NS&I Certs now withdrawn...

Ark_Welder

oldvicar wrote: »

I was recalling reading the Daily Telegraph, 20 August 2011. Found it again and it says sales of ILSCs were £6.5bn in the first 2 month:

http://www.telegraph.co.uk/finance/personalfinance/savings/8711424/The-safe-investment-that-beats-all-comers.html

Interesting. That is the same figure that NS&I released as the gross total receipts for sales of all their products in the first quarter.

http://www.nsandi.com/nsi-provisional-q1-2011-12-results

Haven't found a breakdown of individual products anwhere. Be interesting to know (well, for me it would!!).

Sceptic001

I'm guessing they won't be offering a very attractive rollover rate on their 4.25% 2-year fixed rate bonds which mature in October?

oldvicar

I think it safe to assume the newspaper got it wrong! But the general point, that they can and probably have sold more than £4bn gross of ILSCs and stay within funding targets (£2bn +/- £2bn) by reducing holdings of other products applies.

oldvicar

Sceptic001 wrote: »

I'm guessing they won't be offering a very attractive rollover rate on their 4.25% 2-year fixed rate bonds which mature in October?

I guess not too.

These are 'bonds' not 'certificates' are they ... because I believe that 'certificates' could be reinvested in the index linkers which are no longer on general sale.

Sceptic001

oldvicar wrote: »

I guess not too.

These are 'bonds' not 'certificates' are they ... because I believe that 'certificates' could be reinvested in the index linkers which are no longer on general sale.

Sadly no. They were called Guaranteed Growth Bonds - fixed term accounts with taxable interest.

marms

oldvicar wrote: »

I was recalling reading the Daily Telegraph, 20 August 2011. Found it again and it says sales of ILSCs were £6.5bn in the first 2 month:

http://www.telegraph.co.uk/finance/personalfinance/savings/8711424/The-safe-investment-that-beats-all-comers.html

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.

If there were 500,000 transactions then they must've been for an average of £13,000 for the £6.5bn sales. Considering the article quotes this for the first 2 months and the certificates were on sale for 4 months then the figures don't add up for a £15,000 maximum investment.

nrsql

I thought all the big users had probably maxed as soon as they came out and they would be getting dribs and drabs now and leave it running to benefit the small saver - obviously not.
If thought they would have been pulled long ago if they were going to - like in the first month.

Means they can't issue another one with the same conditions without immediately picking up a big intake.

gadgetmind

nrsql wrote: »

I thought all the big users had probably maxed as soon as they came out and they would be getting dribs and drabs now and leave it running to benefit the small saver - obviously not.

A lot of people will have had the funds in various fixed term accounts to get better interest, so won't have been able to hit this window.

RobStaffs

RPI now up to 5.2%..Glad me and my wife purchased our full amount of certificates when they came on the market.At least this is one good decision I have made with my money recently:o

gadgetmind

RobStaffs wrote: »

RPI now up to 5.2%..Glad me and my wife purchased our full amount of certificates when they came on the market.At least this is one good decision I have made with my money recently:o

We also got four between the two of us (and one for daughter) and am glad to have a few bob in something boring for a change. With these ILSC, you might die of boredom, but you won't die in poverty.