The new Issues of Savings Certificates have been on sale for almost four months (since 12 May 2011). At the outset NS&I forecast strong sales and the original expectations have now been met. By taking action to withdraw the current Issue, NS&I will ensure that the Net Financing target set by the Chancellor for 2011-12 should not be exceeded.

Jane Platt, Chief Executive, NS&I, said: “During the almost four months that Savings Certificates have been on sale, there have been approaching 500,000 transactions into the latest Issue of Index-linked Savings Certificates.

“Over this period, we’ve seen significant amounts of money invested into these products. To ensure that we do not exceed the upper end of our Net Financing target range, we’ve taken the decision to withdraw Savings Certificates from general sale at this point.

“The volume of sales over the past few months is such that our forecasts show we were at risk of exceeding the top end of the Net Financing range, so we needed to take action to reduce sales.”

NS&I’s website and call centres stopped taking new sales of Savings Certificates at close of business on 6 September 2011. Postal applications received today (7 September 2011) will be honoured, but all postal applications received after midnight tonight will be returned to the customer.

On maturity, existing Savings Certificate customers can keep their investment for another term of the same length. Alternatively they can reinvest into any of the other Savings Certificate terms and Issues on offer to existing customers – either the 3 or 5 year Issue of Index-linked Savings Certificates or the 2 or 5 year Issue of Fixed Interest Savings Certificates – regardless of which Savings Certificate they currently hold.