NS&I Guaranteed Growth Bond Renewal

cricidmuslibale

The 1 year rate is actually 0.05% below the now current (still pitiful) rate of 0.15% gross for the Direct Saver. I fail to see why anyone would choose to invest in a 1 year GGB bond with NS&I right now with this situation being the case!

ColdIron

The direct saver is a variable rate, the GGB is fixed. It depends where you see rates going

cricidmuslibale

ColdIron said:

The direct saver is a variable rate, the GGB is fixed. It depends where you see rates going

That's fair enough but you have to leave a minimum of £500 in any GGB for it to remain open. After the 1st 30 days cooling off period you can't withdraw any money or close the account until the fixed term is up. Thus with the 1 year GGB £500 will earn 50p over the year, £1000 will earn £1 etc. Could this ever be considered 'worth it' for a no access account!?

Stubod

..mine showed similar to above the week before it closed, but now it has auto renewed for 3 more years and I have had confirmation it is 1.3%

nellykim

Our GGB matures 3rd April this year.  With another 5 year plan, the amount we would get would be £333.68 interest in April 2026. That is at 0.55% only.

Is it worth it ?

Stubod

nellykim said:

Our GGB matures 3rd April this year.  With another 5 year plan, the amount we would get would be £333.68 interest in April 2026. That is at 0.55% only.

Is it worth it ?

..only you can decide that...if you take the money out where are you going to put it instead?

nellykim

I'm trying like mad to find somewhere else..

nellykim

Stubod said:

..mine showed similar to above the week before it closed, but now it has auto renewed for 3 more years and I have had confirmation it is 1.3%

That rate is much better than the 0.55% which is in our letter received last week

Stubod

nellykim said:

That rate is much better than the 0.55% which is in our letter received last week

..yes but that was 4 months ago...just shows how rates have changed!!