NS&I Guaranteed Growth Bond

tara747

Oh, I hadn't seen the £3,000 limit

Thanks to everyone for pointing that out.

Eco_Miser

tara747 wrote: »

I know I'm being a scaremonger, but I actually fear a scenario in which a major bank collapses and the FSCS doesn't have enough money to pay out. Isn't it paid for by the remaining banks?

And Building Societies, and Credit Unions, and IFAs and ....
If the FSCS runs out of cash they can borrow from the Treasury to meet the immediate needs.
Apart from that, if the banking system collapses, we're all in trouble whether we have money to lose or not.

jimjames

Stubod wrote: »

..sorry to disagree, but I looked on each page and the £3,000 max limit is mentioned on all of them as far as I can see.....but yes it is extremely disappointing since they no longer offer any index linked bonds either (and these had a more reasonable "cap" of £15k....)

I searched again and yes I could see the £3k amongst some other details. In the headline info there is no mention and to it certainly is important enough to be there especially when they mention £100 min:

Suitable for savers who:

are happy to invest and manage their Bond online
want their interest to build up so their investment grows in value
want to know exactly what return they’ll get
can leave their money invested for three years
have £100 or more to invest

Not for savers who:

want to invest by phone or post
want a regular income from their investment
think they might need access to their money early
want to invest in trust

tara747

How many of these bonds can each person have? I can't find this info on the NS&I site.

eskbanker

tara747 wrote: »

How many of these bonds can each person have? I can't find this info on the NS&I site.

https://www.nsandi.com/files/published_files/asset/pdf/investment-guaranteed-growth-bonds-brochure-print-friendly.pdf clarifies that you can have more than one but that there isn't really any point in doing so given the overall cap on your investment:

Can I buy more than one Bond?
Yes, as long as each investment you make is at least £100 and the total amount you invest isn’t more than £3,000.

ColdIron

Still on issue 1 I see

tara747

Thanks all! I was hoping to have several £3,000 bonds :rotfl: Back to the drawing board...

Mr_K

If you make it a joint account you can invest £6k. Still not massive, but better than anything else out there.

xiox

I've looked at the current information sheet, and there's now no mention of a £3000 limit:
https://www.nsandi.com/guaranteed-growth-bonds
It seems that the limit is now £1M.

badger09

xiox wrote: »

I've looked at the current information sheet, and there's now no mention of a £3000 limit:
https://www.nsandi.com/guaranteed-growth-bonds
It seems that the limit is now £1M.

Already been discussed on several threads e.g. here

https://forums.moneysavingexpert.com/discussion/5753722