NS&I to cut premium bond rate and other accounts

crumpet_man

Not sure about online access but if you can spare £1 then open the Direct Saver account, leave £1 in it and be confident your online access will remain.

wiseonesomeofthetime

@where_are_we - Closed both of mine today and will be shifting it to Skipton BS as soon as it arrives in my current account.

See little point in hanging around for two months.

whitesmith

Well I suppose at least you know NS&I rate is fixed at 1.15% for 2 months whereas I suppose Skipton COULD reduce their rate tomorrow...

thegentleway

annabanana82 said:

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 

That’s brilliant! Most people hate/can barely tolerate their jobs.
Obviously the comparative value of working/volunteering/donating for you is personal to you but in terms of value to others there are really huge differences. E.g. Donating to buy malaria nets in Africa saves children‘s lives. The same amount of money spent on someone in the U.K. would only minimally increase their standard of living. Most people value saving lives over improving someone’s living conditions by a negligible amount. Likewise with volunteering, in terms of saving lives and relative impact, it’s generally dramatically more effective to volunteer in developing countries. What I’m trying to say is that  it’s awesome that your job/volunteering helps others and even better than you get a lot of satisfaction out of it but don’t automatically dismiss donations over/as well as volunteering/job: for someone living in the U.K., donating can be by far the most effective way to help others. Also don’t be put off by the 10% of income; that’s a really big commitment, most people donate way less. Pocket change to us goes a really long way in developing counties.

wiseonesomeofthetime

whitesmith said:

Well I suppose at least you know NS&I rate is fixed at 1.15% for 2 months whereas I suppose Skipton COULD reduce their rate tomorrow...

Nope, 14 days notice of a reduction, so at least two weeks worth at 1.20% 😂

Can't be bothered chasing the rates at these levels any more anyway. Reducing my savings portfolio, piece by piece.

wiseonesomeofthetime

@thegentleway @annabanana82 - I think you two could do with a thread of your own 🤷‍♂️ 😁

Bravepants

Blimey! I bought PBs for the first time in my life this month with my emergency fund...back to Marcus in December then!

Thrugelmir

Bravepants said:

Blimey! I bought PBs for the first time in my life this month with my emergency fund...back to Marcus in December then!

Marcus (Goldman Sachs) have had to reduce their savings rates previously to discourage depositors. 

snowqueen555

Just made an account yesterday...
Best account for me after that are those limited access accounts 1.2%. I just want access in case of emergencies, so 2 withdrawals in a year should be okay.

kinger101

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.

Erm.......
(1) you can have £1 in an NS&I saver account.  

(2) median household income is about USD 10,000.  Hard to square that with USD 5.50 a day
https://news.gallup.com/poll/166211/worldwide-median-household-income-000.aspx

(3) income is relative to where you live.