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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
    £100
  • Maximum
    £15,000
    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 all or some amount invested and renew the balance. Your client won’t be able to add any extra money to the Certificate.

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 customer agreement (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.

To find out more about CPI and RPI, visit the Office for National Statistics website at ons.gov.uk and search for CPI All Items Index or RPI All Items Index.

Office for National Statistics

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

  • Will the change from RPI to CPI on Index-linked Savings Certificates affect my clients’ existing Certificates?

    No, it won’t affect any existing Certificates your clients have until the end of the investment term. However, if your clients decide to renew any Certificates that mature on or after 1 May 2019, the index-linking on the renewed investments will then be calculated using CPI not RPI.

  • Why are Index-linked Savings Certificates allowed to be held in trusts jointly by the trustee(s) and beneficiary(ies)?

    Savings Certificates are the oldest products in our current range and the original regulation permitted their use in this type of trust. Since then, we have sought to simplify and standardise our customer agreements for other products we’ve introduced, only making these newer products available for trusts held by the trustee(s) (which we consider ‘true’ trusts). While Savings Certificates remain available in the former type of trust today, we review our product range regularly and this may change in future.

  • When will NS&I Index-linked Savings Certificates be back on sale?

    Although we do not anticipate being able to return Index-linked Savings Certificates to general sale in the short to medium term, our product range is constantly under review. We need to consider the sales thresholds agreed with HM Treasury each year, designed to ensure NS&I does not destabilise the savings market.

    In spite of the product being off general sale, all Index-linked Savings Certificates customers (that are eligible under the current customer agreement) can currently continue to reinvest when they reach the end of their current investment term. This applies to our Fixed Interest Savings Certificates too.

  • If my clients renew their Index-linked Savings Certificates at maturity will it be on the RPI or CPI?

    If your clients decide to renew their Certificate on or after 1 May 2019, we will calculate their index-linking on the renewed Certificate using the Consumer Prices Index (CPI) instead of the Retail Prices Index (RPI). The CPI is generally lower than the RPI, so this means your client will probably receive a lower return.

  • How will the change on Index-linked Savings Certificates from RPI to CPI affect my clients?

    Your clients will continue to receive 0.01% interest in addition to the index-linking. Here is an illustration of what your clients could expect to receive from a £1,000 investment based on the current RPI index, and what the return could be based on CPI.

    TermRPI (using January 2019 rate of 2.5%)CPI (using using January 2019 rate of 1.8%)
    2-year Index-linked Savings Certificate £1,050.83 Index-linking + 0.01% £1,036.53 Index-linking + 0.01%
    3 year Index-linked Savings Certificate £1,077.21 Index-linking + 0.01% £1,055.29 Index-linking + 0.01%
    5-year Index-linked Savings Certificate £1,131.97 Index-linking + 0.01% £1,093.85 Index-linking + 0.01%

    These are illustrations only, so they don’t take into account your clients’ individual circumstances. They assume that your clients don't make any withdrawals during the term.

    The rates of inflation can go up or down so the illustrations are not a guarantee of the return your clients will receive. The actual return your clients receive will depend on the levels of the relevant index that apply at the start and end of each investment year.

  • Following the change on Index-linked Savings Certificates from RPI to CPI, are Index-linked Savings Certificates still a good investment?

    Index-linked Savings Certificates are still a popular investment with a unique combination of index-linking plus a small amount of additional interest – all tax-free. This means they will guarantee your clients inflation beating returns.

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