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Index-linked Savings Certificates

Index-linked Savings Certificates are lump sum investments that move in line with the CPI and earn extra interest at guaranteed rates that stay the same for the length of the term.

Key features

  • Returns linked to CPI measure of inflation
  • Tax-free savings
  • Can be held in SIPP or SSAS
  • Invest online or by phone
  • Invest by post

Rates for
renewal only

  • Minimum
  • Maximum
    per person, per Issue
  • Off sale

We currently offer lssues which are only available to customers with maturing Certificates. They are not on general sale. Your client can renew up to the total value of the maturing Certificate, including all the interest and index-linking they earned. Or your client can cash in some of the investment and renew the balance. Your client won’t be able to add any extra money to the Certificate.

To find out more about CPI and RPI, visit the Office for National Statistics website at and search for CPI all items index or RPI all items index.

Office for National Statistics

For details of options at maturity for existing customers, please click on the ‘Learn more at NS&I’ button below and scroll down to the ‘Renewing your Certificate’ section.

Before your clients decide, please ask them to read the summary box and the key features leaflet, including the terms and conditions.

NS&I is changing the indexation from RPI to CPI

For certificates renewed on or after 1 May 2019 we will be using the Consumer Prices Index (CPI) instead of the Retail Prices Index (RPI). We have made this change to save money for taxpayers, in line with the reduced use of the Retail Prices Index (RPI) by successive governments since 2010, while still giving a fair return to savers.

If your clients have any Index-linked Savings Certificates, the change will only affect them when each Certificate reaches the end of its investment term on or after 1 May 2019. If they want to renew a matured Certificate for a further investment term on or after that date, we will calculate the index-linking using the CPI instead of the RPI. Your client will still benefit from inflation-beating, tax-free savings – we will just be using a different index.

Certificates bought between 2 June 1975 and 7 October 1996

NS&I is changing the return on these investments, so if your clients still have money invested in any Index-linked Savings Certificates bought from NS&I (formerly National Savings) between 2 June 1975 and 7 October 1996 please follow the link below for more details.

Find out more

FAQs about Index-linked Savings Certificates

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