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

ColdIron

Futuristic said:

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. 

No you can't add to it, see my post 3 up from here

Edit: To be crystal clear - each bond you buy will have its own maturity date, 12 months from opening. You can't open these accounts with £0 and add to it within a short window, you purchase the bond with a debit card or other NS&I balance

westv

I was just about to consider moving some money out of PBs into this until I realised I'd exceed my £1k tax free interest allowance! 

poppystar

BooJewels said:

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.

That worried me when I used the first link I saw but then I went in via the GIB product section on their forms page (not sure how I got there) and it said £1m …..not of course that I’ve that much to invest! I think it’s a case of ‘we’ve had guaranteed income bonds before, let’s just use the same form’ because that first form actually asked for how long a term you want which is not available on this release where one year is the only option.

NedS

Ciprico said:

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

Do you specifically want to hold NS&I products in a SIPP, or do you just want any risk free 4% return for cash in your SIPP? If it's just the latter, there are money market funds that will give you near BoE base rate at very low risk, or if you prefer a fixed rate product, consider individual government gilts (although not yet yielding 4%)

BooJewels

poppystar said:

BooJewels said:

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.

That worried me when I used the first link I saw but then I went in via the GIB product section on their forms page (not sure how I got there) and it said £1m …..not of course that I’ve that much to invest! I think it’s a case of ‘we’ve had guaranteed income bonds before, let’s just use the same form’ because that first form actually asked for how long a term you want which is not available on this release where one year is the only option.

I was out yesterday, so I've just checked, as I've decided to open the Guaranteed Income Bond - as it's a significant amount more interest than the Income Bonds - it just means I can't touch the money for 12 months, which I'm very unlikely to anyway - and I've PBs I'll cash in first, as they're giving disappointing results.  The form on the main page has now changed - has the right maximum of a million (ditto, not even close) and the tick box about the term has gone.  So I'll reprint it and start over.

ETA:  Actually comparing the form, it's a different form entirely and makes more sense now.

Slinky

Do you have to use a printed form? Our printer's gone on strike and I'm not sure we'll ever be able to get across the picket line.

poppystar

Bought. Used money in Direct Saver to avoid using a form in the end! Very quick and painless. 

One question though - I know I can’t top up this bond but is it possible (assuming issue still open) to buy further Guaranteed Income Bonds? Which will presumably have a different a/c number and start/maturity date. I read through all the documents but couldn’t seem to get an answer to this. 

BooJewels

As I understand it, you only need to use the printed form if you want to transfer funds from another NS&I product, other than a Direct Saver.   I want to move some from the Income Bonds I already have. They will post you a form out though - they offered to do that the other day when I rang them to query the form content itself - when I couldn't make them understand that the form contradicted the web site info.

Although there are still some confusing issues - at the top of the form, there's a QR code that tells you that it's easier to switch on-line (which itself contradicts the product page that says that you can't switch on-line) and gives a web link; "or go to nsandi.com/GIBS" - but when I did earlier and selected the option to transfer to a Guaranteed Income Bond, it then popped up a page for the Growth Bond - but the page content referred to the Green Bond.  Just looking again now, those last two errors have now been fixed, but all that page does is give you the option to download the very form that sent you there in the first place.

They said there were some teething problems and they seem to persist.

BooJewels

poppystar said:

Bought. Used money in Direct Saver to avoid using a form in the end! Very quick and painless. 

One question though - I know I can’t top up this bond but is it possible (assuming issue still open) to buy further Guaranteed Income Bonds? Which will presumably have a different a/c number and start/maturity date. I read through all the documents but couldn’t seem to get an answer to this. 

I've filled the form in, but not written the amount in yet, I want to think about it a bit more - PBs aren't performing for me, so think I might put more into one of these bonds from Income Bonds, as one transaction, then move some PB funds to Income Bonds (that looks like a straight internal transfer).  

I think you can buy further bonds, this is from page 5 of the 'Key features and customer agreement' document:

How much you can invest

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

km1500

"As I understand it, you only need to use the printed form if you want to transfer funds from another NS&I product, other than a Direct Saver.   I want to move some from the Income Bonds I already have"

can you xfer income bonds -> DS and then to the bond ? You can definitely xfer PB -> DS instantly.