Faithful savers are deserting NS&I as its client service breakdown continues.
National Cost savings and Investments yesterday slashed rates for its 25 million customers
But those trying to move their cash are having to wait weeks as they struggle to navigate the bank’s new website or to speak to anybody about it on the telephone.
Rates cut: National Cost savings and Investments the other day slashed rates for its 25m clients.
Even savers who are eager to stay with the bank are being left baffled by ask for passwords they have no memory of ever establishing.
Money Mail last week reported how NS&I’s decision to stop sending Premium Bond cheques in the post had actually caused mayhem as older consumers struggled to establish online accounts or register bank information.
Now readers have written to us in droves to suffer poor service from the Government-backed bank.
Retired client service manager Michael Pont has now given up on NS&I– regardless of holding a five‑figure amount in Premium Bonds considering that 2008
The bank’s site instructed Michael, 78, to enter his Premium Bond holder’s number when he tried to set up an online account so he might manage his reward payments. However, it did not identify the number.
Michael then attempted to call NS&I, however gave up after he was warned he may need to wait approximately an hour to speak with anybody there.
He has because downloaded a type from the bank’s website to money in all of his bonds.
Escape bid: Saver Michael Pont has actually now given up on NS&I – regardless of holding a five‑figure amount in Premium Bonds since 2008.
Michael, from Gillingham in Kent, says: ‘As somebody who used to work in customer care, I will never ever go back to NS&I after it used me no help whatsoever.’
Meanwhile, Veronica Howell, who has held ₤ 1,500 in Premium Bonds for 40 years, is likewise planning to cash in her cost savings.
The retired city government employee, from Aylburton, Gloucestershire, does not feel comfy offering her bank details and wishes to keep getting reward cheques in the post.
Veronica, 75, states: ‘I’m not going to be required to do something that I don’t want to do just because it’s convenient for NS&I.’
The decision to stop sending out Premium Bond prizes out by post was made to conserve paper. However, the bank’s Direct Isa customers are now finding they can not move their cash online – paradoxically forcing them to fill in a type and put it in the post in a process that can take weeks.
Retired sales executive Ivor Moore, 86, was keen to move his cash quickly ahead of the other day’s rates of interest cut on NS&I Direct Isas from 0.9 per cent to 0.1 percent.
The bank states it can take five working days to finish an Isa transfer from the time it receives the demand.
NS&I’s decision to stop sending out Premium Bond cheques in the post had caused mayhem as older customers struggled to set up online accounts or register bank information
Ivor, from Surrey, says: ‘If there is excessive of a hold-up then the current rate for the account I wish to move to may no longer be readily available. It’s a disgrace.’
It comes as a study by financial investment company Hargreaves Lansdown found 60 per cent of savers would stay with the bank in spite of the rate cuts.
Widow Susan Morgan, 76, holds the optimum Premium Bond investment of ₤ 50,000, after purchasing her first in 2005.
However she invested an entire afternoon trying to establish an online account into which she could have her prize money paid.
The retired secretary, from Tonbridge, Kent, ended up being puzzled when she was requested for a password. She was then told to call customer care, only to be cut off. She states: ‘I am so annoyed with NS&I. Many other sites permit you to reset a password quickly via e-mail.’
Earnings Bond saver Lesley Steel, 73, was blocked from her account after failing a security question.
Lesley had about ₤ 32,000 in it, however wanted to withdraw her money ahead of the interest-rate cut from 1.15 percent to just 0.01 per cent.
Yet she sustained a 75-minute phone call and wound up needing to wait 3 days for a letter to validate that her account had been suspended.
Lesley, from New Malden, South-West London, says: ‘I am so angry that the whole process took me so long.’
NS&I customers are now able to register their bank information online without creating a new account at nsandi.com/prize-options.
An NS&I spokesman apologised to savers, stating: ‘In some instances where consumers can not visit to the NS&I website, we require them to call us. ‘They may have to wait longer than typical, as we are currently experiencing incredibly high call levels.’