NS&I account - worth hanging on to?

Twinkle223

Does anyone know if there's any likelihood that NS&I bank (i.e. the Post Office savings account) might float? I have about £200 sitting there that I could really use, having been out of work for a few months, but I lost out on a windfall many years ago by closing an old Northern Rock savings account only months before they announced a float... sorry if this post appears to be very ignorant, but any advice from more savings-savvy Forumites would be very welcome.

Many thanks in advance!

dr_adidas01

Twinkle223 wrote: »

Does anyone know if there's any likelihood that NS&I bank (i.e. the Post Office savings account) might float? I have about £200 sitting there that I could really use, having been out of work for a few months, but I lost out on a windfall many years ago by closing an old Northern Rock savings account only months before they announced a float... sorry if this post appears to be very ignorant, but any advice from more savings-savvy Forumites would be very welcome.

Many thanks in advance!

NS&I hasn't been part of the post office since 1969 its an executive agency of the chancellor of the exchequer.

So unless the chancellor decides to sell it off to someone which is probably unlikely then no one will know until he decides too!! Even if he doe's decide to sell it, there's no guarantee that you will get a windfall of any kind!!!

Twinkle223

Thanks for the prompt reply. I only refer to it as the PO account as that's where I set it up (quite some years after 1969!) but I was sure I'd heard a rumour that it was going to be floated. Hopefully other people as well as myself have been helped by this info

System

The reason people do with Building Societies etc is that they own a share of those organisations by being savers/borrowers.

NS&I is owned by the UK Government, so you won't get anything simply by being a saver.

At least you can get your hands on the money though!

Twinkle223 wrote: »

Does anyone know if there's any likelihood that NS&I bank (i.e. the Post Office savings account) might float? I have about £200 sitting there that I could really use, having been out of work for a few months, but I lost out on a windfall many years ago by closing an old Northern Rock savings account only months before they announced a float... sorry if this post appears to be very ignorant, but any advice from more savings-savvy Forumites would be very welcome.

Many thanks in advance!

ColdIron

If you need the cash then take it but why not just keep the account open by leaving a pound in it as it may come in handy in the future for something. NS&I can take quite a while to open new accounts