New results released today by National Savings and Investments (NS&I) show strong performance over the year to 31 March 2011.
Gross inflows were £15.3 billion in 2010-2011, compared to gross outflows of £17.9 billion, but when accrued interest and prizes were taken into account the organisation was still about to meet its net financing target, or £82 million, which is well within the target range.
These figures show higher outflows than the previous 12-month period when gross inflows stood at £18.1 billion and outflows at £18.4 billion.
To find out where NS&I’s savings products sit in relation to the market check out our cash Isas and savings accounts Best Rate reviews.
A very solid year for NS&I
NS&I was pleased to unveil savings to taxpayers and highlight its excellent performance on complaints. The company had 30 cases referred to the Ombudsman, of which only 3 were upheld in favour of the customer. There had also been a modernisation programme over Christmas that now allows prizes to be paid directly into winners’ bank accounts.
Jane Platt, chief executive at NS&I, said that last year ‘was a very solid year for NS&I: we met our net financing target of balancing funds coming into NS&I with the funds leaving us and in the process delivered £827 million of debt interest savings to the taxpayer.
‘We passed a key milestone in our modernisation programme – introducing new services for our many millions of Premium Bond holders. This was a huge task with over 2.3 billion records moved onto new infrastructure over Christmas to minimise customer disruption, and I’m delighted that over 250,000 people are now signed up to use these new services.
‘I’m also particularly proud of our performance in the Financial Ombudsman league tables. For an organisation of NS&I’s size to be placed in the top 2% of businesses for good management of complaint handling is an outstanding achievement.’
Don’t miss out on Savings Certificates
Paul Davies, savings analyst at Which?, quizzed Jane Platt about the performance of the index-linked Savings Certificates launched at the beginning of May 2011.
‘The tax-free indexed-linked Savings Certificates have once again proved very popular with savers and Jane Platt admitted that there had been a spike in gross inflows after the launch in May.
‘When asked about how long the latest offer was likely to be available, Jane replied that they would ‘keep them on sale for a sustainable period’, which seems to suggest that savers and investors shouldn’t hang around if they are intending to take advantage of the current issue of Savings Certificates.’
Check out all the current fixed-term Best Rate savings deals here.
Which? Money when you need it
You can follow @WhichMoney on Twitter to keep up-to-date with our Best Rates and Recommended Provider product and service reviews.
Sign up for the latest money news, best rates and recommended providers in your newsletter every Friday.
Or for money-saving tips, and news of how what’s going on in the world of finance affects you, join Melanie Dowding and James Daley for the Which? Money weekly money podcast
For daily consumer news, subscribe to the Which? news RSS feed here. And to find out how we work for you on money issues, visit our personal finance campaigns pages.