NS&I certificates

gt94sss2

Now Citibank are complaining that the certificates are too good a deal..

Regards
Sunil

JamesU

gt94sss2 wrote: »

Now Citibank are complaining that the certificates are too good a deal..Regards Sunil

Hopefully, the Government and Treasury do not pay much attention to recommendations from Citigroup.

That said, there are some interesting (and possibly valid) points made in the whinge-article. In particular, the following is amusing but also has some truth to it:

"They have, in effect, become a form of welfare for upper income savers," said the bank."

In an ideal world when the the supply of certificates is limited due to high demand, I would prefer a preferential system to offer index linked certificates to protect pensioners savings as first priority, rather than savings for 40% taxpayers. But difficult to administer such a system, and divisive issues over fairness would probably arise, so guess this is unlikely ever to happen.

JamesU

molerat

Applied 31 May, signature letter arrived 4 Jun so just waiting for the certificate now. Hope it will be soon as a fixed rate is ending 12th so funds should be in my account shortly after for another one.

TheMatrix_2

masonic wrote: »

I'm doing rather well then since my letter turned up today as well, but I didn't apply until the 20th May.

It took about a week from sending the signature form back to getting the certificate.

adindas

I got my letter today to sign with self addressed envelope. Nothing mentioned about prove of address. I will return it tomorrow and will see how long will it take until I get my certificate.

LeifGR

Applied 27/5.
Money taken 28/5.
Signature letter arrived 8/6.

Seems not to be a consistent pattern...but hey, they have been surprised by the uptake.

ManAtHome

gt94sss2 wrote: »

Now Citibank are complaining that the certificates are too good a deal..

Regards
Sunil

Wow, Abramovich is probably queueing right now to stick 15k in...

Really surprising that that the banksters think that around 3% is "too good" for us plebs (and looks like Merv "check out my loadsa-flation pension increase you min-wage twonks" King agrees)

Hope you're ok me quoting you Sunil - not shooting messenger, but yours was the only quote from the socially useless w@nk-batards...

wading_through_treacle

I'm looking at these but we're saving for a deposit on a house - maybe next year, maybe the year after. What's the deal if you take your money out during the first year? Or is that just not possible?

castle96

wading

up to 1 yr, you get all money back. no fees, no interest

MarkyMarkD

JamesU wrote: »

Hopefully, the Government and Treasury do not pay much attention to recommendations from Citigroup.

That said, there are some interesting (and possibly valid) points made in the whinge-article. In particular, the following is amusing but also has some truth to it:

"They have, in effect, become a form of welfare for upper income savers," said the bank."

In an ideal world when the the supply of certificates is limited due to high demand, I would prefer a preferential system to offer index linked certificates to protect pensioners savings as first priority, rather than savings for 40% taxpayers. But difficult to administer such a system, and divisive issues over fairness would probably arise, so guess this is unlikely ever to happen.

JamesU

But NS&I are offering these to raise money, not as the imagined "way to give savers a good return" that some are saying.

As I've pointed out before, NS&I's interest is coming straight out of taxpayers' pockets. If they pay too much - and they are doing, by offering equivalent rates for higher rate tax payers of well over 10% - then that is taxpayers' money being wasted in the form of a subsidy to higher rate taxpayers.