On September 15-16 NS&I took an estimated £65.35 million in savings from customers, up from £30.64 million the previous weekend.
Its telephone banking soared from £9.43 million to an estimated £25 million, while Internet savings jumped £8.53 million to £15.35 million last weekend.
NS&I spokesperson Jonathan Akerman says the knock-on effect of volatility in the money markets is that people who have savings invested are panicking and looking for a safe place for their money.
He says: “It’s widely known that NS&I is the only financial institution in the UK that can offer a 100 per cent capital guarantee, so that’s every single penny of every single investment in NS&I is guaranteed to be safe and that is an attraction for a lot of people.”
Akerman says the call centre has received a higher volume of calls that mainly fall into two camps, people confirming that their investments with NS&I are 100 per cent guaranteed and those looking to transfer money from Northern Rock accounts.
He says: “So yes we have seen a reasonably significant influx of money into NS&I as people look for a safe home for their money.”