National Savings and Investments (NS&I) has teamed up with supermarket giant Tesco in a bid to reach out to more UK consumers.
The HM Treasury-backed bank is set to launch its pilot range of tax-free premium bonds and index-linked savings certificates in 50 Tesco stores by the end of 2005, with 500 stores offering the products by the start of next year.
NS&I chief executive, Alan Cook, said: "This marketing partnership will make it even more straightforward, convenient and easy for people to find out about our savings and investments. It means we have an additional retail channel to work alongside our strong and long-standing partnership with the Post Office. This is an exciting time in NS&I’s development and means we can reach a wider audience in Tesco stores across the country."
Customers choosing any of the two new NS&I products at Tesco stores will enjoy the same benefits as other NS&I customers and will be able to apply for them by post, telephone or internet.
Jointly owned by Tesco and the Royal Bank of Scotland, Tesco Personal Finance currently offers a range of financial products including loans, credit cards, car and home insurance and mortgages. It is one of the fastest growing businesses offering financial services in the UK.
NS&I gained half a million new customers this year after it advertised its services on television for the first time in six years. Investment in the bank reached a record-breaking £68.5 billion in its last financial year, as investors pumped money into premium bonds and other services.To read more about Savings Accounts, click here.
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