National Savings and Investments (NS&I):

changes from 23 February 2008

From 23 February 2008, NS&I will be making the following changes to its range of investments:

•	NS&I Fixed Rate Savings Bonds will be re-launched as two distinct investments – the NS&I Guaranteed Income Bond and the NS&I Guaranteed Growth Bond.
•	NS&I Pensioners Guaranteed Income Bonds will no longer be on sale
•	NS&I Capital Bonds will no longer be on sale

We are introducing these changes to make it simpler and more straightforward for our customers to choose which Bond to invest in.

Existing customers of our Fixed Rate Savings Bonds, Pensioners Bonds and Capital Bonds can continue to hold their Bonds until they reach their maturity dates. Until then, their Bonds will continue to earn interest as normal at the same guaranteed rates. As with all NS&I’s accounts and investments, our customers’ money remains 100% secure, backed by HM Treasury.

We will write to all customers who are affected by the changes shortly before their Bonds are due to mature, to give them the opportunity to reinvest into a Guaranteed Income Bond, a Guaranteed Growth Bond or another NS&I account or investment. Until then there’s no need for customers to take any action.

Brochures and application forms for NS&I Guaranteed Income Bonds and NS&I Guaranteed Growth Bonds will be available from 23 February 2008 in Post Office® branches. Full details will also be available on our website at nsandi.com from the same date.

Issued by National Savings and Investments on behalf of the Treasury