National Savings and Investments (NS&I) has announced that there will be a delay in the payment of interest this month. The government backed savings bank cited 'technical issues' as the reason for the delay. The savings institution, which should have paid interest on their bonds and savings accounts on January 5th, refused to give a revised date for the payment, saying only that it would pay the interest 'as soon as possible'.
Not all NS&I savers will be affected by the delay. In fact, no savings account customers will be troubled by any delay. The only customers who will be affected are those who purchased bonds between November 24th and 28th each year up to 2009.
NS&I have promised to cover any bank charges customers are charged as a result of the problem, and have promised to pay compensation to any people suffering a delay. The bank added that they were working to make sure that February interest payments are made on time.
Income bonds are most often taken out by consumers who wish to use their savings to generate a regular income. At present, interest rates on bonds are 2 per cent or below.
Government Backed Savings Bank Announces Interest Delay
Financial Services > e-banking > Banking news
Government Backed Savings Bank Announces Interest Delay
Fri, 15 Jan 2010
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