NSI Easy Access Savings Account

colin79666

Anyone have one of these accounts?

I'm thinking of opening one as I've been burned by the Icesave situation and am a bit worried my savings in another institution are not exactly safe.

Would like to know such thing as how long does it take to open an NSI account and in general how you find it. I've noticed the interest rates aren't great but in comparison to many over the counter savings accounts are actually not bad and there's a good bit more security with NSI.

RayWolfe

If you HAVE to have an over the counter account, this one is quite good and very safe if that worries you. (I say that because I think all savings accounts will be safe.) However the interest rate is not keeping up with inflation.
The only downside is, drawing money out at the Post Office on a Thursday morning, when the pensioners are fighting each other (with sticks & motorised scooters) to maintain their position in the queue!!

North_Sea_Bubble

I have one. Took a couple of days to open.
Good:
'All' cash 100% safe (guaranteed by treasury).
Good customer service.
LINK ATM card.
Deposits can be made by other banks internet site or debit card.
Bad:
Uncompetive tiered interest rate.
NS&I not a clearing bank so transfers in/out take days more then between 2 clearing banks.
Interest paid gross, so the tax-man wants his cut at year end, so more papaer work involved.

Basically, it's trade off between security/simplicity and chasing best interest rate and maximum accessibility.

I opened mine after Northern Crock and feared the coming storm. I already had max current NS&I Index-Linked Tax Free certificates. I'll probably move the money into accounts with higher iterest rates once the de-leveraging process completes.

colin79666

Thanks for the replies.
Opened an account today as I'd rather have some savings that are accessible immediately and that are safe. I've looked into the tax aspect and it seems it can put into the tax code and taken off with the other income tax through the PAYE system so at least no horrible long tax return forms!