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NS&I change of terms


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I had an email this morning from NS&I telling me that some money I had there was due to mature. They said that if I did nothing the money would be rolled over and reinvented in the same bond/fund. One change if condition though. If the money were to be reinvested it would be locked in for the full term, no early withdrawal with loss if interest.

It makes me wonder if big changes in interest rates might be being anticipated by NS&I?

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7 minutes ago, Bedrag Justesen said:

Please spend all your savings as soon as possible.

By witholding money from our economy you are damaging our recovery.

Please don't be selfish.  >:(

https://www.mirror.co.uk/news/uk-news/families-hoarding-50-billion-cash-23253520
 

Families hoarding £50billion cash in case economy collapses during pandemic

 

not convinced of the reason given. Think it’s because people are losing trust in the system 

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51 minutes ago, One percent said:

https://www.mirror.co.uk/news/uk-news/families-hoarding-50-billion-cash-23253520
 

Families hoarding £50billion cash in case economy collapses during pandemic

 

not convinced of the reason given. Think it’s because people are losing trust in the system 

getting money off the record, I've started doing the same. If I lose my job I don't want a record of savings.

Edited by snaga
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13 minutes ago, snaga said:

getting money off the record, I've started doing the same. If I lose my job I don't want savings.

Quite right.

I would have been scrupulously savings free in my early career if I had thought about it; the only benefits I've ever had are NI based JSA a few times at a princely £74.35 per week as everything else I could receive in theory is means tested.

Currently you can have £6k and get Universal Credit with it diminishing rapidly above that until it vanishes in a puff of smoke at £16k.

https://www.entitledto.co.uk/help/Savings-and-other-capital-overview-Universal-Credit

The Mail had several letters yesterday advocating that the government issue Covid bonds.  Well I won't be buying those if they do.

Edited by Frank Hovis
Words missing - ketboard taken to buffering
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2 hours ago, Rare Bear said:

I had an email this morning from NS&I telling me that some money I had there was due to mature. They said that if I did nothing the money would be rolled over and reinvented in the same bond/fund. One change if condition though. If the money were to be reinvested it would be locked in for the full term, no early withdrawal with loss if interest.

It makes me wonder if big changes in interest rates might be being anticipated by NS&I?

 

Does NS&I still pay interest ? xD

I closed my account when  it drooped from 1.15% to 0.01% last November

It would be interesting to know how much money exited NS&I at that time.

 

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9 minutes ago, Hopeful said:

 

Does NS&I still pay interest ? xD

I closed my account when  it drooped from 1.15% to 0.01% last November

It would be interesting to know how much money exited NS&I at that time.

 

Their premium bonds do, most months. Maybe I'm just luckier than the average punter. 50% of people are. xD

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10 minutes ago, Hopeful said:

That's not really interest thought is it?, Isn't it a prize?

Yes, classed as a prize so tax free but when you leave an amount with someone and it grows without doing anything and the original amount is not at risk then it's interest however they dress it up.

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4 hours ago, Rare Bear said:

I had an email this morning from NS&I telling me that some money I had there was due to mature. They said that if I did nothing the money would be rolled over and reinvented in the same bond/fund. One change if condition though. If the money were to be reinvested it would be locked in for the full term, no early withdrawal with loss if interest.

It makes me wonder if big changes in interest rates might be being anticipated by NS&I?

May I ask what investment this is? I have some index linkers with them that are due to roll over in a couple of weeks. They're changing the linking index from RPI to CPI which is bad enough, but I can't see anything about early withdrawal.

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31 minutes ago, Fully Detached said:

May I ask what investment this is? I have some index linkers with them that are due to roll over in a couple of weeks. They're changing the linking index from RPI to CPI which is bad enough, but I can't see anything about early withdrawal.

It was a bond called Guaranteed Growth. I had simply let some money roll over from a previous one which was discontinued.

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1 minute ago, Rare Bear said:

It was a bond called Guaranteed Growth. I had simply let some money roll over from a previous one which was discontinued.

Ah, thanks - I think I will give them a ring tomorrow just to check. Must admit I'm surprised they're locking any investments in as they seem to have spent the last 10 years trying to fuck all their customers off to get them to spend their money instead of saving it

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1 minute ago, Fully Detached said:

Ah, thanks - I think I will give them a ring tomorrow just to check. Must admit I'm surprised they're locking any investments in as they seem to have spent the last 10 years trying to fuck all their customers off to get them to spend their money instead of saving it

That's why I wonder if there is any nasty change on the way. Might just stick the money into premium bonds.

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25 minutes ago, Fully Detached said:

Ah, thanks - I think I will give them a ring tomorrow just to check. Must admit I'm surprised they're locking any investments in as they seem to have spent the last 10 years trying to fuck all their customers off to get them to spend their money instead of saving it

Ian Ackerley was appointed NS&I CEO in 2017 and re-appointed last year. He previously worked at Barclays retail.

Doing things like blocking long standing NS&I early withdrawal options is something to make NS&I look a bit less appealing. I suspect after his time decimating NS&I, he will go back to a very lucrative high street bank position.

https://www.gov.uk/government/news/ian-ackerley-reappointed-as-nsi-chief-executive

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6 minutes ago, Democorruptcy said:

Ian Ackerley was appointed NS&I CEO in 2017 and re-appointed last year. He previously worked at Barclays retail.

Doing things like blocking long standing NS&I early withdrawal options is something to make NS&I look a bit less appealing. I suspect after his time decimating NS&I, he will go back to a very lucrative high street bank position.

https://www.gov.uk/government/news/ian-ackerley-reappointed-as-nsi-chief-executive

Yep, quite possibly. I just called them and for anyone else wondering they confirmed that they are not doing this with the index linkers but they are doing it with the guaranteed growth bonds.

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