NS&I to cut premium bond rate and other accounts

Thrugelmir

zagfles said:

Sailtheworld said:

NS&I has been the home for apathetic cash for decades. They didn't need teaser rates and there's no evidence that this £1bn was part of a teaser rate strategy i.e. it's a conspiracy theory.

Is there evidence it was anything else? I'm just speculating they might be acting like all other banks act. Without any proof to the contrary, I find that far more credible than it being some sort of sinister ploy to enrich those who have substantial savings by giving them slightly more than the marking leading rates of commercial banks for a few months.

The Treasury has pumped billions of £'s into the economy and wants people to spend it. Not simply put it on deposit for the future. Reducing interest rates and inflating asset prices is merely a way of making people feel more confident about their financial position.  

eskbanker

coachman12 said:

eskbanker said:

coachman12 said:

There are people like me....

Don't bet your house on it!

Have you stayed ahead of inflation by keeping very large sums on long-term deposit in NS&I though?  Obviously some of their products have degrees of protection against taxation and/or loss of real-terms value, but not all....

What do you mean by "don't bet your house on it ", please ? ( and BTW it's "houses" as I know you are the most pedantic/punctilious poster on MSE ). As to your question, the answer which should be obvious to anyone is "no"  (although some of the fixed rates still in force help somewhat). My cushion against inflation is always more than covered in my large stocks and share portfolios and deposit box collectibles that attract far more than inflation rates at any time, and they more than compensate for savings rates in NS&I.
Thank you for your interest in my personal welfare.

My gentle tongue-in-cheek wind-up referred to your colourful tales of untold riches and your choices of what you do with them, which, based on other threads as well as the above, position you as different from most on here, not that there are any right or wrong answers of course.  The question about beating inflation with NS&I was a genuine one, as you frequently declare your undying devotion to the brand but it wasn't clear whether that was driven by financial return or other reasons, but you've now clarified that it's not the former....

coachman12

eskbanker said:

My gentle tongue-in-cheek wind-up referred to your colourful tales of untold riches and your choices of what you do with them, which, based on other threads as well as the above, position you as different from most on here, not that there are any right or wrong answers of course.  The question about beating inflation with NS&I was a genuine one, as you frequently declare your undying devotion to the brand but it wasn't clear whether that was driven by financial return or other reasons, but you've now clarified that it's not the former....

Thank you for your clarification. I know that my financial status makes for a lot of tittle-tattle, curiosity and downright hostility ( which I do not like at all, but I am not going to fabricate more acceptable scenarios just to "fit in" and court popularity, for you or any other poster; I say "where it's at" for me). 
And, of course, under the new Forum Rules, we do need to be careful about whether recipients of your posts regard them as "gentle tongue-in-cheek wind-ups" or whether they view them as playing to the gallery of certain regulars by way of "needling", or even being nasty or acting against the spirit of the new Rules, don't we, eskbanker ?

eskbanker

I don't think that someone accusing me of lying earlier in this thread really has much of a moral high ground to take when it comes to compliance with forum rules!

wmb194

coachman12 said:

There are people like me who are neither apathetic nor wanting to lose their wealth and they, like me, have had a great deal of money locked in NS&I for decades because the normal FCSC protection limits are of no use at all. I will be continuing to use NS&I as usual----and I still have fixed interest bonds that are as high as 2.5 %. 

I'm really surprised that you're apparently not aware of the non-NS&I but still government protected options.

d63

wmb194 said:

coachman12 said:

There are people like me who are neither apathetic nor wanting to lose their wealth and they, like me, have had a great deal of money locked in NS&I for decades because the normal FCSC protection limits are of no use at all. I will be continuing to use NS&I as usual----and I still have fixed interest bonds that are as high as 2.5 %. 

I'm really surprised that you're apparently not aware of the non-NS&I but still government protected options.

ok, i give up, what other non-ns&i but still government protected options are available?

unkle

d63 said:

wmb194 said:

coachman12 said:

There are people like me who are neither apathetic nor wanting to lose their wealth and they, like me, have had a great deal of money locked in NS&I for decades because the normal FCSC protection limits are of no use at all. I will be continuing to use NS&I as usual----and I still have fixed interest bonds that are as high as 2.5 %. 

I'm really surprised that you're apparently not aware of the non-NS&I but still government protected options.

ok, i give up, what other non-ns&i but still government protected options are available?

£85k per bank?

wmb194

unkle said:

d63 said:

wmb194 said:

coachman12 said:

There are people like me who are neither apathetic nor wanting to lose their wealth and they, like me, have had a great deal of money locked in NS&I for decades because the normal FCSC protection limits are of no use at all. I will be continuing to use NS&I as usual----and I still have fixed interest bonds that are as high as 2.5 %. 

I'm really surprised that you're apparently not aware of the non-NS&I but still government protected options.

ok, i give up, what other non-ns&i but still government protected options are available?

£85k per bank?

Nope.* I'm interested to see whether Coachman can tell us.

*The FSCS isn't technically government backed. It's an industry funded scheme to which the government has the option to lend money. Up to now it has and there's no reason to believe that it won't continue to but this isn't quite the same as an explicit guarantee.

coachman12

wmb194 said:

ok, i give up, what other non-ns&i but still government protected options are available?

£85k per bank?

Nope.* I'm interested to see whether Coachman can tell us.

*The FSCS isn't technically government backed. It's an industry funded scheme to which the government has the option to lend money. Up to now it has and there's no reason to believe that it won't continue to but this isn't quite the same as an explicit guarantee.

Why ask me to answer, unless you don't know an answer for the poster yourself ? I've already said that my easy-access money has been, and remains in, NS&I ( along with fixed rates of up to 2.5 % still in force in NS&I ). I haven't said a word about "other government protected options " for savings, especially not easy-access ones. So you'll have to enlighten us yourself.

wmb194

coachman12 said:

wmb194 said:

ok, i give up, what other non-ns&i but still government protected options are available?

£85k per bank?

Nope.* I'm interested to see whether Coachman can tell us.

*The FSCS isn't technically government backed. It's an industry funded scheme to which the government has the option to lend money. Up to now it has and there's no reason to believe that it won't continue to but this isn't quite the same as an explicit guarantee.

Why ask me to answer, unless you don't know an answer for the poster yourself ? I've already said that my easy-access money has been, and remains in, NS&I ( along with fixed rates of up to 2.5 % still in force in NS&I ). I haven't said a word about "other government protected options " for savings, especially not easy-access ones. So you'll have to enlighten us yourself.

Gilts.* They are near-cash, very liquid, lots of durations, until the crisis they paid reasonable yields and are as good as easy access as they trade T+1. You also might make some tax-free capital gains. The funny thing about them is that they never occur to people who don't have money. Worrying about FSCS deposit limit protection is also a very post-crisis thing. 

*If you want to go with other currencies also USTs, bunds, etc.