The Top Easy Access Savings Discussion Area

lhsecons

Daccord said:

Good morning all, Just looking at the piece about NS&I, Income bonds.  If I already have £50k in premium bonds, does that limit me to £35k if I want to stay within the £85k max or is it a totally different product?  Secondly, does the advice in the piece advise that this account is so safe, you can put more than £85k in because it would be very, very unlikely to go belly up? Cheers in anticipation of a reply.

Yes since NS&I is owned by the government you don’t need to worry about the £85k protection as all of your savings are fully protected. 

Steve_xx

Daccord said:

Good morning all, Just looking at the piece about NS&I, Income bonds.  If I already have £50k in premium bonds, does that limit me to £35k if I want to stay within the £85k max or is it a totally different product?  Secondly, does the advice in the piece advise that this account is so safe, you can put more than £85k in because it would be very, very unlikely to go belly up? Cheers in anticipation of a reply.

The 85k limit does not apply to NSI products. All monies with NSI enjoy full protection, as they are goverment backed.

eskbanker

Daccord said:

Good morning all, Just looking at the piece about NS&I, Income bonds.  If I already have £50k in premium bonds, does that limit me to £35k if I want to stay within the £85k max or is it a totally different product?  Secondly, does the advice in the piece advise that this account is so safe, you can put more than £85k in because it would be very, very unlikely to go belly up? Cheers in anticipation of a reply.

The FSCS £85K limit doesn't apply to NS&I as they're Treasury-backed so your money is protected by the government up to seven figures, as explained in the article:

Remember, cash in all the accounts above is protected up to £85,000 per person, per financial institution (except NS&I where your cash is 100% backed by HM Treasury). Other than in NS&I, if you've more than £85,000 it's best to spread savings across several different banks just in case one gets into difficulty.

83705628

With NS&I you can get £4.05m fully backed by the Treasury: £50k premium bonds, £1m income bonds, £2m direct saver, £1m investment account. I don't know why some people keep more than £85k in their bank accounts.

SaverRate

Can I open a joint easy access 1% account with NS&I or are they single accounts only?

Steve_xx

It is possible to open a joint account.
Our Direct Saver is for customers aged 16 or over. You can open an account in your own name or jointly with one other person. You  can: •  apply for, and manage, a Direct Saver online or by phone only •    open an account with at least £1, paid by a debit card in your own name, issued by a UK bank •  hold up to a total of £2 million per person in Direct Saver accounts If you want to switch to a Direct Saver from another NS&I account or investment, download a switching form from  nsandi.com/forms  or call us.

TeddyG

eskbanker said:

TeddyG said:

National Savings do not provide the top 3 Easy Access Savings Accounts. Even with their latest reduction Marcus are still offering 1.05%

Marcus's rate is somewhat irrelevant when they aren't accepting new applications, since six weeks ago....

https://forums.moneysavingexpert.com/discussion/6154724/marcus-easy-access-no-longer-accepting-applications/p1

Having a Marcus account which was opened some time ago, that vital point had escaped me!

SaverRate

Steve_xx said:

It is possible to open a joint account.
Our Direct Saver is for customers aged 16 or over. You can open an account in your own name or jointly with one other person. You  can: •  apply for, and manage, a Direct Saver online or by phone only •    open an account with at least £1, paid by a debit card in your own name, issued by a UK bank •  hold up to a total of £2 million per person in Direct Saver accounts If you want to switch to a Direct Saver from another NS&I account or investment, download a switching form from  nsandi.com/forms  or call us.

Thanks Steve, NS&I also say the following with regards to withdrawal times...
The payment will normally reach your nominated account by the end of the first banking day after the day we receive your instruction.

Is this always the case or normally do you receive the withdrawal quicker?

iwant2asave

Does the NS&I income bond allow deposits even after the initial deposit or is it a one off lump sum only.

RG2015

iwant2asave said:

Does the NS&I income bond allow deposits even after the initial deposit or is it a one off lump sum only.

Totally unrestricted other than a minimum transaction value of £500

https://www.nsandi.com/income-bonds