NS&I Certs now withdrawn...

tushingham

just received an email:

As you’ve registered to receive updates from NS&I, I’m writing to let you know that all current Issues of NS&I Savings Certificates were withdrawn from general sale at close of business on 6 September 2011.

The latest Issues of Savings Certificates had been on sale for almost four months (since 12 May 2011) and have been very popular. When we launched the Issues we expected the amount invested to be substantial, and our expectations have now been met.

We’re sorry if you haven’t been able to invest on this occasion, but we will contact you again as soon as the next Issues go on general sale.

cepheus

Jane Platt, chief executive of NS&I, said: 'During the almost four months that savings certificates have been on sale, there have been approaching 500,000 transactions into the latest Issue of index-linked savings certificates.

'Over this period, we've seen significant amounts of money invested into these products. To ensure that we do not exceed the upper end of our net financing target range, we've taken the decision to withdraw savings certificates from general sale at this point.

'The volume of sales over the past few months is such that our forecasts show we were at risk of exceeding the top end of the net financing range, so we needed to take action to reduce sales.'

The next time the bonds could return is May 2012 - some eight months away - but the decision will depend on whether the Government wants to raise more money from Britain's savers.

The only other time the bonds were withdrawn was in in July 2010, when inflation threw savers into a mad rush to snap up the 'linkers'

Read more: http://www.thisismoney.co.uk/money/saving/article-2034575/NS-I-index-linked-savings-certificates-withdrawn-sale.html#ixzz1XFuPfU69

le_loup

Bad news that.

Masomnia

Gilt yields were recently at their lowest for over a century. The government don't need our money!

cepheus

Don't they need to placate the rich for political reasons?

oldvicar

More to the point they have to be seen to sell some index-linked products from time to time, to give the market 'confidence' that they have a commitment to keeping the lid on inflation, and hence be able to finance the bulk of their requirements at the record low fixed coupon terms we have at the moment

NotSoWise

I heard that only closed to new customers but those already holding can still top up. Is this true?

Sceptic001

NotSoWise wrote: »

I heard that only closed to new customers but those already holding can still top up. Is this true?

Existing holders can re-invest maturing certificates, but cannot subscribe new funds.

gadgetmind

Sceptic001 wrote: »

Existing holders can re-invest maturing certificates, but cannot subscribe new funds.

Drat. We have five certs, and daughter's isn't maxed out, and we were going to top it up for her 18th. Ah well.

MoneySaverLog

Drat, I was going to top this up after I put my years subscription into my ISA

gadgetmind

MoneySaverLog wrote: »

Drat, I was going to top this up after I put my years subscription into my ISA

What a pair of drats we are.