Baroness Byford – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Baroness Byford on 2016-03-17.

To ask Her Majesty’s Government why National Savings and Investments stopped the sale of Premium Bonds for cash in Post Offices and withdrew their brochures, forms and reply envelopes at the same time, and what assessment they have made of the effect of that decision on the sale of Premium Bonds.

Lord O’Neill of Gatley

National Savings and Investments’ (NS&I) core remit is to provide cost effective financing for the Government. Over the past few years, NS&I has been moving its business to direct only channels – internet, phone and post – producing significant savings for the taxpayer.

The end of Premium Bond sales and wider NS&I services at the Post Office was a commercial decision made by NS&I. This decision reflects the way that their customers are choosing to do business with NS&I and also the growth of the Post Office’s own range of savings products. The change followed the success of 65+ Pensioner Bonds, which saw over one million pensioners from around the country invest via direct only channels.