Mr Harkins has been acting chief executive since 13 March.

Prior to this he was responsible for the development and delivery of NS&I’s business-to-business strategy, as well as overseeing and assuring NS&I’s operational performance.

He joined the savings provider in 2003 in the marketing department and was appointed to NS&I’s board in 2014 as business-to-business director.

He has over 30 years of experience in the financial services sector including roles in sales, product development, customer management, customer experience, and outsourcing.

Mr Harkins said: “NS&I has both a proud history, and an exciting future, and I’m honoured to be appointed as chief executive of such a special organisation. Having worked in a range of roles across the organisation, I know that everyone here is completely committed to ensuring NS&I retains its special place helping the nation to save.

“I’m very excited to be leading NS&I as we transform our business, ensuring we continue to provide the products and services our customers want, while helping provide vital funding to government.”

Former CEO Ian Ackerley stepped down last month at the end of his second three-year term running the Government-backed savings provider. 

Mr Ackerley joined NS&I in 2017 after a career in the private sector, including as director of investments at Barclays and a spell at Virgin Money.

The Treasury began the hunt for his replacement in September.

One key change under Mr Ackerley was the delivery of the Rainbow programme. This change strategy is moving NS&I from being a single Public Private Partnership to a multi-supplier operating model from 2024 with the aim of becoming a “more resilient, cost-effective and flexible business.”

After a career spanning 30 years, Mr Ackerley said he wanted to move from full time work to spending more time with his family and focusing on other activities.

Andrew Griffith, Economic Secretary to the Treasury, said: “Millions of Brits save with NS&I because it is safe, simple and offers great returns, while helping lend funds to the Government to deliver vital public services such as policing, healthcare, and schools.

“This is a huge responsibility, and I wish Dax Harkins and the NS&I team well. I look forward to working with them to help the nation to save.”

NS&I has launched a number of new products in recent years including Green Savings Bonds in 2021 and Investment Guaranteed Growth Bonds in 2017.