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MSE News: NS&I launches new fixed savings bonds but how do they stack up?
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Former_MSE_Karl
Posts: 175 Forumite
Government-backed savings provider NS&I has today launched fixed savings accounts allowing savers to deposit up to £1 million. Both its headline deals are beaten by others on the market though...
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'NS&I launches new fixed savings bonds but how do they stack up?'
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'NS&I launches new fixed savings bonds but how do they stack up?'
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Thanks RG2015. I've let them know about our story on there.Could you do with a Money Makeover?
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Thanks Andrea,
My post was just a little tongue-in-cheek but there are some good posts on the thread.0 -
No worries
Could you do with a Money Makeover?
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Ok, so 1.5% for 1 year, 2.2% for 3 years, but take your money out anytime for 90days loss of interest.
So if you want to invest for a year, surely: invest for 3-years, take your money out early after 12 months and earn 9 months interest at 2.2% - which equates to 1.65%, in other words 10% higher return than the 1-year deal.
Is my maths wrong or theirs????0 -
Ok, so 1.5% for 1 year, 2.2% for 3 years, but take your money out anytime for 90days loss of interest.
So if you want to invest for a year, surely: invest for 3-years, take your money out early after 12 months and earn 9 months interest at 2.2% - which equates to 1.65%, in other words 10% higher return than the 1-year deal.
Is my maths wrong or theirs????
There may be an issue if tax is due on your interest (which will depend on your total income and your savings income).
I believe that this was discussed some time ago. As I recall the penalty is equivalent to 90 days interest so you do not lose interest as such. You earn the 90 days interest and potentially pay tax on it but then you pay a penalty equal to to the gross amount.
Please correct me if I have got this wrong.0
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