www.InvestmentGuide.co.uk
www.InvestmentGuide.co.ukNATIONAL SAVINGS
No notice or penalty for all payments in and out which must now be done by post.
Who can invest Anyone. Accounts can be held jointly.
How worthwhile Poor value and inconvenient. Try anything else and close your existing account.
Minimum £20 each time you make a deposit.
Maximum £100,000 including accumulated interest from all other National Savings Investment Accounts you hold.
Suitable Lump sums. Regular savings.
Money back From 21 May 2012 it will become a postal only account.
Interest Variable. Poor value.
Interest paid Yearly added to account on 31 December.
Tax Not deducted. Taxpayers are liable to pay income tax on the interest which should be declared on a tax return. Basic taxpayers pay 20%. Higher rate payers pay 40%.
Fees to pay None.
Passbook Yes.
Children Consider a bank or building societiy Children's Account instead.
Risk None. Full value of original investment returned on withdrawal.
How to invest Get an an application form and send it in by post with your cheque.
Where from Find somewhere else for your savings.
Last updated 4
January 2012.