NS&I Investment Account

shabbagaz · 18 June 2013 at 7:18PM

Apologies if I seem a tad confused/clueless with this!

My parents set up an NS&I Investment Account for me in Aug 1984 when I was 4 months old - they deposited £5 when they first opened it then another £5 in June 1985 (then nothing after that... grrr!

).

Anyway, my Dad gave me my passbook about 10 years ago and I just shoved it in my drawer and thought nothing of it. Then, after hearing about My Lost Account, I decided to get it investigated to see how much would be in it etc.
They (NS&I) found my account and got everything verified etc and today I got my passbook back along with a letter informing of all the changes that were implemented last year (i.e no longer use passbooks etc).

They've not actually said how much is in the account so I have a few questions...

* Does anyone have an idea how much would be in the account after all these years? I appreciate this might be impossible to answer though and I doubt its much!

* Is it worth keeping my investment account open and actually start using it again to deposit money?

* Could it be worth switching to a 'Direct Saver' account?

* I have an Instant Access Savings Account with my bank as part of my normal bank account. Are my savings better off in there or would it be more beneficial to have my savings in my NS&I Investment Account or NS&I Direct Saver account?

I appreciate any help and advice.

Lansdowne · 18 June 2013 at 8:22PM

The current interest rate is 0.75% which is not thrilling is it?
http://www.nsandi.com/savings-investment-account

There are very few ways to use the account since the changes (you can no longer use the Post Office, it is described as a "postal only" account) meaning it is useless for most people who had these accounts originally. Part of the marginalizing of National Savings I'm afraid.

helptoyou · 19 June 2013 at 6:05AM

shabbagaz wrote: »

Apologies if I seem a tad confused/clueless with this!

My parents set up an NS&I Investment Account for me in Aug 1984 when I was 4 months old - they deposited £5 when they first opened it then another £5 in June 1985 (then nothing after that... grrr! ).

Anyway, my Dad gave me my passbook about 10 years ago and I just shoved it in my drawer and thought nothing of it. Then, after hearing about My Lost Account, I decided to get it investigated to see how much would be in it etc.
They (NS&I) found my account and got everything verified etc and today I got my passbook back along with a letter informing of all the changes that were implemented last year (i.e no longer use passbooks etc).

They've not actually said how much is in the account so I have a few questions...

* Does anyone have an idea how much would be in the account after all these years? I appreciate this might be impossible to answer though and I doubt its much!

* Is it worth keeping my investment account open and actually start using it again to deposit money?

* Could it be worth switching to a 'Direct Saver' account?

* I have an Instant Access Savings Account with my bank as part of my normal bank account. Are my savings better off in there or would it be more beneficial to have my savings in my NS&I Investment Account or NS&I Direct Saver account?

I appreciate any help and advice.

1) Why dont you ask them how much is in the account !!

2) No

3) YES

4) Depends if the rate is better than the direct saver see link below for best instant access savings accounts.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

shabbagaz · 19 June 2013 at 8:27AM

helptoyou wrote: »

1) Why dont you ask them how much is in the account !!

2) No

3) YES

4) Depends if the rate is better than the direct saver see link below for best instant access savings accounts.

I was only asking for a bit of advice - no need for the rude, snotty attitude!
Your username is ironic if you take that kind of attitude with anyone else.