NS&I say Scots won't be able to hold premium bonds or other accounts if independent?

incandescent

I see today that NS&I have said Scottish customers won't be able to hold premium bonds or other NS&I accounts if the nationalists win their referendum in September.

I currently have a large number of premium bonds and an index-linked savings bond.

Would NS&I just return the cash to me? Would I get my interest? Would the SNP offer any alternative to premium bonds, and would they provide a similar government backed 100% safe savings vehicle?

http://www.telegraph.co.uk/finance/personalfinance/savings/10962647/NSandI-to-bar-Scottish-savers-if-they-vote-for-independence.html

I_have_spoken

would they provide a similar government backed 100% safe savings vehicle?

Nope, the SNP can't have a central bank or control the money in iScotland while using the £

Elsewhere

Presumably they'll be closing their Glasgow office too and moving the jobs out of Scotland.

masonic

incandescent wrote: »

Would NS&I just return the cash to me? Would I get my interest?

Perhaps the answer to these questions could be found in the article somewhere?..

"Investors could keep their existing holdings, but new money would have to be turned away."

Buzby

They're all lining up, we had National Lottery saying they couldn't sell tickets in Scotland unless agreement was reached, so I think that my come as a shock to Irish Lotto who have been selling their tickers here since before Camelot even bid for the licence.

Spare a thought too for Royal Mail who will find they lose a swathe of their infrastructure as it is taken public again (north of the border). Then were warned of this possibility, but didn't seem to think it worthwhile mentioning in their prospectus. Sure things will change, some for the better done worse, but is that a surprise?

The thought of being able to know we're not an appendage to Westminster to do with what it wants, is too delicious for words!

mollycat

Buzby wrote: »

The thought of being able to know we're not an appendage to Westminster to do with what it wants, is too delicious for words!

Just to add a bit of balance to the thread, , can I say that the thought of us sleepwalking into the nightmare of Independance, where this^^^ is the level of political thought, fills me with dread.

Remember if/when we're a foreign country, NS&I, DVLA, the £ etc, ect will no longer be ours.

Cue chaos!:)

incandescent

masonic wrote: »

Perhaps the answer to these questions could be found in the article somewhere?..

"Investors could keep their existing holdings, but new money would have to be turned away."

Which means the same thing, albeit more gradually. We'd still be locked out.

incandescent

Buzby wrote: »

They're all lining up, we had National Lottery saying they couldn't sell tickets in Scotland unless agreement was reached, so I think that my come as a shock to Irish Lotto who have been selling their tickers here since before Camelot even bid for the licence.

Spare a thought too for Royal Mail who will find they lose a swathe of their infrastructure as it is taken public again (north of the border). Then were warned of this possibility, but didn't seem to think it worthwhile mentioning in their prospectus. Sure things will change, some for the better done worse, but is that a surprise?

The thought of being able to know we're not an appendage to Westminster to do with what it wants, is too delicious for words!

I don't want to be an appendage of an Edinburgh government that has steadfastly refused to address the consequences of the currency issue.

I have a real life, with bills and I'd like to retire one day. Not see my job threatened and my savings eaten up by foreign exchange costs.

masonic

incandescent wrote: »

Which means the same thing, albeit more gradually. We'd still be locked out.

Only if you are unable to retain a UK bank account ("At the moment only non-resident savers with a UK bank account can save with NS&I... "In the event of Scottish independence current rules would prevent anyone with only a Scottish bank account from buying NS&I products"). I can't see the rUK banks being in a great hurry to close the accounts of all of their existing customers who are resident in iScotland.

incandescent

masonic wrote: »

Only if you are unable to retain a UK bank account ("At the moment only non-resident savers with a UK bank account can save with NS&I... "In the event of Scottish independence current rules would prevent anyone with only a Scottish bank account from buying NS&I products"). I can't see the rUK banks being in a great hurry to close the accounts of all of their existing customers who are resident in iScotland.

But it looks like we'd probably have a different currency, so anyone leaving their money in UK bank accounts would have to pay foreign exchange costs every time they deposit or withdraw.

It wouldn't be workable.

masonic

incandescent wrote: »

But it looks like we'd probably have a different currency, so anyone leaving their money in UK bank accounts would have to pay foreign exchange costs every time they deposit or withdraw.

It wouldn't be workable.

If the 'Yes' campaign wins, and if iScotland does not retain the £ and if NS&I don't change their rules, then yes, perhaps you're right.