NS&I Guaranteed Growth Bond

bjbyorkshire

I have a 3 year Guaranteed Growth Bond due to mature on 9th Jan 2021.  What do you suggest is the best way to withdraw this bond and when?
It can't be accessed before the 9th so do I have to sit tight and do nothing until that date then go to the bond online and transfer the money to my nominated account then?  If I do a postal or telephone application when would you advise me to do this as they won't allow me to withdraw the money until the 9th.  Don't want to sit waiting on the phone unless absolutely necessary.  I don't want to put it into premium bonds, just withdraw the money.
Thanks

Another_Saver

The rates on these are better than you can get currently so I am waiting to see what rate they offer to keep it on automatically, then I'll decide to stick or shift if better rates are available at the time.
It can all be done online - logon, withdraw to nominated bank account. You may have to wait until the Monday 11th to login and withdraw.

ColdIron

You should have a secure message setting out your options, log in and read it

If you want to withdraw the money you should log in and select that option, you need to do this no later than 2 days before the maturity date. If you don't it will automatically roll over for another 3 years at 0.40% with no option for early withdrawal. There is now a 30 day cooling off period. You should really get this sorted today

bjbyorkshire

Thanks for the replies.  I have double checked and there are no messages relating to what to do other than a statement which doesn't include the last year's interest due on maturity.  Under the box "Cash In Option" it only gives the option to cash in now which states that I will lose 90 days interest if I cash in before maturity?
Any suggestions welcome.

ColdIron

Apologies, I missed that your maturity date is 9th Jan 2021 which is over a month away, they will contact you closer to the time. Don't use the Cash In option, you will get a new 'Maturity Options' button

DeepSporran

As it happens, I also have a 3 year Guaranteed Growth Bond due to mature on 9th Jan 2021.

I've already received an email on December 1st advising me of the approaching maturity.

The email states:

You have an NS&I fixed term investment that’s due to mature soon, so it’s nearly time to decide what to do next.
We’ll contact you around 30 days before the maturity date to explain your options. We’ll then need to receive your instructions no later than two working days before your investment matures. If you want to give us your instructions online or by calling us, you’ll need your NS&I number and password to hand.

I should have thought you would have received a similar email ?  Unless you have never provided an email address (is that possible ?)

I'm expecting a further email in around a week's time at which point I'll go online and tell them what to do when it matures.

bjbyorkshire

Thanks all, I've looked at my spam e mail folder and the e mail is there just as you have copied it DeepSporran.  Yes, I need to just wait until I receive that next message then act.  I usually just roll maturing bonds over into another fixed rate but this time NS&I have reduced the rate so much it's just not worth leaving with them.

I see the best fixed rate for 3 years is with Paragon at  1%.  I've not got any accounts with them but they are protected so should be ok although the betting is this rate won't be available when our bond matures and is available.  My husband also has the same NS&I bond maturing on the same date as mine and we have another each maturing in April.  What to do with the money is a dilemma.

Thanks for the quick replies.

cricidmuslibale

bjbyorkshire said:

Thanks all, I've looked at my spam e mail folder and the e mail is there just as you have copied it DeepSporran.  Yes, I need to just wait until I receive that next message then act.  I usually just roll maturing bonds over into another fixed rate but this time NS&I have reduced the rate so much it's just not worth leaving with them.

I see the best fixed rate for 3 years is with Paragon at  1%.  I've not got any accounts with them but they are protected so should be ok although the betting is this rate won't be available when our bond matures and is available.  My husband also has the same NS&I bond maturing on the same date as mine and we have another each maturing in April.  What to do with the money is a dilemma.

Thanks for the quick replies.

Unfortunately, with interest rates for all fixed rate accounts gradually decreasing at present, you may well find by c.11 Jan 2021 that 3 year fixed rate accounts are all paying below 1% annual interest. In which case, if the maturing GGB is only worth a few thousand pounds or so, you may be better off opening as many Regular Savers with interest rates of 1% and above as you can reasonably manage and drip feeding them from either a current account or an easy access savings account that will allow this. Clearly though, if your maturing GGB is worth a lot more than a few thousand pounds this savings idea will not be sufficient and you will have to find the best possible 3 year fixed rate account available from 11 Jan onwards. I wish you all the best!

GillyFlower

Both my husband and I have Guaranteed Growth Bonds.   We have 2 each one Maturing in 15 & the other 29th Jan.  Value just under £12k each.   Our son (no dependants) has a relatively small mortgage now and although 24k would take a chunk of it - it makes us wonder if this was tied up legally would it be better value for our money if he were to pay us what could in effect be a better return.  Just a thought....

Stubod

GillyFlower said:

Both my husband and I have Guaranteed Growth Bonds.   We have 2 each one Maturing in 15 & the other 29th Jan.  Value just under £12k each.   Our son (no dependants) has a relatively small mortgage now and although 24k would take a chunk of it - it makes us wonder if this was tied up legally would it be better value for our money if he were to pay us what could in effect be a better return.  Just a thought....

..I would respectfully suggest starting your own thread...

westv

I will miss my 2.2% when it matures in January.