NS&I delivered £10.8bn of net financing to the Government in 2018-19, according to its latest figures.

The achievement met the revised target of £9bn (within a range of £6bn to £12bn) that was set out in the Budget in October 2018.

NS&I also delivered £12.8 million of value to taxpayers as shown by the Value Indicator.

NS&I was set 12 service delivery measures for 2018-19 and says it has met all of these, including customer satisfaction.

Overall customer satisfaction this year was 84.3%, meeting the target of at least 84% and up from last year’s 83.5%.

NS&I also met its other customer service targets for timeliness and accuracy in 2018-19, along with its service delivery measures for fraud and customer complaints.

The organisation’s efficiency ratio – how cost effectively NS&I manages the funds it holds – improved again in 2018-19, moving to 7.8 basis points (against 8.0 basis points in 2017-18).

This means that it costs NS&I 7.8p a year to manage each £100 of stock it holds.

The period 2018-19 was the first year of NS&I’s new Inspire & Invest strategyin which it says it “made progress in achieving its purpose of inspiring a stronger savings culture” in attracting younger savers and making products more accessible – alongside work supporting HMRC in the delivery of the flagship Help to Save scheme.

NS&I chief executive, Ian Ackerley, said: “I am delighted that we have been able to deliver another significant contribution to the Government’s financing requirement, while also creating a more compelling offer for our retail customers and business-to-business customers in the last year.

“We have supported HMRC to deliver the Help to Save scheme, which more than 105,000 people have joined; and made some important changes to Premium Bonds following the Chancellor’s announcements in the 2018 Budget.

“We have reduced the minimum investment from £100 to just £25 – the first time this has been lowered in the 63 year history of Premium Bonds.

“We have also introduced Alexa for our Premium Bonds prize checker, renewed ERNIE, and brought in the facility for grandparents to purchase online.

“These steps and others that we plan to make, such as bringing in online Premium Bond purchases for third parties later this year, can help people to build a regular savings habit. We want to remove the barriers to saving where we can, and I’m pleased that nearly half a million customers have taken advantage of the changes to put a little bit away, set up a regular payment, or start saving for a grandchild.

“I am also delighted that we have attracted more than 70,000 young people to NS&I.

“Building a healthy savings habit is often best begun at a young age – and we aim to maintain a relationship with these savers for many years to come.”