Updating interest on a National Savings account

MarzipanFish

I recently came across the book for an investment account in my name. It's not been updated since 1995


I was a bit annoyed after queueing in the post office to discover that they don't update them there anymore and I have to post my book off (with a return SAE). 2 stamps and a few days wait just to find out how much of my money they have. Is that standard practice or just my post office?

While I wait, does anyone know where I can find old interest rates to see how much is likely to be in it now? I can't find it on their website. Even guestimates would be useful because I have very little idea of what interest rates were between about 95 & 05 when i was 6-16

And finally; in 1995 it had £500 in. Can anyone suggest a better place of keeping it?

I'm reading up, but a guiding hand would be useful

JoeCrystal

Well, Investment Account interest are paid in gross so...

ISA maybe?

Lansdowne

Is it standard practice to need to post your book of? Yes it is, and it always has been. The interest can only be added at head office.

MarzipanFish

Lansdowne wrote: »

Is it standard practice to need to post your book of? Yes it is, and it always has been. The interest can only be added at head office.

Oh ok, it's just the stamps in my book are all the name of my local post office so i thought all the updates in there must have been done by them.

Bit inconvenient though seeing as it's just a balance check, not an actual transfer of funds. Ah well, i'll stop complaining for a bit!

Any

Not only that, but as from 1st April you cannot pay money in at the Post Office any more either... You have to send cheque or do bacs or call them.
I've just received letter advising me of that.

As for NS&I - shall I keep it there??

That really depends... NS&I are not paying the best rates, however it is THE SAFEST place to have your money at. If you are not willing to take the risk of putting it elsewhere (though £500 would be protected by law anyway - anything up to £50k at any single institution - be carefull who counts as separate institution though as most of them are grouped) then leave it at NS&I and just pick the most earning account..

brewerdave

Investment accounts always had to be sent off to be updated but the old bog standard P.O Savings books were done at the branch.