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

Consumerist

pocketstrings wrote: »

Also, what if you only cash in a bit? What happens to the amount you leave in?

The remaining value of the certificate continues as if it were a separate certificate. You only lose indexing and fixed interest on what you cash in.

Old_Slaphead

pocketstrings wrote: »

Also, what if you only cash in a bit? What happens to the amount you leave in?

Don't think you can cash in part of a certificate.

Best when taking out one of these (IMO) is to split deposit into smaller amounts then you use it as say, a monthly/quarterly income option.

Consumerist

Old_Slaphead wrote: »

Don't think you can cash in part of a certificate.

Yes you can.

Edit

Partial encashments

42. Part of the current value of a Certificate may be cashed in or reinvested as in paragraphs 35 to 41, 43 and 44. The value repaid or reinvested will be made up of part of the purchase price of the Certificate, together with any index-linking and interest that part has earned. A replacement certificate of investment, showing the original date of purchase and the balance of the purchase price remaining, will be issued.

This is an extract of the Ts & Cs for last year's issue but I have assumed that it will still apply to this year's.

Svenena

Consumerist wrote: »

Yes you can.

This is an extract of the Ts & Cs for last year's issue but I have assumed that it will still apply to this year's.

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I have the new T & Cs in front of me, and they contain the exact same clause (although refer to different paragraphs).

dtsazza

grumpycrab wrote: »

Anybody had any luck with Santander? NSI sent me an email to say "your card issuer could not process the debit card transaction."

I made a payment from a Santander account on Tuesday, which was taken out of my account on the Thursday. This was only £1,000 though, due to lack of capital, so I can't say how a £15,000 payment may have done.

dtsazza

Old_Slaphead wrote: »

Don't think you can cash in part of a certificate.

Best when taking out one of these (IMO) is to split deposit into smaller amounts then you use it as say, a monthly/quarterly income option.

The tricky thing about that latter approach, if you haven't bought NS&I certificates before, is that you'll need to wait until your first application has been completely processed in order for you to known what your customer ID is.

If this takes two or three weeks due to high demand, there's a non-trivial risk that the issue will have sold out by then.

(Asides from which, this is unnecessary since certificates can be part-cashed in, as pointed out above.)

Old_Slaphead

dtsazza wrote: »

The tricky thing about that latter approach, if you haven't bought NS&I certificates before, is that you'll need to wait until your first application has been completely processed in order for you to known what your customer ID is.

If this takes two or three weeks due to high demand, there's a non-trivial risk that the issue will have sold out by then.

(Asides from which, this is unnecessary since certificates can be part-cashed in, as pointed out above.)

Mea culpa - I didn't know about part encashment & accept that my strategy was unnecessary. Thanks to you & Consumerist for pointing it out.

Wammer

We currently have 6 LTSB Vantage accounts between us each with £5300. Would this money now be better in NS&I certificates?

I understand from reading the posts here that we could just apply for one account each as you can make partial withdrawals. How long typically would it take to get the funds if you made a withdrawal?

Is it worth leaving the 6 Vantage accounts open with £300 in each or would it be better to closed those accounts?

grumpycrab

Wammer wrote: »

We currently have 6 LTSB Vantage accounts between us each with £5300. Would this money now be better in NS&I certificates?

I understand from reading the posts here that we could just apply for one account each as you can make partial withdrawals. How long typically would it take to get the funds if you made a withdrawal?

Is it worth leaving the 6 Vantage accounts open with £300 in each or would it be better to closed those accounts?

Lots of questions there. For starters if you have 7 Vantage accounts is the sum of £5300 correct?

Wammer

grumpycrab wrote: »

Lots of questions there. For starters if you have 7 Vantage accounts is the sum of £5300 correct?

6 Vantage accounts between 2 people = £15900 per person.