NS&I changes to customer agreement: What you need to know
On 1 May 2021, National Savings and Investments (NS&I) implemented changes to its customer agreement. These changes aim to modernize the agreement and make it clearer for customers. However, some of the changes may impact how you manage your savings and investments with NS&I. In this article, we’ll explain what the changes are, and what you need to know to stay informed.
1. Change in the definition of ‘Customer’
The new customer agreement now defines a ‘Customer’ as an individual person who holds NS&I products in their own name or jointly with another individual person. This means that if you hold NS&I products in the name of a trust or a company, you’re no longer considered a customer, and the agreement will not apply to you. NS&I will send separate terms and conditions to customers who hold products on behalf of trusts or companies.
2. Change in the definition of ‘NS&I Products’
The new customer agreement expands the definition of ‘NS&I Products’ to include any product or service that NS&I offers from time to time. This means that any new products or services that NS&I introduces in the future will be covered by the customer agreement.
3. Change in the definition of ‘Working Day’
The new customer agreement changes the definition of a ‘Working Day’ to exclude weekends and bank holidays. This means that if you make a payment or request a withdrawal on a weekend or a bank holiday, it will not be processed until the next working day.
4. Change in the definition of ‘Joint Account’
The new customer agreement clarifies the definition of a ‘Joint Account’ to mean an account held by more than one customer, where each customer has an equal right to the funds in the account. This means that if you hold a joint account with NS&I, you’ll need to ensure that all account holders agree on any transactions made on the account.
5. Change in the Cooling-off period for Fixed-term Products
The new customer agreement extends the cooling-off period for Fixed-term Products from 14 to 30 days. This means that if you change your mind about a fixed-term product within 30 days of opening it, you can withdraw your money without penalty.
6. Other changes
The new customer agreement also includes other changes, such as the requirement for customers to provide accurate and up-to-date information, NS&I’s right to suspend or close accounts, and the use of electronic communication to provide account information.
What do these changes mean for you?
The changes to the customer agreement are aimed at modernizing and clarifying the terms and conditions for NS&I customers. While some of the changes may impact how you manage your savings and investments with NS&I, they’re designed to make the process more transparent and straightforward.
If you’re an NS&I customer, it’s important to familiarize yourself with the new customer agreement and understand how it affects you. Make sure you read the updated terms and conditions carefully, and contact NS&I if you have any questions or concerns.
In summary, the NS&I changes to the customer agreement provide a more modern and clearer set of terms and conditions for customers. While there are some changes to be aware of, they’re designed to make the process of managing your savings and investments with NS&I more straightforward and transparent.
