to release the money.

There is one ISA-specific point worth knowing. You can now inherit an additional ISA allowance if your spouse or civil partner dies, up to the value of their ISA at the date of death⁷. This means a surviving partner can effectively shelter additional savings in an ISA on top of their own annual allowance. Our guide to ISAs explains how allowances work.

Families may also be entitled to state support after a bereavement. The Bereavement Support Payment can be applied for online, by telephone or by post, and you need your National Insurance number, your bank or building society account details, the date your spouse or civil partner died, and your partner's National Insurance number³⁶. More on this is in our guide to benefits.

Complaints and customer service record

NS&I publishes its complaints data and is covered by the Financial Ombudsman Service (FOS)⁴. Between 1 October 2025 and 31 March 2026, 13,609 complaints were opened about NS&I in the banking and credit cards grouping, and 13,299 were closed⁴. Of those closed, 80.61% were closed within 3 days and a further 19.14% after 3 days but within 8 weeks⁴. The uphold rate was 53.45%, and the main cause of complaints was general admin and customer service⁴. NS&I notes that this amounted to less than one complaint per 1,000 accounts (holdings) held, and that for Premium Bonds all Bonds held under one holder's number count as one holding⁴.

The Financial Ombudsman's own quarterly data adds detail on Premium Bonds complaints specifically. In Q1 2026/27, 98 complaints about Premium Bonds (NS&I only) were recorded, with 47% upheld³⁸. A year earlier, in Q1 2025/26, the comparable figures were 55 complaints and a 41% uphold rate³⁹.

To complain, call 0800 092 1286 (free from the UK), use the contact form at nsandi.com/contact-us-email, or write to the Customer Care Team¹⁹. If NS&I cannot resolve the matter, you can refer it to the Financial Ombudsman Service, which can look at complaints about ISAs and other savings products¹⁵.

Your money is backed by HM Treasury, not the FSCS

This is the biggest structural difference between NS&I and every bank or building society. NS&I is backed by HM Treasury, the government's economic and finance ministry². When you save with NS&I, you are lending money to the government, so there is no need for deposit protection: the FSCS covers deposits with banks and building societies, including current accounts, savings accounts, cash ISAs and savings bonds⁴⁰, but NS&I savings are not deposits of that kind.

In practice this means there is no £85,000-per-person FSCS limit to think about with NS&I, because the protection works differently: the whole of your savings is a claim on the government. NS&I's general terms state that its terms for all accounts are made under the National Loans Act 1968 or the National Savings Bank Act 1971⁴¹.

Two other things follow from government backing. First, NS&I's interest rates and the Premium Bonds prize fund rate are set by HM Treasury and may change from time to time⁴², so rates can move for policy reasons as well as market ones. Second, if something goes wrong with the service rather than the money, the Financial Ombudsman Service covers NS&I⁴, and NS&I commits to refunding money taken out of an account fraudulently as long as you have taken reasonable care to keep the account safe²⁸. Its key documents state that if a payment was not made with your permission, it will normally return the account to the position it would have been in, including any missed interest or prizes, unless you failed to take reasonable care or did not report lost or stolen security details promptly⁴¹. For more on how protection works across UK finance, see our guide to consumer protection.