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National Investment savings

by isleofman.com 15th August 2006
National Savings account holders on the Isle of Man have been told that they will not be able to pay into their accounts over the counter in post offices on the Island from February next year. Its part of a rationalisation by National Savings over the past few years. In the UK, offices have been equipped with the necessary computer software but the number of customers in the Island apparently won't justify the investment they say.Local investors have been quick to react with dismay to the news. One told me his son took in his savings to invest, as a way of introducing him to banking. Having to send a cheque to Glasgow would not be the same. National Savings say they will look at the situation again in 18 months but its been pointed out that by then they may have lost many of their customers. They have already withdrawn a number of other services in the last decade. Isle of Man Post say they have been in discussions with National Savings for some time to try and alter the situation but have not had any success in trying to persuade them to change their minds. However they do say they are exploring the possibility of having a local version of the National Savings Investment scheme to take the place of the UK version.
Posted by isleofman.com
Tuesday 15th, August 2006 06:45pm.

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