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

SuperAllyB

Fingers crossed that heads will overrule hearts come September. If you take the emotion out of it all there should only be one winner and its not independence.

lejog2003

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.

No I don't suppose rUk's banks will be in a any great hurry to close accounts of existing customers, but transferring them to a new Scottish subsidiary seem highly likely.

I do think the Telegraph are scrapping the barrel here, what happens to NS&I would I think be well down the agenda on independence negotiations.

masonic

lejog2003 wrote: »

No I don't suppose rUk's banks will be in a any great hurry to close accounts of existing customers, but transferring them to a new Scottish subsidiary seem highly likely.

Those who already have branches/facilities in Scotland may well try to do this, and that process could be quite drawn out and messy - who get's moved - everyone with a Scottish postal address regardless of their circumstances or for how long they will remain there?

I doubt all (in particular smaller banks and mutuals) will wish to offer iScottish current accounts alongside their rUK ones, but traditionally, those living abroad who have existing UK bank accounts have been able to keep them. Perhaps, as incandescent says above, it will be too risky to keep money in sterling owing to transaction fees and more importantly, exchange rate fluctuations.

Heedtheadvice

Lejog wrote probably quite correctly

what happens to NS&I would I think be well down the agenda on independence negotiations.

.

That I see as just one of the issues! There are so many, to date, unquantifiable risks, that it makes the whole idea of major change unattractive. Of course there are many such questions that are of particular importance to individuals but would come well down the pecking order if there is a vote for independence. What would happen with my ISA/NISA is another example.

We do not have answers to the overall major questions such as start up costs all the systems and structures that currently we have as the UK just two (or more!) differing opinions and statements of what would or would not be allowed, that would surely be part of negotiated settlements. Both sides of the debate can suggest precedents and 'likely' or desired outcomes and, shout as loud as they might, we are still walking in a mist with no prospect of clarity till we fall off the cliff or find ourselves at the door to nirvana.

So it seems to me that we have the status quo (more or less) or a belief in a rosy future with no apparent hard facts to give it credence or justification. A yes vote would be an act of faith and I have no faith in the accuracy of prediction of the White Paper, to put it quite charitably! Better the devil you know....
I already have issues with the centralisation of services, not what I want, and much of the case made by the Yes campaign/SNP is based upon Scottish residents getting what they wish in the future. Democracy hardly ever delivers that!

So NS&I, ISA, bank accounts, costs, revenues expenditure we can all have our best guess. Only one thing I think is certain is that the best predictions will be wrong and on the detrimental side just like cost estimates in the public sector and commercial pressures will have a big say.

ColdIron

It's not going to happen though. After a brief tightening of the odds on Yes, they have been drifting out to their highest levels for months now

http://uk.site.sports.betfair.com/betting/LoadRunnerInfoAction.do?marketId=110033387&selectionId=5334892&timeZone=Europe/London&locale=en&region=GBR&brand=betfair&currency=GBP

colsten

Betfair had Brazil as the favourites for the semi final.

jimjames

incandescent wrote: »

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

NSI don't offer premium bonds or other products to the French Germans or Irish so why would they do that for Scotland post independence.

Anyone thinking of voting yes really needs to think through all the ramifications.

BarrBru

This is just a simple statement of something obvious. However, it's a wee bit mischievous too because existing holders will be allowed to hold their investments, of that I'm sure but it adds doubt to investors minds.
If Scotland achieves independence (and I hope it does), we will have our own savings system because it is a handy alternative to using international Bond markets.

Heedtheadvice

we will have our own savings system

Ah yes, another system to set up with associated costs and pitfalls

BarrBru

There are lots of costs and pitfalls associated with separating two very integrated countries but the advantage is in the opportunity to create something new in Scotland, that's why I support independence.
Scotland might be one of the wealthiest countries in the world as the SNP are fond of stating but it's stalling, held back by too much socialism.
I believe an independent Scotland would be forced to deal with these issues and additionally would focus more on growth.
Northern England & Scotland are dominated by the success of London. It is fantastic that London is so successful, I do not begrudge that but the northern regions are suffering a brain drain as a result.
I think an independent Scotland could be of benefit to the whole of the North of Britain (Scotland & Northern England).
Of course it will also be sad to see 300 years of tradition challenged but then again we're not going far.
It's a shame that Devo-max (federalism) wasn't on the ballot box because that would have been my preference but in its absence I'll be voting yes to independence.