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

BooJewels

km1500 said:

"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.

I was wondering about that too.  I don't have a DS - and was trying to avoid opening yet another account - I already have more than seem sensible.  But the Direct Saver page states:

"Can I move money from another NS&I account to a Direct Saver?

Yes! Just fill out a quick online form and we’ll get it sorted for you. Be sure to have the details of the account you want to switch from to hand."

poppystar

BooJewels said:

km1500 said:

"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.

I was wondering about that too.  I don't have a DS - and was trying to avoid opening yet another account - I already have more than seem sensible.  But the Direct Saver page states:

"Can I move money from another NS&I account to a Direct Saver?

Yes! Just fill out a quick online form and we’ll get it sorted for you. Be sure to have the details of the account you want to switch from to hand."

I didn’t try that as I already had enough in Direct Saver for what I wanted to use but if not I may well have withdrawn from IB into nominated account and then into DS from there. It’s all done so quickly online and gets round filling in the form and delay while it gets posted (never know how long that will take these days!). Obviously a possibility as I have the DS. Getting the GIB from there took less than five minutes and it was up and running. 

I know what you mean about number of accounts I was trying to rationalise mine but then something like these bonds comes up and it’s just too tempting to open another! I’m not great at getting rid of accounts when I open new - same when I buy things!! I just worry I’m turning into a modern day Scrooge counting my money and moving it around!

poppystar

BooJewels said:

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. 

Thanks. I read that but starting doubting myself as to what constituted a single bond, was it £500 or whatever sum you put in. It looks clearer rereading it here! 

BooJewels

poppystar said:

BooJewels said:

km1500 said:

"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.

I was wondering about that too.  I don't have a DS - and was trying to avoid opening yet another account - I already have more than seem sensible.  But the Direct Saver page states:

"Can I move money from another NS&I account to a Direct Saver?

Yes! Just fill out a quick online form and we’ll get it sorted for you. Be sure to have the details of the account you want to switch from to hand."

I didn’t try that as I already had enough in Direct Saver for what I wanted to use but if not I may well have withdrawn from IB into nominated account and then into DS from there. It’s all done so quickly online and gets round filling in the form and delay while it gets posted (never know how long that will take these days!). Obviously a possibility as I have the DS. Getting the GIB from there took less than five minutes and it was up and running. 

I know what you mean about number of accounts I was trying to rationalise mine but then something like these bonds comes up and it’s just too tempting to open another! I’m not great at getting rid of accounts when I open new - same when I buy things!! I just worry I’m turning into a modern day Scrooge counting my money and moving it around!

I really wanted to curtail my account opening and thought I was settled with the arrangements I already have - but then the Skipton announced their base rate tracker and I got a small inheritance this week - so that seemed an ideal opportunity to put it in there whilst I thought about what to do with it - and now the base rate has gone up, I'll perhaps swap the balances between my easy access and the tracker. 

I like my Income Bonds, as I like getting monthly interest (saved into another EA account to compound) as this is what I pay for holidays and extras with.  But an extra 1.3% for the same money, for the sake of leaving it alone for 12 months, is too good to pass up.  I could make myself really sick and/or drunk with all the extra holiday ice creams and/or gin that would fund!

Numerically, I actually have quite a few bank savings accounts that are organisational rather than for saving and making money - I keep the minimum I immediately need in current accounts and feed that from savings accounts with pots of money allocated for particular purposes.  

Swipe

The quickest way is to open a direct saver and deposit with a debit card then open the bond when the DS funds have cleared. Much easier than messing around with forms.

BooJewels

Except that the funds I want to add to the GIB are already in an Income Bonds account.  If I were to withdraw them, to open a DS by debit card, the whole process would take maybe a week and I'd lose the interest for the duration.   It's not a complicated form and I'll at least be continuing to earn interest whilst it's in the post etc.

Swipe

BooJewels said:

Except that the funds I want to add to the GIB are already in an Income Bonds account.  If I were to withdraw them, to open a DS by debit card, the whole process would take maybe a week and I'd lose the interest for the duration.   It's not a complicated form and I'll at least be continuing to earn interest whilst it's in the post etc.

Is cashing the income bonds to a direct saver an option or do they not allow that?

BooJewels

Swipe said:

BooJewels said:

Except that the funds I want to add to the GIB are already in an Income Bonds account.  If I were to withdraw them, to open a DS by debit card, the whole process would take maybe a week and I'd lose the interest for the duration.   It's not a complicated form and I'll at least be continuing to earn interest whilst it's in the post etc.

Is cashing the income bonds to a direct saver an option or do they not allow that?

I thought it was going to be possible - but when I attempted to do precisely that earlier, I logged in and followed the links through the process and eventually came to another form, pretty much the same as the one I've already done.  So it doesn't look possible - I'll look at it again tomorrow with fresh eyes. I think the NS&I site has got a bit scrambled with the introduction of these new issues - I keep encountering broken links, or not ending up on the page you were expecting.

GalacticaActual

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 invested £500 on the 3rd February 2023 (via my Direct Saver account).

I have just invested a further £500 in Guaranteed Income Bonds today, 4th February 2023, via the same 4-step process I followed previously.

Each time you want to add further funds, by selecting “Buy a new Bond”, you are creating a new account with a new account number.

The Guaranteed Income Bonds section now says Balance, across 2 accounts.

When you click view accounts and rates, there are also two separate maturity dates, in my case:

  

poppystar

Great, thanks Galactica - that’s what I suspected but it’s good to see it so clearly.