NS&I refusing to allow follow-on certificates

kyo4o3d

An NS&I savings certificate, which I took out with my granddaughter, matured in February 2013. We applied for a follow on certificate. Despite making us the offer by letter to re-invest, they have now written to say that the new certificates could not be issues "as there had been a change in the rules" and returned the original investment with interest to me.

Does anyone know why there should be a change in the conditions?

Incidentally, they appear to have missed the fact that they have issued certificates to her TWIN brother!

lisyloo

Have you asked NS&I? What did they say?

alanq

I don't know WHY the rules changed but the rules did change 20 September 2012. As with any organisation NS&I can change what accounts they offer and to whom.

"minimum age 16 for new and renewed investments
Children under 16 can no longer buy or renew Savings Certificates, but they can keep any existing investments until the end of their current term."
http://www.nsandi.com/changes-indexlinkedsavingscertificates

When were twin brother's latest certificates issued?

kyo4o3d

The original investment application was made for the twins at the same time: the end date on the certificates when received was one day apart (presumably due to postal or processing delays).

Similarly both applications for continuation with new certificates were made at the same time.

Ironically, the original with the later expiry date is the one which has been "renewed".
I suspect that whatever system they used to detect the need to refuse the other investment is defective and does not pick up all the cases. The only other alternative is that the processing date for the issue was between them dealing with one application and the other which seems far fetched.