Where are you transferring your NS&I savings?

soulsaver

Skipton BS two weeks ago to avoid possible NS&I admin issues with last minute mass exodus.

The_Fat_Controller

I have an Everyday Saver v.1 with Al Rayan Bank, still paying 1.15% so mine went in there.

JeffMason

West Brom seems to have gone now anyway..?

cricidmuslibale

Returning to the original poster's question, I honestly really don't know yet exactly where my available NS&I savings are going to go on Tuesday. What I definitely have decided is to withdraw all of this money on the 24th November and not before then, to try to emphasise that I genuinely wouldn't be making any net withdrawals from NS&I at the moment were it not for the very savage cuts in interest rates across the vast majority of NS&I accounts (excluding Premium Bonds) that are taking place on Tuesday. I have supported NS&I very loyally now for many years with the vast majority of the small amount of savings I'm fortunate to possess and, frankly, I am absolutely appalled and disgusted by what they are about to do to all their loyal savers on Tuesday, particularly at this very difficult time in the height of a pandemic!

Black_Cat2

My money is being stashed under the mattress but seeing it's only £50 that's the best place for it!  Mr Lewis may not agree lol 😸

redpete

cricidmuslibale said:

 frankly, I am absolutely appalled and disgusted by what they are about to do to all their loyal savers on Tuesday, particularly at this very difficult time in the height of a pandemic!

Why?  One of the government's responsibilities now is to help the economy recover, that doesn't mean encouraging people not to spend and pay over market rate on savings interest.

eskbanker

cricidmuslibale said:

What I definitely have decided is to withdraw all of this money on the 24th November and not before then, to try to emphasise that I genuinely wouldn't be making any net withdrawals from NS&I at the moment were it not for the very savage cuts in interest rates across the vast majority of NS&I accounts (excluding Premium Bonds) that are taking place on Tuesday.

Are you under the impression that anyone will notice or care?

cricidmuslibale said:

I have supported NS&I very loyally now for many years with the vast majority of the small amount of savings I'm fortunate to possess and, frankly, I am absolutely appalled and disgusted by what they are about to do to all their loyal savers on Tuesday, particularly at this very difficult time in the height of a pandemic!

It's a financial institution, not a charity or a football club!  Presumably you'll have chosen to save with them because they offered you a decent return on your money rather than out of any misplaced sense of genuine loyalty - if you really felt that loyalty is an appropriate concept in this context then you'd still be sticking with them now, or does your loyalty only go as far as x% below market rates?

cricidmuslibale

redpete said:

cricidmuslibale said:

 frankly, I am absolutely appalled and disgusted by what they are about to do to all their loyal savers on Tuesday, particularly at this very difficult time in the height of a pandemic!

Why?  One of the government's responsibilities now is to help the economy recover, that doesn't mean encouraging people not to spend and pay over market rate on savings interest.

Personally I am much more likely to spend some of my savings with much higher interest rates as I can then spend any interest above inflation knowing that my capital is at least not losing value in real terms. I wonder how many other people do similar! If any savings body I have money with slashes its interest rates to smithereens, I'm definitely not going to spend any of the affected savings but rather transfer it elsewhere asap! 
Also NS&I has only fairly recently been promoting e.g. Income Bonds and Direct Saver at the present interest rates, claiming back in April (I think) that it had decided to maintain those rates to support savers during 'this difficult time' only to then mercilessly slash these rates a mere few months later! This is hardly what one would call straightforward and fair behaviour is it, and many people have recently saved a lot of money into these accounts in the belief that the Government was 'on their side' only for them (the new savers) to then find out that this was very far from true only a few weeks later (in some cases)!

cricidmuslibale

eskbanker said:

cricidmuslibale said:

What I definitely have decided is to withdraw all of this money on the 24th November and not before then, to try to emphasise that I genuinely wouldn't be making any net withdrawals from NS&I at the moment were it not for the very savage cuts in interest rates across the vast majority of NS&I accounts (excluding Premium Bonds) that are taking place on Tuesday.

Are you under the impression that anyone will notice or care?
Yes I think that if a lot of NS&I savers who have had accounts with NS&I for a long time withdraw their money and close their accounts on 24th November exactly then surely that suggests that they may well not have withdrawn that money / closed those accounts were it not for the very savage interest rate slashing from that day onwards! 

cricidmuslibale said:

I have supported NS&I very loyally now for many years with the vast majority of the small amount of savings I'm fortunate to possess and, frankly, I am absolutely appalled and disgusted by what they are about to do to all their loyal savers on Tuesday, particularly at this very difficult time in the height of a pandemic!

It's a financial institution, not a charity or a football club!  Presumably you'll have chosen to save with them because they offered you a decent return on your money rather than out of any misplaced sense of genuine loyalty - if you really felt that loyalty is an appropriate concept in this context then you'd still be sticking with them now, or does your loyalty only go as far as x% below market rates?

No, because I've saved with them for many years and for a good portion of this time NS&I have been offering interest rates that although not terrible have been some way below the market leading interest rates offered elsewhere. That's fair enough as they uniquely offer a 100% safety guarantee on all money saved with them. I have in fact stuck with them through thick and thin for more than 20 years until now because until very recently they have always been at least been consistent and reasonable when deciding on the various interest rates they offer. All that has changed with what they are about to do on Tuesday and apparently many other long term loyal NS&I savers feel similarly 'betrayed' in this way.

eskbanker

cricidmuslibale said:

eskbanker said:
Are you under the impression that anyone will notice or care?

Yes I think that if a lot of NS&I savers who have had accounts with NS&I for a long time withdraw their money and close their accounts on 24th November exactly then surely that suggests that they may well not have withdrawn that money / closed those accounts were it not for the very savage interest rate slashing from that day onwards! 

When making their decision, NS&I will naturally have anticipated a significant outflow of funds around the change date, so choosing to withdraw your money on that date, while making sense from an interest optimisation perspective, is a completely futile gesture if you believe it'll somehow shame them into regretting their decision, or whatever other effect you feel it might have, as they'll be expected people to do this!

cricidmuslibale said:
they uniquely offer a 100% safety guarantee on all money saved with them

But you referred to "the small amount of savings I'm fortunate to possess" so if you're below £85K, the protection afforded by FSCS for savings held with any mainstream regulated provider is comparable to that from NS&I.


I should perhaps add that I'm not actually defending NS&I's rate reductions here, but they are what they are, so there's no point in getting all hysterically emotive ("appalled", "disgusted", "savage", "mercilessly", "betrayed", etc, etc) about it, best just to vote with your feet (as you are doing) and move on with your life!