Pensioner Bonds Guide

philc3

The NS&I says on its website "Sorry, we’re not currently part of the R85 scheme" so non-tax payers miss out on the compound interest on the tax deducted each year. This means that for an investment of £10,000 over 3 years is (by my calculation) £9.73.
Not a lot but there is the need to reclaim tax 3 times and for a government scheme not to be part of another government scheme this seems ridiculous and impacts the low income group that the government is meant to be helping.

colsten

philc3 wrote: »

The NS&I says on its website "Sorry, we’re not currently part of the R85 scheme" so non-tax payers miss out on the compound interest on the tax deducted each year. This means that for an investment of £10,000 over 3 years is (by my calculation) £9.73.
Not a lot but there is the need to reclaim tax 3 times and for a government scheme not to be part of another government scheme this seems ridiculous and impacts the low income group that the government is meant to be helping.

If it's too much effort to fill in 3 R40s, you can do just one at the end of the 3-year term as one R40 can cover up to 4 years. And lose even more pennies, I hear you scream.

As an alternative to Pensioner Bonds, you could put your £10K into 3, 4, 5% AER accounts that are part of the R85 scheme. That way, you could eke out at least £27.49 more over 3 years than if pensioner bonds were available with R85. That's before making use of (by drip-feeding) the 6% AER regular savings accounts that between them now take up to £850 a month.

mgdavid

ocallkso wrote: »

My elderly parents are applying for the nsandi investor bonds for 65+ and are applying by post but the application form isn't very helpful. Does anyone know whether it is possible to transfer the money they have in nsandi's premium bonds to the new investor bonds for 65+? I can't seem to find the answer anywhere and have given up tryin the 'help' line!

Thanks for any advice on this.

No you cannot cash Premium Bonds and buy 65+ Bonds all in one go. Cash the PBs, get the cash in the bank, then buy the 65+ Bond.
The guidance on the website says 'We’ll normally issue your payment within 8 working days of receiving your application,' - I think this applies to posting a form. If you are registered for online and/or phone access, it's quicker that way.

frodob

Primrose wrote: »

I think the answer is that your parents will first have to cash in their premium bonds. Unfortunately there is no mechanism in the NS&I proceess which will allow you to convert one kind of product into a different one. You have to go into cash first so if thisnis what they want to do, withdraw the cash from premium bonds fairly soon as it mayntake a while for the money to come through.

Spoke to them this afternoon [via alternative but non free 01253 - 840007] and obtained confirmation of this point despite being fully registered with them for PBs. Then however succeeded on line in arranging for immediate cashing in of relevant PBs, which I understand from further phone call should hit nominated bank accounts of wife and self on Wednesday. Certainly the website shows the withdrawal in process. As I understand it should then be able to go in by phone or on-line and purchase new Bonds based on debit card. Hopefully by then pressure on NS&I may have eased a little but will probably still operate by phone to avoid some of worries mentioned by others.

bertiethecat

I am knew to this site but would appreciate any help I can get. I purchased £10,000 of 65+ bonds on Saturday. The site said there was a system failure at the end of transaction. I tried again and transaction went through and i got email confirmation. I checked with bank and discovered £20,000 had been taken. Tried to call ns&i but constantly engaged. Cannot find any number to call or email address to contact them. Any advice woukd be appreciated. The ns&i website is nit helpful at all.

mgdavid

bertiethecat wrote: »

I am knew to this site but would appreciate any help I can get. I purchased £10,000 of 65+ bonds on Saturday. The site said there was a system failure at the end of transaction. I tried again and transaction went through and i got email confirmation. I checked with bank and discovered £20,000 had been taken. Tried to call ns&i but constantly engaged. Cannot find any number to call or email address to contact them. Any advice woukd be appreciated. The ns&i website is nit helpful at all.

have you tried the phone number in the post immediately above yours?

kuepper

Got to the 'confirm your details' page and it asks to press a button to confirm my details but I noticed it has under 'Deposit details' the headings 'amount' and ' from'. Under 'from' it states 'debit card' but I haven't stated that's how I want to pay anywhere, the previous page just asked for the account where I wanted any payments to go TO. I'm wary of clicking 'confirm' in case it takes the money from an account I've never agreed it can be taken from. What's on the next page and if using the online system do you have to pay online and is there a later opportunity to say which account you want the money to to be paid FROM? I tried the helpline but it's still asking to try again latet

dc43

There is a page where you are asked to pay using a debit card which does not have to be from the same bank as that where you want withdrawals to be sent to.

astroL

Maybe others have been luckier but I have not been able to make any form of contact at all. The lines are permanently engaged - and I mean permananetly. I have been dialling on automatic every 10 mins or so ever since I received the email. The web serivce refuses me access - astonishgly because I once bought some other (useless) NSANDI bonds and cannot find the magic codeword. They tell me that I cannot buy the bonds without knowing the codeword and they refuse to give me the codeword! Email replies have been stupid beyond belief - the replier clearly not having read my query. I despair.
So if you have never had any dealings with NSANDI before - then you are OK! Victims of previous purchases:mad: cannot apply.......

Archi_Bald

astroL wrote: »

The web serivce refuses me access - astonishgly because I once bought some other (useless) NSANDI bonds and cannot find the magic codeword.

When you say you cannot find the magic codeword, do you mean you have forgotten your password to log into your NS&I account? If so, have you tried to reset your password here: https://secure2.nsandi.com/kyud!!!cnsi/jsp/authenticationB2CNSIEN.jsp? ?

If you mean something else: what is a magic codeword?