DITCH YOUR NATIONAL SAVINGS ORDINARY ACCOUNT
MSE_Martin
Posts: 8,272 Money Saving Expert
I've just received this press release from National Savings. If you have an ordinary account it's time to grab the money. Though I would've bother putting it in the account they recommend, if you want decent interest. Instead read Best Savings Account Article
Below is their press release. REMEMBER this is their view, not mine, it is a press release therefore it has their spin on it - read it with a pinch of salt (not literally obviously as that'd be silly and you'd get grains everywhere, but you get the point)
___________
"29 June 2004
PR_167_04 Four weeks notice
ORDINARY ACCOUNT CLOSES IN FOUR WEEKS
NS&I urges customers to make the switch
Customers still transacting on the Ordinary Account should take action now to ensure they transfer their savings before 31 July 2004, says National Savings and Investments (NS&I), the government backed savings and investments organisation that has run the account since 1861.
From 1 August, Ordinary Account customers will not be able to make deposits or withdrawals over the counter at Post Office(tm) branches or by post with NS&I, except to transfer their funds to a different account or close the account.
In January 2004, NS&I launched the Easy Access Savings Account in place of the Ordinary Account in response to changing customer needs, offering increased access and consistent and competitive interest rates. Ordinary Account customers must now decide if they want to transfer to the new account or NS&I's Investment Account or to simply close their Ordinary Account.
There are over 11.9 million Ordinary Accounts in the UK, worth around £214 million, which have not been used for over two years, as well as over 250,000 accounts that are being used regularly by customers countrywide. NS&I customers can come forward and claim their lost or forgotten savings even if they no longer have their passbook or have not used the account for years. (See notes to editors)
Customers can transfer to the Easy Access Savings Account or the Investment Account by obtaining a transfer form from their local Post Office(tm) branch or calling NS&I on 0845 366 6667.
To close their account customers should request a closure form (NSA5MA) from a Post Office(tm) branch or telephone 0845 366 6667. The completed form should be sent with their passbook to: National Savings &Investments, Glasgow G58 1SB.
Ends
Notes to Editors
To claim lost or forgotten savings, with or without account passbooks, customers should contact NS&I and ask for a Tracing Service form or download a copy from the website at https://www.nsandi.com . Call 0845 964 5000 for further information.
National Savings and Investments is an Executive Agency of the Chancellor of the Exchequer.
If, for any reason, customers can not transfer their account before 31st July their money will remain 100% safe and available to transfer at any time in the future."
Below is their press release. REMEMBER this is their view, not mine, it is a press release therefore it has their spin on it - read it with a pinch of salt (not literally obviously as that'd be silly and you'd get grains everywhere, but you get the point)
___________
"29 June 2004
PR_167_04 Four weeks notice
ORDINARY ACCOUNT CLOSES IN FOUR WEEKS
NS&I urges customers to make the switch
Customers still transacting on the Ordinary Account should take action now to ensure they transfer their savings before 31 July 2004, says National Savings and Investments (NS&I), the government backed savings and investments organisation that has run the account since 1861.
From 1 August, Ordinary Account customers will not be able to make deposits or withdrawals over the counter at Post Office(tm) branches or by post with NS&I, except to transfer their funds to a different account or close the account.
In January 2004, NS&I launched the Easy Access Savings Account in place of the Ordinary Account in response to changing customer needs, offering increased access and consistent and competitive interest rates. Ordinary Account customers must now decide if they want to transfer to the new account or NS&I's Investment Account or to simply close their Ordinary Account.
There are over 11.9 million Ordinary Accounts in the UK, worth around £214 million, which have not been used for over two years, as well as over 250,000 accounts that are being used regularly by customers countrywide. NS&I customers can come forward and claim their lost or forgotten savings even if they no longer have their passbook or have not used the account for years. (See notes to editors)
Customers can transfer to the Easy Access Savings Account or the Investment Account by obtaining a transfer form from their local Post Office(tm) branch or calling NS&I on 0845 366 6667.
To close their account customers should request a closure form (NSA5MA) from a Post Office(tm) branch or telephone 0845 366 6667. The completed form should be sent with their passbook to: National Savings &Investments, Glasgow G58 1SB.
Ends
Notes to Editors
To claim lost or forgotten savings, with or without account passbooks, customers should contact NS&I and ask for a Tracing Service form or download a copy from the website at https://www.nsandi.com . Call 0845 964 5000 for further information.
National Savings and Investments is an Executive Agency of the Chancellor of the Exchequer.
If, for any reason, customers can not transfer their account before 31st July their money will remain 100% safe and available to transfer at any time in the future."
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
0
Comments
-
"Call 0845 964 5000 for further information."
Better still, use their freephone number: 01253840005
or
the geographical number: 0845 96450000 -
Tried to be too clever there and botched it up!
Numbers are:
Geographical - 01253840005
Freephone - 0500007007
:-[0 -
Or, if you haven't opened an ISA yet, you could put up to 3k in the N S & I ISA, from today the interest rate is 4.20 %
I want to be a good saver, but I find it difficult to control my temptation to spend
.
I owe £1,247 more than I have in savings
.
.0 -
There are quite a few better ISAs.I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.
If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.
Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?0 -
I've just received this press release from National Savings. If you have an ordinary account it's time to grab the money. Though I would've bother putting it in the account they recommend, if you want decent interest. Instead read Best Savings Account Article
If you say you wouldn't recommend the account they recommend may I ask why?
I presume they recommend the easy access savings account.
The (paid gross) rates on this are as follows:
£100 - £999 1.75%
£1,000 - £4,999 3.25%
£5,000 - £9,999 3.55%
£10,000 - £24,999 3.80%
£25,000 - £49,999 4.05%
£50,000 + 4.30%
(Sorry can't line up column 2!)
I have to say that on anytghing over £25,000 it is very competitive and certainly beats the likes of smile who pay 3.75% on all savings.
And no need to worry about £35,000 limit on investor protection as it is 100% guaranteed by the government. I am sure we can trust Blair on this, if nothing else!
0 -
Cahoot pays 5.5%.I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.
If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.
Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.9K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards