By 
Millions of savers seeking to withdraw their cash from NS&I face long delays as the organisation struggles against staffing shortages.
Some customers have reported that withdrawals are taking as much as a month to go through because of coronavirus restrictions which have reduced the workforce at the state-owned savings bank.
NS&I has admitted that anyone seeking to access an account by post faces a wait of a fortnight. It urged all savers to manage their money online, saying this will help free up phones for vulnerable customers and others who do not have access to the internet.
The logjam comes as many customers seek to get their money back following a string of savings rates cuts by NS&I.
Laura Suter, of fund shop AJ Bell, said: “Savers are now having to wait up to a month.
"For some savers this will feel like a kick in the teeth while for others the long wait will be nerve-wracking, particularly at time when many people’s finances have been hit.”
As well as customers withdrawing cash because of lower rates, NS&I may also have seen a rush of new deposits from wealthy customers taking advantage of the higher protection it offers at an uncertain time.
Customers whose money is in a normal bank have the first £85,000 protected by the Financial Services Compensation Scheme industry lifeboat if the institution fails.
But balances with NS&I are covered in full by the Treasury regardless of their size, meaning their is no risk of a loss.
A spokesman for NS&I said: “We have smaller teams at present and a small number of customers may experience short delays making certain withdrawals.
"For customers who wish to cash in a fixed term investment on maturity and who are providing their maturity instructions by post, it is taking us up to two weeks to process a payment.”
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