MSE News: NS&I revives inflation-beating savings certificates

heather8

whu wrote: »

That is wrong - check out posts 142 and 143 - you will see you have 5,35% plus whatever the gauranteed sum is for the first of the 5 years - the rate is tiered -so you would have got over £900!!!

Yes your starting point would be 232.5

Thanks for checking out my post. I have gone back to the posts you have suggested and realise now that I need to divide one set of points by the other, but then how do you convert it to a percentage please.

Consumerist

jegjeg wrote: »

But the address printed on the application form . . . is not the same as the address given in the application instructions. Which is the correct address?

Correct address:
Savings Certificates, National Savings and Investments,
FREEPOST GW3276, Glasgow, G58 1BR.

ILSC application form (pdf) from NS&I can be found <here>.

JoeCrystal

SallyG wrote: »

NS&I say :
"We accept Maestro, Switch, Visa Debit or MasterCard Debit. The debit card must be in your name issued by a UK bank. We’ll start processing your payment as soon as we receive your card details, so please make sure you have enough money in your account when you apply."
So I moved in enough to cover it - my bank have confirmed the payment's been authorised - having so much dosh in my current account makes me twitchy about fraud- how long will it take NS&I to complete the deal/ for the money to exit my current account?

Someone mentioned earlier in this thread that they take it straight away. I can understand why you are twitching though. I also transferred goody sum of money into Lloyds TSB current account and then applied on-line for Index-linked Savings Certificates.

I knew something was up when they did not take the money straight away on last Thursday and today, three days later. There was a call from Lloyds TSB saying that the payment was declined!

Will go into Lloyds TSB branch to enquire about the payment as well, email NS&I about the fate of my application form now and see if I need to apply again!

ed123 wrote: »

...just a little warning re those applying using their Lloyds account....I had an automated call from them today,,,I rang back and they have declined my debit card payment to NS&I,,,I told them to lift the block and subsequently rang NS&I who said I should have got an e mail saying the application was rejected( and would not try to take the money again using the same application),,,,no e mail,,,,they said I should apply again,,,,now I am worried about double payment been taken

Thanks ed123 for your post. I was wondering if I am only me!

noh

Hereward wrote: »

My guess is that you've downloaded the wrong application form (Fixed Interest Account rather that Index-linked Saving Certificates).

Here is the correct one

http://www.nsandi.com/files/asset/pdf/ilsc-application-invest.pdf

Sceptic001

heather8 wrote: »

Thanks for checking out my post. I have gone back to the posts you have suggested and realise now that I need to divide one set of points by the other, but then how do you convert it to a percentage please.

The simplest calculation is to divide the 2011 RPI figure by the 2010 RPI figure. The result is a muliplier.
So 232.5 / 220.7 = 1.0535 (to 4 decimal places)
Capital: £15k * 1.0535 = £15802.50

Of course you also have to add the fixed interest element, which will be another 0.25% for 2011 purchases.

Alternatively, you can use the NS&I calculator, which will do it all for you.

Consumerist

heather8 wrote: »

Thanks for checking out my post. I have gone back to the posts you have suggested and realise now that I need to divide one set of points by the other, but then how do you convert it to a percentage please.

Indexing = 100 x (232.5 - 220.7) / 220.7 = 5.35%

Fixed interest (yr1) = 0.85%

Total = 6.20% tax free. (Edit: £15,930)

whu

heather8 wrote: »

Thanks for checking out my post. I have gone back to the posts you have suggested and realise now that I need to divide one set of points by the other, but then how do you convert it to a percentage please.

The posts by Scep and Con beat me to it!!!:)

Svenena

JoeCrystal wrote: »

Someone mentioned earlier in this thread that they take it straight away. I can understand why you are twitching though. I also transferred goody sum of money into Lloyds TSB current account and then applied on-line for Index-linked Savings Certificates.

I knew something was up when they did not take the money straight away on last Thursday and today, three days later. There was a call from Lloyds TSB saying that the payment was declined!

Thanks ed123 for your post. I was wondering if I am only me!

Damn, think this may have happened to me too then, as the money hasn't gone since I applied on Thursday afternoon. Seems to be a Lloyds thing. They haven't called yet though. I might give them a ring, although I guess I may have to wait until tomorrow now.

Consumerist

The banks and building societies are complaining that they can't compete with this new NS&I issue. I'm starting to wonder whether this declining of payments is deliberate.

JamesU

lisyloo wrote: »

I would have but my job is currently at risk so I'm holding fire. If I find out next week I still have a job, then I will get some ASAP.

Fingers crossed on the work front, hope it is a good outcome.

JamesU