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NS&I index linked: T&C will change on 20/09/2012!

freebeer
freebeer Posts: 13 Forumite
in ISAs & tax-free savings
I just read in a public notice from NS&I in a newspaper today that their Terms & Conditions will change on the 20th of September. Apparently there will be a loss of interest penalty for people who cash in early.

The only info about it I could find on the NS&I website is a crappy video on this page:
www{dot}nsandi{dot}com/savings-index-linked-savings-certificates
("Important Changes" on the right)
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Comments

  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    Excellent spot, thanks freebeer.

    http://www.nsandi.com/changes

    The ILSC changes are in http://www.nsandi.com/changes-indexlinkedsavingscertificates. 90 days interest loss if cashing in early, but also other changes.
  • zerog
    zerog Posts: 2,478 Forumite
    So does this mean they are planning on releasing a new issue on 20 September??

    Won't be a problem for me until 2016.
    Will the changes affect me?
    Yes, if you:
    have any existing NS&I fixed term investments that mature on or after 20 September 2012, and you decide to renew them
  • freebeer
    freebeer Posts: 13 Forumite
    Thanks for the link to the detailed page.

    Maybe time to cash in before the changes come into effect...
  • freebeer
    freebeer Posts: 13 Forumite
    Will the changes affect me?
    Yes, if you:
    have any existing NS&I fixed term investments that mature on or after 20 September 2012, and you decide to renew them

    Ah, so that means that the changes won't affect existing investments?
  • Stompa
    Stompa Posts: 8,392 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    freebeer wrote: »
    Ah, so that means that the changes won't affect existing investments?
    It would appear so:

    http://www.nsandi.com/changes-indexlinkedsavingscertificates

    If you have an existing Index-linked Savings Certificate, don’t worry. The changes will only affect you if your Certificate matures on or after 20 September 2012, and you choose to renew it for a further term.
    Stompa
  • grey_gym_sock
    grey_gym_sock Posts: 4,508 Forumite
    zerog wrote: »
    So does this mean they are planning on releasing a new issue on 20 September??

    i doubt it. it will apply to reinvestments of maturing certificates from 20 september, so it's not a meaningless change anyway.
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    "And you’ll lose the index-linking on your whole Certificate for the investment year in which you cash in."

    Ouch
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • kar999
    kar999 Posts: 708 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Post in the Guardian

    http://www.guardian.co.uk/money/2012/aug/15/nsi-early-withdrawl-penalties
    If the ball had gone in the net it would have been a goal.
    If my Auntie had been a man she'd have been my Uncle.
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    It's ok, folks, TeamGB got 65 medals in the Olympics.
  • MiserlyMartin
    MiserlyMartin Posts: 2,289 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 21 September 2012 at 12:24AM
    innovate wrote: »
    It's ok, folks, TeamGB got 65 medals in the Olympics.

    Yes we have to pay the governments bills somehow. So that's rendered the NS&I useless, even if they ever do enter a new issue.
This discussion has been closed.
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