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NS&I, otherwise known as National Savings and Investments, has long been a popular option for Britons looking to secure their cash. All funds deposited with the savings company are 100 percent secure, and so NS&I is often turned to by thousands of savers. But customers have reported issues with accessing their accounts recently, and the problem is ongoing.
The issue many are reporting appears to be an error message when attempting to withdraw funds online.
Some customers have been confronted with a message which states “error when calling the routine”, and are then unable to take their withdrawal any further.
Several NS&I account holders took to Twitter to highlight the issue to the savings company.
One person wrote: “I want to withdraw some of the funds from my account, yet the online page keeps having an error occur. Can you please rectify this so I can withdraw some of my money?”
Another said: “I am trying to cash in a large amount of money but saying there is an error.
“Tried calling the number suggested and there is a 40 minute wait. Please help.”
A third frustrated customer described the issue as an “absolute shambles”.
Nonetheless, NS&I have vowed they are working to resolve the matter as quickly as possible to enable customers to return to their desired actions.
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An NS&I spokesperson told Express.co.uk: “We are aware that some NS&I customers using our online service are currently having difficulty when trying to withdraw money from their accounts.
“This is due to a technical issue which we are working to resolve as quickly as we can and we apologise for the inconvenience caused.
“We are currently seeing very high call levels to our customer service team and customers will experience a longer wait than usual to get through.
“However, customers can withdraw money from their NS&I accounts by phoning 08085 007 007.”
The government-backed bank recently shocked many savers by announcing a series of rate cuts.
On November 23, NS&I will cut the interest rate on its Income Bonds from 1.16 percent to 0.01 percent, with the Direct Saver also being reduced from 1 percent to 0.15 percent.
The Junior ISA rate will drop from 3.25 percent to 1.5 percent, and the Direct ISA from 0.9 percent to 0.1 percent.
Finally, the NS&I Investment Account rate will decrease from 0.8 percent to 0.01 percent.
This is a blow for savers, many of whom turned to NS&I for a secure rate on their savings.
Sarah Coles, personal finance analyst at Hargreaves Lansdown, commented on the news.
She said: “Savers have been dreading NS&I cuts for some time, and these dramatic drops and every bit as horrible as they feared.
“NS&I has been single-handedly propping rates up in the easy access market throughout the crisis, but it’s had enough. From November, it will be leaving the heavy lifting to someone else.”
However, many savers can still get excited about the Premium Bonds draw, which creates two lucky millionaires each month.
This October, the millionaire savers were revealed as a man from Kent with the bond number 298BE137181 and a woman from Humberside with the number 222AT412192.
Over three million prizes were given out in the October draw, worth a total of £112,084,475.
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