65 plus bonds.

McKneff

Just checking I am doing the right thing.


I deal with all the finances in the house, I am about to send a cheque off for the new Pensioner bonds.


My husband is neither computer savvy, or financially savvy so my thought is that if I do the bonds 'joint' then if I happen to pop me clogs, the bonds/money will automatically become his..... as is the same in a joint current bank account.

teddysmum

McKneff wrote: »

Just checking I am doing the right thing.


I deal with all the finances in the house, I am about to send a cheque off for the new Pensioner bonds.


My husband is neither computer savvy, or financially savvy so my thought is that if I do the bonds 'joint' then if I happen to pop me clogs, the bonds/money will automatically become his..... as is the same in a joint current bank account.

I bought ours by phone on Thursday evening. Payment was by debit card and the whole process took under half an hour. It took only a couple of minutes to get through.


The downside of having joint accounts is that, should one of you need care for which you need to pay, the other could lose out.




For simplicity, lets assume the asset level for help is £25000 and you have a joint assets of £60000.


Perhaps, one would expect that once the person needing care had paid out £5000, bringing their share to £25000, help would kick in, but , as things stand,that s not the case.


Once the £5000 is gone, the joint assets are now £55000,meaning the person is assumed to still have £27500.


Help will only be given when the joint total is down to £50000, meaning £25000 each.


If the monies were separate, it would only be required that the person needing care's assets fall below £25000, leaving the other person with £30000.

McKneff

Its all very complicated, I think we might just book a round the world cruise and blow the lot....


Thanks for your input.

PeacefulWaters

McKneff wrote: »

Its all very complicated, I think we might just book a round the world cruise and blow the lot....


Thanks for your input.

Do it. You only live once!

2010

McKneff wrote: »

Its all very complicated, I think we might just book a round the world cruise and blow the lot....

A great idea.:T

If you are going to buy the bonds go down the joint route as i have,
They do go to the surviving spouse.
Phone, online or post, it doesn`t matter as they are still available.
The big panic when they first came out was

---

that they`d run out.

68
For all Bonds that are held jointly:
(a)
The Bond is the joint property of both joint
Bond holders.
(b)
In the event of the death of one of the joint
Bond holders
, ownership will pass to the survivor
who will be entitled to manage the Bond on the
same terms.
(c)
All correspondence
, including statements and
investment records (see paragraphs 70 to 73)
will be sent to the Bond holder named first on
the application to purchase the Bond.
(d)
Upon the application of both of the Bond
holders
, we may remove the name of either
person from the title of the Bond.
69
For Bonds purchased jointly:
(a)
Where the Bond holders have registered to use
the Service in respect of that Bond,
they will
each have a separate password and separate
security information.
(b)
We will accept instructions, including
instructions to cash in the Bond, from either
Bond holder acting independently.

http://www.nsandi.com/files/published_files/asset/pdf/65-guaranteed-growth-bonds-brochure.pdf

inflationbuster

McKneff wrote: »

Its all very complicated, I think we might just book a round the world cruise and blow the lot....

Go for it

teddysmum

inflationbuster wrote: »

Go for it

Certainly, but have separate bonds, for the reason above.

[Deleted User]

I have been through the death of a spouse with joint bonds. Transfer didn`t happen, ns&i as usual were utterly incompetent and the full bond value, including ny half, plus interest was sent to me in the form of two cheques, even after I requested that the bonds be held afterwards in my sole name.

I have since re-applied for sole bonds in my name by post but only in the single value and I haven`t heard anything at all since then, even though the cheque was cashed two weeks ago

ns&i have been by far the worst financial institution re dealing with my husbands financial affairs and to top all that they locked me out of my internet account after my husbands death. No wonder money goes missing in thin air. I am still locked out and they can do nothing by phone

alanq

I knew that NS&I services had been outsourced to Siemens (now ATOS) but the following came as news to me.

"Some back office functions have been outsourced to Atos offices in India. Staff members were actively engaged in developing training programmes for all core processes and, in some cases, training new employees in India. The move to a part offshore model was accomplished without customers being aware of the changes. To date, more than 27 million transactions have been handled in India, allowing employees in the UK to concentrate on customer-facing duties, including call centre enquiries."

https://uk.atos.net/content/dam/uk/case-study/your-business/atos-case-study-nsi-achieving%20business%20transformation.pdf

kidmugsy

McKneff wrote: »

if I do the bonds 'joint' then if I happen to pop me clogs, the bonds/money will automatically become his..... as is the same in a joint current bank account.

Tax? Are you both 20% taxpayers? Or are you banking on the £1000 p.a. of savings interest being tax-free in 16-17 surviving the new government?