NSandI - premium bonds, income bonds & ISA

sophlouwhit

Hi, for a long time now my ISA has had a pretty lousy interest rate - 0.30% (since i opened it so 2018 onwards).

Im interested in NS&I and was recommended to look into them for the Premium Bonds.

Have a few Qus tho.. how safe is any money in the ISA, in the Premium bonds, in the Income bonds? If everything collapsed is there a safety barrier like their is for bank savings of 85k or so?

Has anyone found it easy to move money to and from this company to their bank in times of need - so you need to withdraw money - how easy is it to withdraw the money from here to a normal bank?

Are the income bonds worth it? In what circumstances would they be worth doing vs not.

Same question but for premium bonds.

Thank you so much in advanced to all that help

Alter_ego

It's not a company it's the government, 100% safe and taxpayer backed

Tildaplum

The interest fom the money in your ISA is tax free and always will be so think carefully before you move it to a non'ISA product 

If your ISA is only paying 0.3% you can get a much better return - look at for example charter Savings Bank or shawbrook bank and their 1-year fixed rate ISAs y

you can transfer your ISA into another one very easily

The NS&I income bonds are currently pretty good at 1.15% especially when you consider someone like Marcus is now only paying 1.2% and they used to be a Best Buy

eskbanker

Tildaplum said:

The NS&I income bonds are currently pretty good at 1.15% especially when you consider someone like Marcus is now only paying 1.2% and they used to be a Best Buy

They still are, unless you know of comparable easy access accounts currently paying more than 1.2%....

ColdIron

Hi, for a long time now my ISA has had a pretty lousy interest rate - 0.30%

Why did you open an ISA with such a poor rate?

how safe is any money

NS&I are 100% safe, it's an executive arm of the Treasury

Has anyone found it easy to move money to and from this company to their bank in times of need

You would typically add money with a debit card. Times of need make no difference

how easy is it to withdraw the money from here to a normal bank?

Withdrawals are BACS so 2 or 3 days

Are the income bonds worth it?

Income bonds are just a savings account paid monthly. How much is 1.16 worth to you?
https://www.nsandi.com/income-bonds

Same question but for premium bonds.

Read this for Premium bonds. Tax free so might be useful if you're a higher rate taxpayer
https://www.moneysavingexpert.com/savings/premium-bonds/