Just How Safe Is NS&I

Glen_Clark

Linton wrote: »

What else is there that is any safer?

Switzerland because they are a proper democracy and don't get involved in idiotic wars. But last time I looked you had to pay them to hold your money

mt99

On the basis that this is a serious question I will attempt a reply.


Obviously there are risks to savings stored in NS&I and indeed all banks, building societies etc. By far the biggest risk is inflation - savings rate v inflation predictions mean you will loose steadily year by year and that is pretty much guaranteed.


Other more catastrophic risks involve confiscation / hyperinflation / bail-ins etc where everything can be lost. There is also the risk of bank collapse, with at best only £75k/£85k protected (NS&I protect all).


That means that each person has to make a judgement as to where they invest their wealth. Stocks/shares to protect against inflation, possibly property. Then there are easily transportable / hidable assets such as gold, stamps, diamonds, art.


It's an age-old question and there is no 'right' answer, other perhaps that putting your wealth in a place where you can at least hope to beat inflation (although that will involve risk).

MarcoM

i think the biggest problem you would face is something like fraud, for example someone writing to nsi on your behalf and emptying your accounts. Or insider fraud with a similar outcome. I am not sure nsi are that great with security, a bit like charter savings bank imho. The correspondence i get from nsi has too much
detail regarding ni number, date of birth etc

another risk is one day finding yourself living in a country run by the likes
of jeremy corbyn and diane abbott....these would be more dangerous
than any fraudster out there. that wealth tax and all that..
You can mitigate that risk at the ballot box or failing that emigrate to a less socialist country...

Vortigern

Eco_Miser wrote: »

What is to stop the government announcing that all [STRIKE]NS&I[/STRIKE] savings have now been confiscated to pay for the next idiotic war?

Have we finished paying for the previous idiotic wars?

[Deleted User]

Oblivion wrote: »

National Savings & Investments make a big play of the fact that they are backed by the Treasury and so your savings are guaranteed up to any limit ... but just how safe is that assurance?

They are as safe as houses. We are all doomed if there are "safety" problems at NS&I.

Eco_Miser

Vortigern wrote: »

Have we finished paying for the previous idiotic wars?

Have we even finished fighting them?

At least the debts specific to the World Wars have been repaid, though possibly by taking out new loans.

Xenon

MarcoM wrote: »

i think the biggest problem you would face is something like fraud, for example someone writing to nsi on your behalf and emptying your accounts. Or insider fraud with a similar outcome. I am not sure nsi are that great with security, a bit like charter savings bank imho. The correspondence i get from nsi has too much
detail regarding ni number, date of birth etc

another risk is one day finding yourself living in a country run by the likes
of jeremy corbyn and diane abbott....these would be more dangerous
than any fraudster out there. that wealth tax and all that..
You can mitigate that risk at the ballot box or failing that emigrate to a less socialist country...

I find their login security pretty weak to be honest

Your holders number and your SURNAME as part of your login - come on.

I send a email questioning this but got a standard reply.

Sorry but that kind of security is not good enough in today's world

ColdIron

You can only withdraw to your nominated bank account and only after entering a number they supply with a call to your registered phone number for every withdrawal

Pincher

I had a break in, and the piece of paper with ALL the NS&I security information was taken. I rang up to and asked to change the NS&I Number. NO, the system CANNOT let me change it, unless I have a different post code!

Obviously, the thief now has the NS&I Number, and my surname, so the only thing stopping him from logging in is the new password. My favourite pet is now some other name, and my grandfather's profession is now something else altogether.

Just as well, with ancestry.co.uk blabbing away, you can find out my grandfather was an astronaut (of course not) straight away.

MarcoM

considering some people must have millions saved with them, that security just isn' t good enough.