NS&I to cut premium bond rate and other accounts

eskbanker

TUVOK said:

Can any one clarify what the position is on Income bonds please?
Does the drop in interest rate apply immediately?

Answered in the first post and the links posted in the next two!

TUVOK said:

Can you withdraw your capital instantly?

No changes to access arrangements....

wjr4

TUVOK said:

Can any one clarify what the position is on Income bonds please?
Does the drop in interest rate apply immediately? Can you withdraw your capital instantly?
Thank you.

It is from 24th November & yes you can. 

thegentleway

annabanana82 said:

My job sees me contributing to national and sometimes global communities. 
My personal life I volunteer to support my local community. I value this far higher than donating 10% of my salary elsewhere 

Awesome, that sounds very rewarding! May I inquire what you mean by the last sentence? I.e. do you mean the value it brings to you or are you talking about the value it brings to the people you are helping?

RetSol

Nick_C said:

Sailtheworld said:
Some people will increase spending... 

I think that's the plan. 

When people realise that money in the bank is losing value, they will be tempted to spend, perhaps bringing forward capital expenditure; home improvements, a new car, a new TV.  

This should help to support the economy, saving firms and jobs. 

This Government is going to try to spend its way out of recession. They need us to help. 

HMT is making a statement.  I don't know what the statement is but.. it's a statement. 

thegentleway

Zanderman said:

thegentleway said:

annabanana82 said:

thegentleway said:

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 come 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 commenting and hope you found the calculator helpful.

Just checked again, it now says to give 10% of my income away which is nowhere near £15k.
But no, I don't find it a particularly helpful tool, I think it's a tool to try and make people feel guilty about having money.

I'm really sorry to hear you didn't find it helpful. It's really not designed to make people feel guilty at all. I really like it because it makes me feel lucky; I naively thought it would have a similar positive effect in others. Some of my friends complain about the 1% so it's a bit of an eye opener for some of them to realise they are in fact in the 1%!
Do you know how I could approach the topic without making people feel guilty? It's really not my intention. People often think they or somebody they know are not wealthy by any means. I find the calculator really useful to illustrate but I don't want to make them feel guilty. Thanks for your help.

Perhaps by not bringing this all up in a thread that is about a significant reduction in interest rates, on the part of the MSE Forum that's about savings - and therefore is, inevitably, rather obsessed with getting the best rates.

And which is therefore full of people upset about said reduction. Who really don't want to be told that it's all ok as they are relatively wealthy in a world context.  They came here to read and discuss the interest rate reduction not about how lucky we are to live as we do. 

If you want to highlight that we are, actually, relatively 'wealthy' in a world context (which is a fair point to make, just not going to win friends in this thread) there are probably more appropriate places within the forum to do so.

Thanks for your suggestion Zanderman. I'm afraid not bringing it up isn't a way to bring it up... But thanks anyway!
I'm surprised realising you are orders of magnitude wealthier than billions of human beings doesn't take the sting out of a reduction in interest rates. I only posted the information because someone said “not all NS&I savers would class themselves as wealthy by any means”. I was trying to clarify that they were grossly misinformed; I'm really sorry if it upset you or anybody else.
I hope you find a decent interest rate.

strawb_shortcake

thegentleway said:

annabanana82 said:

My job sees me contributing to national and sometimes global communities. 
My personal life I volunteer to support my local community. I value this far higher than donating 10% of my salary elsewhere 

Awesome, that sounds very rewarding! May I inquire what you mean by the last sentence? I.e. do you mean the value it brings to you or are you talking about the value it brings to the people you are helping?

The value to both them and myself, I find my  job and my volunteering very rewarding, and both my job and volunteering has helped others 

veryintrigued

Whilst it's not great news isn't it just one more occasion that we've all had to shuffle our money from account to account?

Apart from the ever diminishing returns this is no different.

SpoonKat

and 1.5 % drop in the junior isa rates , you would have thought at least leave the kids savings rates alone! now will be considering moving daughter's isa to coventry building society , however they have already cut their adult savings accounts I wonder if they will do the same with the kids ones? i just want to save for my daughter's education and it seems so hard to do!!

DavidT67

Took the useless ****s at NS&I 90 days to transfer my son's Junior ISA in,  hate to think how long they can drag out a transfer out...  Got us all over a barrel with their !!!!!! poor customer service.

where_are_we

I have only the one product from NS&I - its income bonds. If I close my income bond account (minimum investment £500 so not an option to leave £1 in it) I presume I will keep online access so that I can easily open another account with them if they offer something decent in the future (it could be a long wait!). I intend to move the closure balance to the new Skipton Online Bonus Saver Issue 7 paying 1.2%. Is there any point in waiting until 23/11/20 to do this. I realise that the Skipton interest rate is variable but at least it is more than the 1.16% rate NS&I have for the next 2 months.