I am incensed by the proposed changes to the NS&I Investment Account.. as from May it will become postal, online and telephone banking only. This is the only account left that uses a passbook that can be used at the Post Office to deposit cash. Like millions of others we live in a rural community and the nearest bank is a 40 mile round trip. My grandson likes to save small amounts of cash, before it burns a hole in his pocket! There are plenty of inducements for grandparents, parents etc to buy Trusts, ISA'S, premium bonds etc. but absolutely nothing left for kids to use over the counter with a passbook.. why? I complained to NS&I and have been told that this is a decsiion made by the Treasury and the Director of Savings to "streamline" accounts and that they "CANNOT PLEASE EVERYONE".. I would have thought that this is precisely their remit. As they are Government backed surely they have a responsibility to the young and the less well off and those living miles from the nearest town to offer a small savings account?
It's some time since the Post Office closed their savings account.. leaving the NS&I investment account as the only post office accessible account.. even this wasn't ideal as there's a minimum deposit of £10 and withdrawals are postal only. The post office now offers only Childrens Bonds (backed by the treasury..give a child a headstart!) or Premium Bonds under the heading Childrens Savings. The Easy Access account requires a minimum deposit of £500 and a constant balance of £100. Where is the incentive for children to save small amounts? Online banking precludes the opportunity of paying in cash as does postal banking and Piggy banks are too accessible!
Am I alone in finding this situation completely unfathomable? I can only presume that by "streamlining" the NS&I mean they are reducing costs... however as they propose to acknowledge every transaction by post. isn't this going to cost a great deal more?
Despite extensive research I cannot find a single passbook account that operates with the Post Office.. can anyone help?? and can anyone tell me what sort of bonus the Director of NS&I is likely to receive for this amazingly shortsided plan? When I phoned up to complain I was told that I was not the first to do so and that many people would not be changing their accounts but closing them . This family will be closing 3 accounts, we just need a viable substitute.