NS&I to cut premium bond rate and other accounts

Sailtheworld

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 

I'm sure they wouldn't but they'll be doing better than the average taxpayer. Unless the taxpayer has some sort of perverse trickle up mentality they should be looking to borrow at the lowest cost.

With £160bn odd in NS&I debt the taxpayer will be saving around £1.5bn a year. It's about time we had some good news.

strawb_shortcake

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.

I'm not sure of the relevance of world wealthy in this context. According to the link only 16% of the world is wealthier than me, but I can hardly up sticks and move somewhere poor to live like a Queen.
It also says I can give £15000 away a year and still be richer than many, and the £15k is more than I'd have left for myself!! It also neglects the fact that  I couldn't bring up my family on what I had left living in the UK

BigBucket

It's kind of typical of the government to tempt literally millions of people to deposit money before pulling the floor (never mind the rug) from beneath our feet.

TonyMMM

and I've just put a large chunk of cash into NS&I income bonds ....oh well, back to the drawing board.

RobM99

 "Income Bonds down to 0.01%"

Righty ho, for £10,000 for one year - income £1 a year, an astonishing 2p a week. To celebrate I'll have a glass of...tap water!

Bastiat

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.

What a silly post. By that measure a student flipping burgers part-time at McDonalds is wealthy. World income levels are irrelevant to the cost of living in the UK.

wiseonesomeofthetime

In_for_a_pound said:

Typical. Just initiated the transfer of my son's JISA in the last few days from Santander to NS&I and the rate drops.

And I was thinking of those (on a thread on this forum) that went through the two-month ordeal of transferring their child JISA this year, only to now see it was not really worth the effort!

You are only at the start of that journey.

Where does their revised rate sit in the competitive market?

whitesmith

I wonder why there is a difference between direct Saver and income Bond rates

vacheron

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.

So by your logic, I (and almost everyone I know) must be VERY wealthy in relation to the number of arms and legs we own because we all have more than the world mean average!

Also, what if a person earning £5.40 per day saves 10p in an equivalent to a savings account in their country? do they immediately become very wealthy too while also being poor?

blue_max_3

That's actually shocking! It wasn't unexpected, but that's draconian. Anyway, thankfully they've given us until 24th November, so time to prepare. I was so happy not to have to go chasing these tiny amounts of interest. It's likely to fuel the stock market even further as people effectively gamble in search of a return.