www.InvestmentGuide.co.uk
www.InvestmentGuide.co.ukNATIONAL SAVINGS
An account into which you can pay money in at any post office. No notice or penalty for withdrawals but you have to request withdrawals by post.
Who can invest Anyone. Accounts can be held jointly.
How worthwhile Poor value and inconvenient. Compare with Building Society Notice Account or Offshore Bank Notice Account or consider instead National Savings Easy Access 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 Ask for a repayment form and post-paid envelope at a post office. It can be paid in cash at a post office or by cheque.
Interest Variable. Poor value. Click here for the latest rates.
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 Suitable. Under 7 a relative or friend can open an account in a child's name where withdrawals may be made by the child's parent or guardian. At age 7 the child can withdraw on his or her own signature; use application form DNS26B. An account can be opened by anyone as trustees for money belonging to a child; maximum 2 trustees and 2 beneficiaries for each trust account; to open such a trust account write to National Savings Glasgow G58 1SB.
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 Get an application form from a Post Office if there is still one in your area or phone 0845 964 5000.
Last updated 23
June 2008.