Here is something to do with saving your money which maybe we should all be doing.

  • NS&I delivered £11.6 billion of Net Financing to the Government in 2019-20 and in total, met 9 out of 11 of its Service Delivery Measures (SDMs).
  • Attracting younger savers: NS&I has increased the number of its active customers under the age of 16 by more than 90,000.
  • Premium Bonds: more than 94,000 customers have invested at the new minimum investment amount of £25 since it was lowered from £100 in February 2019.
  • Business-to-business services: NS&I continued to support HMRC in the delivery of Help to Save, which now has 175,000 people signed-up, with £55 million invested. In 2019-20, NS&I also took on the responsibility for administering the Help to Buy: ISA programme.

NS&I delivered £11.6 billion of Net Financing to the Government in 2019-20, meeting the target of £11 billion (within a range of £8 billion to £14 billion). NS&I’s end-year Value Indicator figure was negative, at -£886.7 million, meaning that NS&I did not meet the 2019-20 target of £20 million (with a lower limit of £0). The Value Indicator compares the relative cost-effectiveness of raising money via NS&I with doing so via the gilt markets. Gilt yields reached exceptionally low levels in 2019-20. As a result, the Value Indicator turned negative and continued to fall, as accessing funding through the retail market became a less cost-effective source of government financing. This continued despite NS&I taking action in September 2019, by taking Guaranteed Growth Bonds and Guaranteed Income Bonds off sale.

Including Net Financing, NS&I also met its targets on customer service, efficiency, fraud prevention, customer complaints, diversity, and employee engagement. Customer satisfaction improved to 84.6% in 2019-20, compared with 84.3% in 2018-19. However, NS&I narrowly fell short of meeting its 2019-20 customer satisfaction target of 85%.

NS&I has made good progress in the second year of its five-year Inspire & Invest strategy. The number of active NS&I customers under the age of 16 increased by more than 90,000 in 2019-20 and the average age of NS&I customers dropped from 56 to 53, as NS&I focuses on inspiring a stronger savings culture and attracting younger savers.


The March 2020 Budget set NS&I’s Net Financing target for 2020-21 at £6 billion (+/- £3 billion). This target will be subject to in-year revision to reflect government finance requirements arising from Covid-19. NS&I’s Value Indicator target has been suspended for the first quarter of 2020-21 in response to exceptional market conditions. In February 2020, NS&I announced a series of interest rate reductions on its variable rate products, due to take effect from 1 May 2020. These were subsequently cancelled on 17 April 2020 to support savers and to reflect the Government’s funding requirements during the Covid-19 pandemic.

2019-20 annual results

YearGross inflows (including reinvestments)£bn C&AIP*£bn Gross outflows£bnNet Financing£bnTotal stock£bnValue Indicator£bn 
2018-19 37.32.428.910.8167.60.01***
2016-17 35.02.325.511.8146.90.1**

*C&AIP is capitalised and accrued interest and prizes earned. All figures are in £ billion and subject to rounding.

**Excluding 65+ Bonds.

***Excluding 65+ Bonds and Investment Guaranteed Growth Bonds.

****Excluding Investment Guaranteed Growth Bonds.

NS&I reports quarterly on gross inflows and outflows, Net Financing and total stock. Each quarter, NS&I releases unaudited figures and publishes its audited Annual Report and audited accounts each financial year. NS&I’s full Annual Report and Accounts and Product Accounts 2019-20 can be found here. To request a pdf of the 2019-20 Annual Report, please contact the NS&I media team.