NS&I 5 year index linked saving certs 2011 issue - half way point!

Ken68

Just realised that one of my two £1K Certificates is rolled over from 2010. Both mature on 21 June. Rich(er)...thanks for the calculator link.

castle96

£15k 25/5/2011 5 yrs
I phoned for a valuation a week ago (as I was under the "old terms", my investment was "not showing"), and was told £16856.
The calculator shows £17194.
Why should there be this difference (and which is right ? Surely they use the calculator too ?
At maturity, we will ? have a choice of a new 3 or 5 yr term at the same rate - yes? (of ?%)

polymaff

Just a word about the NS&I ILSC "calculator"

It really isn't a calculator - and despite NS&I offering you the choice of downloading a spreadsheet - well, it is in the form of a spreadsheet but of the 2000+ populated cells in the "spreadsheet" only ONE cell contains any arithmetic!

What it is is a database without any way of validating the methods by which the input data was derived.

... and you know what they say about databases - rubbish input data leads to rubbish output data.

polymaff

castle96 wrote: »

£15k 25/5/2011 5 yrs
I phoned for a valuation a week ago (as I was under the "old terms", my investment was "not showing"), and was told £16856.
The calculator shows £17194.
Why should there be this difference (and which is right ? Surely they use the calculator too ?
At maturity, we will ? have a choice of a new 3 or 5 yr term at the same rate - yes? (of ?%)

£16856 was the value of the bond at the end of year 4.

castle96

thank you. You would have thought they would have said that !
My other points, please ?

polymaff

castle96 wrote: »

Why should there be this difference (and which is right ? Surely they use the calculator too ?

I think that I've fully addressed this question via my earlier posts made today. As you may divine, I have a fairly low opinion of NS&I's product understanding and ability to do real sums. They do tend to get the complete years' calculation right, though - except recently when they were sendng out all sorts of nonsense about final redemption figures.

castle96 wrote: »

At maturity, we will ? have a choice of a new 3 or 5 yr term at the same rate - yes? (of ?%)

Sorry, my crystal ball won't re-boot

KTF

castle96 wrote: »

At maturity, we will ? have a choice of a new 3 or 5 yr term at the same rate - yes? (of ?%)

The current renwal offers are listed on this page - scroll down to the renewing option:

http://www.nsandi.com/index-linked-savings-certificates

Unless the rate changes when May rolls along, I will be cashing mine in.

ratechaser

polymaff wrote: »

It is - and we bought ours on the 19th - so Darn-squared:)

Ah, well perhaps not. I thought that I'd missed out on something, which is most unlike me, but looking at the table of issues, I'm wondering if the 48th issue was the only one on general sale, because we bought 4 certificates with new money, they weren't maturity rollovers. Was the previous issue (47 @ RPI + 1%) ever on general sale then??

grim_2

Excuse me for being slightly off topic for this thread but hoped someone here could answer a quick question. I invested £10k of my fathers money in the 2011 release of these bonds and he has since died and the solicitor has got eh £10k back but with no interest. I was under the impression that they would still make some interest after the 1st full year if taken back. Is this not the case and if not could they have been left until the 5 years was up?
thanks

polymaff

grim wrote: »

Excuse me for being slightly off topic for this thread but hoped someone here could answer a quick question. I invested £10k of my fathers money in the 2011 release of these bonds and he has since died and the solicitor has got eh £10k back but with no interest. I was under the impression that they would still make some interest after the 1st full year if taken back. Is this not the case and if not could they have been left until the 5 years was up?
thanks

Reading the Terms and Conditions of 12 May 2011, you seem to have been treated incorrectly. After the first year "you'll receive the value at the previous anniversary plus any positive index-linking and interest for each month since then." Could be related to the way they were cashed in - but worth a fight.

It is probably too late now, but you are allowed to inherit ILSCs - even if that puts you over the maximum holding for that particular issue.