NS&I Index Linked Certs closed for new applications

le_loup

eegg7777 wrote: »

Today I registered a formal complaint to NS&I for the withdrawal of their Index-linked certificates.

You seem not to understand what NS&I is for.
It is to raise money for the exchequer at the lowest possible cost and for the amount required. It is not for philanthropy.
Sad to say, they have met their terms and pulled the plug. When they need more money, they will be back, meanwhile the money that you have with them remains on the same terms you bought them for.

balf

eeg_7777 wrote: »

Today I registered a formal complaint to NS&I for the withdrawal of their Index-linked certificates.

.

NS&I are effectively agents for the government. In the present situation do you expect them to do you favours.

Let us be thankful for our free bus passes, free tv license and fuel payments. All are vulnerable and could be removed.

Let us know when you get the IL certificates reinstated.

David.

missile

I suspect NS&I have come under increasing pressure from the w.ankers.

eegg7777

cvd wrote: »

I seem to remember NS&I used to offer certificates which were only open to people above retirement age. So that is a compromise you could suggest.

That is exactly what I suggested in my complaint.

You are correct: according to Wikipedia, "The certificates used to be known as "Granny Bonds" because they were originally only available to savers who were over the retirement age".

Perhaps if enough of us oldies complain, NS&I may re-open the product for pensioners.

Sceptic001

eegg7777 wrote: »

Perhaps if enough of us oldies complain,
NS&I may re-open the product for pensioners.

Wouldn't that be age discrimination? :eek: :rotfl:

le_loup

eegg7777 wrote: »

You are correct: according to Wikipedia, "The certificates used to be known as "Granny Bonds" because they were originally only available to savers who were over the retirement age".

Trust Wikipedia!
The INFLATION LINKED BONDS were never the granny bonds. It was the fixed rate bonds that were only available to grannies.

Sceptic001

le_loup wrote: »

Trust Wikipedia!
The INFLATION LINKED BONDS were never the granny bonds. It was the fixed rate bonds that were only available to grannies.

No, Wikipedia is correct. "Granny bonds" were introduced in the 1970s when inflation was rampant.

dunstonh

There was the pensioner bond which was not inflation linked. Is that what you were referring to?

Miss.Moneypenny_3

alanq wrote: »

"On maturity, existing Savings Certificate customers can continue to rollover their investment into the same Issue they currently hold. They can also reinvest into any of the Savings Certificate terms and Issues – either the 3 or 5 year Issue of Index-linked Savings Certificates or the 2 or 5 year Issue of Fixed Interest Savings Certificates – regardless of which Savings Certificate they currently hold.

However, as Savings Certificates have been withdrawn from general sale, customers who have invested in other NS&I products will not be able to reinvest their money into Savings Certificates."
http://www.nsandi.com/press-room/press-releases/pr201018

So does that mean that I can reinvest a maturing fixed interest savings certificate into a index linked one even though they are not available at the moment, as that was the only reason I invested in it in the first place.

le_loup

dunstonh wrote: »

There was the pensioner bond which was not inflation linked. Is that what you were referring to?

Yep, that's the one. Proper name "National Savings Pensioners Guaranteed Income Bonds".
Maybe inflation linked and fixed rate were both restricted to pensioners at one time. Thus the confusion.