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NS&I savings to ...where?

I recently put £5000 in the ns&i premium bond saving account but now the interest has dropped, where shall I move it?
«13456

Comments

  • Hi,
    do you mean the income bond?

  • Albermarle
    Albermarle Posts: 24,506 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    Premium bonds remain relatively competitive for an easy access type account . so probably best left where they are .
    If you mean the Income bonds which have dropped to near zero , then maybe change them to Premium Bonds. 
  • Polly05
    Polly05 Posts: 377 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    It hasn't dropped yet....? 
  • If you mean premium bonds they I would leave the money there - the interest rate has not dropped yet but even when it does it will be 1% (not guaranteed of course) and I would then still leave it there.

    If you mean income bonds then these are dropping to nearly zero and I would move the £5000 to premium bonds.
  • Retireby40
    Retireby40 Posts: 772 Forumite
    Fourth Anniversary 500 Posts Name Dropper
    edited 24 October 2020 at 8:25PM
    There really isnt much point moving money around for the difference of 20 quid over the course of a year. 

    People get caught up on opening 10 different accounts and moving money around and trying to make the most of things but for what you gain youd just be better drinking a bottle of beer less a month.

    1.0% moving to get 1.2% or whatever is a waste of time especially if its £5000. 

    Leave it where it is. The time and effort it takes to chop and change is time spend and accounts for something. What price do you put on your time?
  • Eco_Miser
    Eco_Miser Posts: 4,743 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper

    People get caught up on opening 10 different accounts and moving money around and trying to make the most of things but for what you gain youd just be better drinking a bottle of beer less a month.
    Can you please explain how to drink minus one bottle of beer?

    Eco Miser
    Saving money for well over half a century
  • Eco_Miser said:

    People get caught up on opening 10 different accounts and moving money around and trying to make the most of things but for what you gain youd just be better drinking a bottle of beer less a month.
    Can you please explain how to drink minus one bottle of beer?

    Send me £2 to buy a beer, if I then don't buy one we are, on average, both a quid better off!
    😉
  • Eco_Miser
    Eco_Miser Posts: 4,743 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Eco_Miser said:

    People get caught up on opening 10 different accounts and moving money around and trying to make the most of things but for what you gain youd just be better drinking a bottle of beer less a month.
    Can you please explain how to drink minus one bottle of beer?

    Send me £2 to buy a beer, if I then don't buy one we are, on average, both a quid better off!
    😉
    I'll keep the two quid, thanks. I was hoping someone would explain how to get the other two quid by not drinking another pint.

    Eco Miser
    Saving money for well over half a century
  • Retireby40
    Retireby40 Posts: 772 Forumite
    Fourth Anniversary 500 Posts Name Dropper
    edited 25 October 2020 at 4:52PM
    Eco_Miser said:

    People get caught up on opening 10 different accounts and moving money around and trying to make the most of things but for what you gain youd just be better drinking a bottle of beer less a month.
    Can you please explain how to drink minus one bottle of beer?

    If you dont drink beer then a coke less, or a footy bet less a week. Or a takeaway less. Most people spend so much time trying to move money around to gain an extra 10er a month instead of just adjusting their spending minimally to make the difference up. 

    Very similar to the people who when changing holiday money are happy to drive 20miles to a place offering a slightly better rate only to realise what they spend in time and petrol basically cancelled out there benefit.
  • ...or have your central  heating on for 20 milliseconds less a week ...
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