PARLIAMENTARY WRITTEN QUESTION
National Savings and Investments: Standards (8 March 2021)

Question Asked

To ask the Chancellor of the Exchequer, what estimate he has made of the average time taken by NS&I to facilitate customer requests to transfer funds away from the NS&I; and what proportion of those requests fell outside NS&I’s policy.

Asked by:
Navendu Mishra (Labour)

Answer

Approximately 90% of customer withdrawals from NS&I are made online or by telephone. The payments normally reach the customer’s nominated bank account within two banking days after the day that NS&I has received the customer’s instruction. This service performance is within NS&I’s usual service level of two working days. Approximately 10% of customer withdrawals from NS&I are made by post. The payments normally reach the customer’s nominated bank account within three banking days after the day that NS&I has received the customer’s instruction.

Postal withdrawals from NS&I are currently taking longer to process than their normal timescale due to operational constraints caused by the Covid-19 pandemic. As of 9 March 2021, the proportion of customer withdrawals that fell outside NS&I’s usual service level of two working days was approximately 10%. However, NS&I has prioritised these withdrawals and is currently processing straightforward cases by the fourth working day from receipt.


Answered by:
John Glen (Conservative)
16 March 2021

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