NS&I Guaranteed Income Bonds - Locked into very low interest rate and looks like no way out!

Swipe

It's not just 30 days notice. I have a bond maturing on 2nd Feb and I got an email 2 weeks ago advising me my bond was coming close to maturity and to look out for another an email soon.

LeafGreen

This thread was from August 2022.  OP might only have 6 months to wait it out now unless NS&I accepted an appeal, which I doubt they would have done.

BooJewels

Swipe said:

It's not just 30 days notice. I have a bond maturing on 2nd Feb and I got an email 2 weeks ago advising me my bond was coming close to maturity and to look out for another an email soon.

I was about to post the same - in respect of the more recent post that resurrected an old thread - mine matures on 9th Feb and I got the email to remind me about it yesterday.  It doesn't have any instruction or options in, it's just a pre-emptive heads up that it's imminent.  I think that's more notice than I've had anywhere else - 42 days.

Numbersup

I got  fixed  into  one of those low % NS&I  3yr roll over jobs,  as consuming family problems meant my brain was otherwise engaged and all rates were bad at the time in any case.   Anyway it is due to mature in a few weeks , and I was pleasantly surprised to see its offering  5.40% for  1yr or 5.80%for either of 2 or 3 year fixes .  Ive no  idea, but Im guessing  the interest rates  wont stay that high for 3 years , so Ill be quite happy to fix at  2 or 3.   Who knows, it could do an about turn and go up and Ill lose out, but I reckon its a fair gamble.

enthusiasticsaver

My mum had money locked into this but it matures January. The auto renewal would give her 5.8% for another 3 years but I have given instructions to close it as I have EPA for her.

Swipe

That 3 year renewal at 5.8% looks very attractive for income bonds but the downside is the interest will be taxed in the same year at maturity for the growth bonds. 

Eohippus2902

Thank you for all your comments, I am pretty new to investments, not having any spare cash in the past, so was unaware of the pitfalls I might find. Fortunately the investment matures in March so I will think a bit more wisely where I invest next time.

PloughmansLunch

Mine renews in May - I'll be chuffed to bits if it's still anything near 5% by that time