How can we help?
If your client’s NS&I account is already open, they can top up their account by bank transfer. They can find out how to do this at nsandi.com. Go to the account page, look under ‘Existing customers’ then click ‘Pay money in’. Please note your client must use their NS&I account number as the payment reference.
If your client wants to open a new NS&I account online with a large amount, please ask them to check their bank’s upper limit for debit card payments (we can accept up to a maximum of £99,999). If the limit is lower than the amount they want to deposit, they can open the account with a smaller amount and then make a larger deposit by bank transfer when the account is up and running.
Like all financial institutions in the UK, we are required by law to check applicants’ identity and address. As part of these checks, we may ask your client to upload images of documents such as their passport and driving licence when they apply to open an account online. As soon as this is done, we’ll contact your client to let them know their account is open.
NS&I does not offer ‘adviser charging’. This is because we view charging to be a form of commission from the product provider to the advice firm, and following the FCA’s Retail Distribution Review in 2012, financial advice firms should be receiving their income from client fees and not product providers.
If you haven’t done so already, you must first send us a completed Terms of Business (ToB) agreement by post. Once we have received this, you will receive an activation email within five working days.
This email will be valid for 14 days and will allow you to go online and activate your registration.
A senior representative of the firm must complete the initial registration, and they will be provided with administration rights, i.e. becoming ‘super-users’. This will allow them to add and remove additional users within the firm and determine individual access rights (i.e. admin access or standard access).
Once registered for the service, you will be able to view any mutual NS&I customer accounts following receipt of a Letter of Authority (LoA) for each client you wish to view.
When we receive a completed Letter of Authority, we will also send you an acknowledgement letter. This will contain a reference number which you can use to make client information requests over the phone. Please note that this is separate to your online log in credentials.
Not all NS&I products can be held in a SIPP, for those that can, your client will have to apply via the Trust Application form (paper form only currently). Before recommending NS&I investments we suggest you check that the SIPP or SSAS provider will accept them.
On 06 April 2016 HMRC introduced a new tax-free Personal Savings Allowance of £1,000 on the interest earned on savings (or £500 for higher rate taxpayers).
Interest remains taxable, but will be paid without any tax taken off. Basic rate taxpayers don’t have to pay tax on the first £1,000 of interest they earn on their savings (or £500 for higher rate taxpayers).
If the total interest on their savings is more than this allowance, or they pay tax at the additional rate, they will need to declare the interest to HM Revenue & Customs and pay any tax due.
Adviser email updates
Adviser email updates offer the quickest, easiest way to stay up to date with the latest news on our products, interest rates and other important developments affecting advice firms.
In order for us to send you adviser email updates, please provide your contact details.