NS&I 4.00% Guaranteed Growth Bond and 3.97% Guaranteed Income Bond

ColdIron

Apparently

BooJewels

I'm interested in the Guaranteed Income Bond as I already have Income Bonds, as I like that it's effectively instant access, but pays me an amount monthly to an external account - to either reinvest or just spend.  So I was considering splitting my IB balance between the two.  But to do so, you have to fill in and post a paper form to make the transfer. 

On the web page it says you can invest up to a million per person (I wish) - but the paper form to transfer into it from another NS&I account (other than a Direct Saver) is £10k:  "maximum £10,000 per person per Issue of a term"

ETA:  Just looked at the equivalent Guaranteed Growth Bond form and that differs in that it allows up to a million and has more boxes/digits for writing the amount in.

ChilliBob

Mands said:

ChilliBob said:

Interesting, presumably only really of interest if you intend to fix more than the 85k limit and can't be bothered to have multiple >4% accounts?

Or you live outside the UK in a market where similar rates don't exist or are too risky.

I'm resident elsewhere in Europe and continue to have savings in NS&I. Once I'd jumped through the, extensive, hoops to get my account opened it's been my primary savings location due to lack of other options.

Interesting, I didn't know that. Not relevant to me but always good to learn new stuff! 

ChilliBob

ColdIron said:

I have a friend who has about £700k with NS&I because he cba to split it up and likes the security that comes with them. Useful for him

Could be worth a look for people with a Direct Saver or Income Bonds for some, if not all, of their savings

The GIBs are also useful for people who want a monthly income and a higher rate than offered by variable/limited access accounts. Most (but not all) fixed term accounts pay annually or upon maturity

Another arrow in the quiver so to speak

Definitely another arrow. The direct saver is my almost bottom rung of the savings ladder I have (ironically Marcus are the bottom rung, but i suspect that will change soonish, perhaps). So I kind of keep day to day, and a, bit more in current, the rest in direct saver and keep removing from direct saver when a better rate comes up etc.

When you have large volumes though being arsed does help - those fractions of percentages do add up, if you can be arsed! 

Ciprico

Any one know of a SIPP that can hold these NSI products... 

It seems Interactive Investor don't, but do any of the major platforms....



From: https://www.nsandi-adviser.com/sipps-and-ssass

SIPP and SSAS schemes may allow investment into some NS&I products. These are known as ‘permitted investments’ held by the scheme trustee. Before recommending NS&I investments we suggest you check that the SIPP or SSAS provider will accept them, and that the investment will not be subject to tax penalties on any gains.

Our investments that may be held in a SIPP or SSAS are:

• Fixed Interest Savings Certificates
• Index-linked Savings Certificates
• Guaranteed Growth Bonds
• Guaranteed Income Bonds
• Income Bonds

Flugelhorn

ChilliBob said:

ColdIron said:

I have a friend who has about £700k with NS&I because he cba to split it up and likes the security that comes with them. Useful for him

Could be worth a look for people with a Direct Saver or Income Bonds for some, if not all, of their savings

The GIBs are also useful for people who want a monthly income and a higher rate than offered by variable/limited access accounts. Most (but not all) fixed term accounts pay annually or upon maturity

Another arrow in the quiver so to speak

Definitely another arrow. The direct saver is my almost bottom rung of the savings ladder I have (ironically Marcus are the bottom rung, but i suspect that will change soonish, perhaps). So I kind of keep day to day, and a, bit more in current, the rest in direct saver and keep removing from direct saver when a better rate comes up etc.

When you have large volumes though being arsed does help - those fractions of percentages do add up, if you can be arsed! 

oh dear I really should get a grip - you are right about fractions or even anything counting... have just shifted 100k from a nationwide non interest paying current account to my NS&I DSA so I suppose that is a step in the right direction

Swipe

Thanks for the thread. Just opened a growth bond. I was wondering if you could add to it once opened but I see now it's opened that there's an option to open a new bond in the dashboard.

ColdIron

That's right, it's a fixed term product so you can't add to it. However you can buy as many new bonds as you like

• Each Bond you buy must be at least £500. You can invest up to a total of £1 million in any one Issue. You can buy as many Bonds as you like, up to this investment limit. Reinvesting the value of maturing Guaranteed Growth Bonds does not count  towards this limit.

https://www.nsandi.com/files/asset/pdf/guaranteed-growth-bonds-key-features.pdf

BooJewels

Just an update to my earlier comment about the form to transfer funds from other NS&I (non DA accounts) products to the Guaranteed Income Bond - the £10k max on the form is a mistake and she fed back to get it amended - it is a million.  I eventually got to speak to them last night and it took an age for them to even grasp my question.

Futuristic

Can you keep adding money to this account whilst keeping the expiry date same (1yr from account opening?) or will each bond purchase later on have different date +1yr?.

I understand most fixed 1yr accounts you need to deposit within a week or two.