NS&I to cut premium bond rate and other accounts

polymaff

RG2015 said:

polymaff said:

Dog-whistle journalism.  How The Times has diminshed.

Did you not notice this when Murdoch bought it forty odd years ago?

I guess that we were all more resilient then. ...

nbrewitt

I don't know about anyone else but I was quite surprised at the relatively small number of Direct Saver and Income Bond holders compared with those holding Premium Bonds.

maman

Sorry if this has been covered but just wanted an opinion.

I've started to shift my money from NS&I but my understanding is that the last £500 stays unless I choose to close the account rather than just taking most of the money out. Am I right? Is there any benefit in keeping the accounts open? How do I close formally? 

I'm sure this information is somewhere to be found but so far I only know what I read in the papers a few weeks back, nothing official from NS&I. 

etienneg

maman said:

I've started to shift my money from NS&I but my understanding is that the last £500 stays unless I choose to close the account rather than just taking most of the money out. Am I right? Is there any benefit in keeping the accounts open? How do I close formally? 

Yes, you are right. You can only withdraw in £500 chunks. If you want to keep the account open, you must leave £500 in there. If you request a withdrawal of the whole balance, the account will be closed. I see no reason to keep the account open beyond 24th November.

maman

I was able to withdraw a large amount (well in excess of £500) but now need to find out how to request closure or just try to withdraw the last £500 and see what happens. 

whitesmith

Just withdraw the balance - they will close the account and add interest to date

maman

whitesmith said:

Just withdraw the balance - they will close the account and add interest to date

Thanks, that's what I'll do. It's just that with my bank I've had to formally request closure of defunct accounts I no longer needed e. g. when fixed term savings or a linked account come to an end. 

NottinghamKnight

maman said:

whitesmith said:

Just withdraw the balance - they will close the account and add interest to date

Thanks, that's what I'll do. It's just that with my bank I've had to formally request closure of defunct accounts I no longer needed e. g. when fixed term savings or a linked account come to an end. 

Whilst it might appear 'tidier' there's no reason to close old savings accounts. My TSB easy savers left after completing regular savers are still open, TSB won't close without a letter or branch visit so more hassle to close than leave them open for me. 

maman

I just find it irritating seeing them listed when I log on. 

grumiofoundation

NottinghamKnight said:

maman said:

whitesmith said:

Just withdraw the balance - they will close the account and add interest to date

Thanks, that's what I'll do. It's just that with my bank I've had to formally request closure of defunct accounts I no longer needed e. g. when fixed term savings or a linked account come to an end. 

Whilst it might appear 'tidier' there's no reason to close old savings accounts. My TSB easy savers left after completing regular savers are still open, TSB won't close without a letter or branch visit so more hassle to close than leave them open for me. 

Good to have a few accounts to switch as well (also this gets the new bank to do the legwork of closing it for you !!)