NS&I to cut premium bond rate and other accounts

veryintrigued

Time to invest in a company that makes safes for the home!

solorize

That's just typical.
I have just signed up to their J-Isa at the weekend (to transferring from Coventry BS), and now they are dropping their interest rate down to 1.50%!  So I would have been better of sticking where I was with Coventry. =( not happy.
Does anyone know if I can stop the process from proceeding so I can stay with Coventry?
I didn't get an email / welcome pack when I applied, and there is no j-Isa info when I log into my NS&I account (which was set up when I took out premium bonds earlier in the year). All I can see is my Premium bond information. I have seen on other threads that the setup and transfer process can take up to 80 days to complete.
Any advise would be appreciated.

thegentleway

Tragen said:

thegentleway said:

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

How many of those pay income tax?

I don’t understand how that’s relevant to the conversation sorry?

thegentleway

annabanana82 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.

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

Hi annabanan82,
The relevance is that nbrewitt wrote “not all NS&I savers would class themselves as wealthy by any means”
Sorry but the calculator is either playing up or you’ve made an error in the numbers you’ve posted. The giving what you can pledge is only 10% of income so if it’s suggested you donate £15k then than means you’ve entered you earn £150k, which easily puts you in the top 1% earners world-wide (not 16% or even 1.6% assuming you missed a decimal point).

I don’t know what you earn so difficult to comment on whether you’d be able to bring up your family but for context Toby Ord brings up his family on income of £18k per year (he donates what he earns above £18k).
Thanks for responding and hope you found the calculator helpful.

Thrugelmir

Ouch. This is going to cause a downward spiral. 

thegentleway

Bastiat 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.

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.

Yes the student is wealthy. Not only that but he lives in a country with clean water, access to free education, free health care, etc... He’s not only wealthy but extremely lucky.
World income (when adjusted to reflect standards) is totally relevant. Sorry you think it's silly!

Sailtheworld

Thrugelmir said:

Ouch. This is going to cause a downward spiral. 

You make it sound like this is a bad thing - it isn't.

Most charities transfer wealth from rich to poor - NS&I were doing just the opposite.

mr_accountant

the income bond 1.16 to 0.01, thats savage, will the website be able to handle the carnage to follow, just as well i kept in marcus at 1.05, was not worth the hassle of moving money (even large sums) for a few tens of pounds per year.

question is will all the other banks drop thier rates?

whitesmith

Look on the bright side - NS&I are offering a 2 month fixed rate easy access bond at 1.15% ...

RetSol

Thrugelmir said:

Ouch. This is going to cause a downward spiral. 

The interest rate dead cat has, in all likelihood, finished bouncing.  I opened an HL Active Savings account on Friday.  Am dreading looking at the avaliable rates tomorrow!