National Savings & Investments (NS&I) is restructuring a number of services in a bid to meet cost-cutting targets, with no more savings accounts to be offered through the Post Office.
It is to stop accepting applications for its Easy Access Savings Account from 28 November, with existing customer accounts to close in July 2012.
Meanwhile, it will also stop accepting new applications for the Investment Account from 28 November 2011, which will become a postal only account in May 2012, when it will again accept new applications.
Customers with an Easy Access Savings Account will be offered the opportunity to transfer their savings to the postal Investment Account or the Direct Saver account.
The organisation said the changes, which mean savings accounts will be available only via the post, phone or online, would help it cut costs by 10%, which it needs to do to meet targets set in the 2010 Spending Review.
It has also confirmed that, by the time it completes its modernisation programme in 2013, the only products still offered through the Post Office will be Premium Bonds.
Jane Platt, chief executive of NS&I, said: "Since 2007 we have been working to simplify and modernise our range of savings and to encourage our customers to invest with us directly. At the same time the Post Office has grown its own range of savings products."
A single rate of interest for the postal Investment Account will be announced next year and will be higher than the prevailing Investment Account rate - currently either 0.2% or 0.3% gross/AER, depending on the amount invested.
Customers have been told not to take any action at the moment as they will be contacted by NS&I from next month.
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