NS&I Guaranteed growth bond maturity-beware

C_Mababejive

Just a heads up, if you have a guaranteed growth bond with NS&I thats about to mature just pay attention. Whilst its true that they do email you to let you know, its also the case that if it passes the maturity date, they will auto renew it and the new rate is rubbish. 

Further to this, you have a 30 day grace period in which to cancel the auto renew (cooling off period). After that datae passes, your stuffed and they will retain your investment for three years at the crap rate.

On their website there is a cancel button option but when you press it, it flags a technical error. You have to ring them and wait ages on the phone. If its in the 30 day grace period the phone person cant action it either and has to email the back office!

Have you ever known such an archaic organisation?

I expect they will stealthily retain a small fortune for those who let it slip past both the maturity date and the grace period.

Fortunately this isnt me.

NOTE This may also apply to other bond type accounts.

Thrugelmir

Perhaps people should learn to take personal responsibility for their own lack of inaction. Rather than complain and moan at length. At the very least use technology (or even old fashioned diaries) to write themselves reminders of future events. 

C_Mababejive

yes indeed people are responsible. This doesnt excuse the poor functionality of their website and their archaic back office practices.

Thrugelmir

C_Mababejive said:

yes indeed people are responsible. This doesnt excuse the poor functionality of their website and their archaic back office practices.

Shouldn't have been a problem in the first place. That's the bottom line. 

Audaxer

Thanks for the heads up. I am aware that my maturity date is coming up, and plan to look into this shortly. I'm not sure if they are any decent options for rolling it over for a further fixed period in NS&I. I'm assuming it would be best to move the proceeds elsewhere for a better rate?

notbritishgas

I have bad news and good news.
I was well informed that my bond was renewing and in good time I gave my instructions to not renew but have the proceeds paid out.
On maturity date received email saying my bond had been renewed at 0.4% !
Lucky I saw the cancel button which worked ok and received the money within 2_3 days. 

C_Mababejive

Strangely despite what i was told on chat and phone by NS&I i have logged on this morning and the cancel button is now working. All done.