NS&I to cut premium bond rate and other accounts

Thrugelmir

eskbanker said:

wiseonesomeofthetime said:

And so it starts. 1.30% 1 Year Fixed Term Saver - Para-GONE!

Correlation or causation?  Many savings products have been withdrawn in recent times, so the first to happen after the announcement of NS&I's rate drops isn't necessarily the start of anything as such....

Paragon are primarily BTL lenders. Will only be targeting a certain level of deposits for the product. 

unkle

My wife & I have the maximum bonds, i'll be staying in, as a higher rate tax payer not really anywhere else worth putting it. Might move out of the direct saver and have some bonds that are maturing next month with NS&I so will need to find somewhere to put that.

SpanishBlue

quirkydeptless said:

The money I withdrew on the 21st didn't arrive on the 22nd and still hasn't.

Maybe their systems are a bit stretched with a mass exit!

Does it say "Next Day Pyts Out payment" when you look at your transactions?

I withdrew £50k Monday evening shortly before the 8pm deadline that arrived about 2.30pm the following day.

I am hoping a 2nd withdrawal I made yesterday lands in my nominated account this afternoon.

quirkydeptless

SpanishBlue said:

quirkydeptless said:

The money I withdrew on the 21st didn't arrive on the 22nd and still hasn't.

Maybe their systems are a bit stretched with a mass exit!

Does it say "Next Day Pyts Out payment" when you look at your transactions?

I withdrew £50k Monday evening shortly before the 8pm deadline that arrived about 2.30pm the following day.

I am hoping a 2nd withdrawal I made yesterday lands in my nominated account this afternoon.

Yes, which is why I was expecting it Yesterday. I do have an incoming payment that hasn't cleared yet. Although that amount isn't needed for what I'm withdrawing, it might be due to that, so I'm waiting a bit longer before I raise a call with them.

blue_max_3

Perhaps the government want to bolster the stock market like the Fed in the US. I can see a lot of cash finding it's way into pensions and shares, looking to achieve a better return.

Stompa

quirkydeptless said:

SpanishBlue said:

quirkydeptless said:

The money I withdrew on the 21st didn't arrive on the 22nd and still hasn't.

Maybe their systems are a bit stretched with a mass exit!

Does it say "Next Day Pyts Out payment" when you look at your transactions?

I withdrew £50k Monday evening shortly before the 8pm deadline that arrived about 2.30pm the following day.

I am hoping a 2nd withdrawal I made yesterday lands in my nominated account this afternoon.

Yes, which is why I was expecting it Yesterday. I do have an incoming payment that hasn't cleared yet. Although that amount isn't needed for what I'm withdrawing, it might be due to that, so I'm waiting a bit longer before I raise a call with them.

I'm in the same situation. A withdrawal made on Monday still hasn't arrived in the destination account. In my case though there is no incoming payment.
Unfortunately, their online chat seems to be permanently busy , and they're quoting a 50 minute wait on the phone.

Update: Eureka, it's now arrived.

thegentleway

kinger101 said:

thegentleway said:

kinger101 said:

thegentleway said:

nbrewitt said:

Sailtheworld said:

It's about time. Not sure why the taxpayer was expected to be providing market leading interest rates to the already wealthy.

Irresponsible comment, not all NS&I savers would class themselves as wealthy by any means 

Sorry but I think you are grossly underestimating what is means to be weathly by world standards. Please note that

Nearly Half the World Lives on Less than $5.50 a Day

This value is adjusted to reflects standards in upper-middle-income countries. So yeah, if you are an NS&I saver then you are very wealthy.
Check out: https://howrichami.givingwhatwecan.org/how-rich-am-i if you want to find out how rich you are compared to the rest of the world.

Erm.......
(1) you can have £1 in an NS&I saver account.  

(2) median household income is about USD 10,000.  Hard to square that with USD 5.50 a day
https://news.gallup.com/poll/166211/worldwide-median-household-income-000.aspx

(3) income is relative to where you live.  

(1) 39% of the population don’t even have a bank account let alone a savings account.
(2) you’re confusing individuals and households.

(3) that’s why the figure I posted is adjusted from $3.20

(1) That doesn't mean having an NS&I account makes you wealthy.
(2) I'm not. I clearly stated medium household income.   I know that's not per person.  
(3) I don't care how you've adjusted it.  You're clearly missing something obvious if you think someone living in the UK is wealthy if they live on the equivalent $5.50 or $3.20 a day.  

kinger101
Surely you must be trolling... But I'll give you the benefit of doubt:
(1) Yes, having an NS&I account does make you wealthy by world standards. You might not feel wealthy by UK standards but the simple fact is that you are wealthy by world standards. You can put your income into the calculator I shared to see for yourself how rich you are.

(2) You said it was hard to square $10kpa vs $5.50 a day. It's very easy when you stop confusing indiviual income with household income. Maybe you're not aware but households are much larger in poor countries so you can't meaningfully compare wordwide. E.g. average household = 9 in Senegal...

(3) I didn't make the adjustment, the World Bank did. And no, I obviously don't think someone is wealthy if they live on $5.50 in the UK. The point is: relative income has been taken into consideration.
Hope that helps. Let me know if you need me to clarify anything else.

talexuser

"having an NS&I account does make you wealthy by world standards"

So what? totally off topic for this thread, and the same facile point about having some money could be made in virtually every thread on the entire forum discussing financial matters in this country. 

RG2015

thegentleway said:

kinger101 said:

thegentleway said:

kinger101 said:

thegentleway said:

nbrewitt said:

Sailtheworld said:

It's about time. Not sure why the taxpayer was expected to be providing market leading interest rates to the already wealthy.

Irresponsible comment, not all NS&I savers would class themselves as wealthy by any means 

Sorry but I think you are grossly underestimating what is means to be weathly by world standards. Please note that

Nearly Half the World Lives on Less than $5.50 a Day

This value is adjusted to reflects standards in upper-middle-income countries. So yeah, if you are an NS&I saver then you are very wealthy.
Check out: https://howrichami.givingwhatwecan.org/how-rich-am-i if you want to find out how rich you are compared to the rest of the world.

Erm.......
(1) you can have £1 in an NS&I saver account.  

(2) median household income is about USD 10,000.  Hard to square that with USD 5.50 a day
https://news.gallup.com/poll/166211/worldwide-median-household-income-000.aspx

(3) income is relative to where you live.  

(1) 39% of the population don’t even have a bank account let alone a savings account.
(2) you’re confusing individuals and households.

(3) that’s why the figure I posted is adjusted from $3.20

(1) That doesn't mean having an NS&I account makes you wealthy.
(2) I'm not. I clearly stated medium household income.   I know that's not per person.  
(3) I don't care how you've adjusted it.  You're clearly missing something obvious if you think someone living in the UK is wealthy if they live on the equivalent $5.50 or $3.20 a day.  

kinger101
Surely you must be trolling... But I'll give you the benefit of doubt

This is really getting a bit tedious. Isn’t there an MSE guideline that discourages this sort of continual thread digression?

quirkydeptless

Stompa said:

quirkydeptless said:

SpanishBlue said:

quirkydeptless said:

The money I withdrew on the 21st didn't arrive on the 22nd and still hasn't.

Maybe their systems are a bit stretched with a mass exit!

Does it say "Next Day Pyts Out payment" when you look at your transactions?

I withdrew £50k Monday evening shortly before the 8pm deadline that arrived about 2.30pm the following day.

I am hoping a 2nd withdrawal I made yesterday lands in my nominated account this afternoon.

Yes, which is why I was expecting it Yesterday. I do have an incoming payment that hasn't cleared yet. Although that amount isn't needed for what I'm withdrawing, it might be due to that, so I'm waiting a bit longer before I raise a call with them.

I'm in the same situation. A withdrawal made on Monday still hasn't arrived in the destination account. In my case though there is no incoming payment.
Unfortunately, their online chat seems to be permanently busy , and they're quoting a 50 minute wait on the phone.

Update: Eureka, it's now arrived.

Mine has arrived too

https://www.youtube.com/watch?v=273eSvOwpKk