The Probert Encyclopaedia of Money

NATIONAL SAVINGS

The UK Department for National Savings was established in 1969, having previously been known as the Post Office Savings Department. It is responsible for administering a wide range of schemes for personal savers, including premium bonds, income bonds, deposit bonds, and yearly savings plans. In addition the department has offered a range of National Savings Certificates costing either œ10 (up to 1981) or œ25 (from 1981), some of which have been index-linked. The income they pay is income- tax free and the element of capital gain is free of capital-gains tax.
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