Maturities

Fixed-term savings

Fixed-term savings that can be renewed at maturity:

• Guaranteed Growth Bonds
• Guaranteed Income Bonds
• Index-linked Savings Certificates
• Fixed-interest Savings Certificates

Your clients’ options at maturity

Depending on the type of investment, clients can normally choose between renewing their fixed-term investment for another term of the same duration, a different term, or simply cashing in.

We’ll email or write to your clients before their Bond or Certificate matures, letting them know their options in more detail as well as the interest rates on offer if they want to renew.

Letting us know their choice

If your client wants to renew their fixed-term savings for the same term, they don’t need to do anything.

If your client wants to give us another instruction or cash in their savings, the best way to do this is online. This means we’re guaranteed to get the instruction in time. If they can’t go online, then they can post the instructions back to us.

When do we need to know

If your clients choose to renew for a different length of term or are cashing in, they must make sure we receive their instruction at least two working days before their investment is due to mature.

If clients are sending instructions by post, please ask them to allow plenty of time for the post to reach us.

If we don’t receive any instructions from a client two working days before the Bond matures, their Bond will automatically renew for another term of the same length. Your client then has the right to cancel within 30 days of receiving confirmation of their renewed Bond.

Renewing

Your clients will see confirmation of their renewed investment in their online account on the day it matures. If they still get documents by post, it may take a few extra days for the confirmation to arrive.

In the past, clients could take money out of their Bond or Certificate before the end of the term, but they had to pay a penalty of 90 days’ interest on any money withdrawn early. For Index-linked Savings Certificates, they would also lose a year’s index-linking on the whole Certificate.

Now, if a client renews a Bond for another term, they cannot access their money until the new term ends. This also applies to both types of Certificates from 23 July 2023 onwards. So, these accounts might no longer be suitable for clients who could need early access to their money.

Right to cancel

Clients have the right to cancel within 30 days of renewing their Bond or Certificate. They can do this online or by phone, or they can write to us requesting to cancel and quoting their name, address and account number for the renewed Bond.

Once we have your client’s cancellation request, we’ll repay the money to the client’s nominated bank account, normally within 5 working days.

Cashing in

Your clients will normally receive the money in their bank account on the day their investment matures, or the next banking day if it matures on a weekend or bank holiday, but it could take a bit longer during very busy periods.

Switching

Your clients can use the funds from a maturing Bond or Certificate to open a new NS&I account or transfer money to an existing account.

To switch to Premium Bonds, Direct Saver or Direct ISA, your clients can do this online by visiting nsandi.com/forms, then clicking on the switching link for one of these accounts.

To switch to Income Bonds, either as a new Income Bonds customer or existing customer, clients should use the Income Bonds application form.

For clients who want to move their maturing funds to an existing Direct Saver or Investment Account, they will need to give the relevant details with their maturity instructions.

If you need more details for your client to switch to another account, you can call us on our Adviser Helpline: 0800 092 1228