NS&I savers to receive interest payment a month late
Written on January 17, 2010 – 9:35 am | by admin
The processing error meant 8,000 savers missed out on the interest due on January 5, with some due more than £100.
NS&I has apologised for the glitch, saying it will pay customers affected by the error additional interest – based on an annual rate of 8 per cent gross, calculated daily.
It has also promised to refund any bank charges brought about by the missed payment.
The delayed payment only affects people who bought bonds during a five-day period between 24 and 28 November each year until 2009. It does not affect any other income bond holders or any other product holders.
The January payment will be made on February 5, alongside February payments which are being paid as normal.
A spokesman for NS&I said: “We have written to all customers affected by this issue to apologise, to reassure them that their investments are safe, and to let them know when their outstanding income payment will be paid.”
It said the average income payment due is approximately £20, while for a large majority (62 per cent) their payment is £10 or less, a small minority (7 per cent) are owed over £100. NS&I also said it has put payments of those who are more reliant on the income to the front of the queue.
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