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

ForumUser7

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."

So you can log into the online service to transfer money from direct saver to premium bonds (and vice versa), but the same online system doesn't allow an online transfer from direct saver to guaranteed growth bond, but you can fill out a form? That's really odd! I've only recently opened an account with NS&I, and they seem to have several weird quirks

BooJewels

I think you can move funds from a Direct Saver to other accounts, including the two new Fixed bonds - but not directly from Income Bonds and Premium Bonds. 

I have the latter two accounts and can seemingly transfer between them, but not to anything else.  I don't have a Direct Saver.  It looked like I could open one and transfer funds from the IB account, but working through the links for that process brought me to a similar form to print out and post - so was no advantage.

Yes, it all seems very odd and some of it contradictory. 

poppystar

ForumUser7 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."

So you can log into the online service to transfer money from direct saver to premium bonds (and vice versa), but the same online system doesn't allow an online transfer from direct saver to guaranteed growth bond, but you can fill out a form? That's really odd! I've only recently opened an account with NS&I, and they seem to have several weird quirks

No, you can do Direct Saver to Guaranteed Income/Growth Bonds online but the issue is it can’t be funded from Income Bonds without using a form. But agree odd!

GalacticaActual

poppystar said:

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

You’re welcome, glad to help  

Ciprico

NedS said:

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%)

Ned... Could you give some examples of money market funds... Or point me towards a list... 

Thanks... 

ccluedo

Funds showing on DS but when I try to transfer to GB it shows DS as zero balance. I just opened and placed funds yesterday so guessing tho showing, won't be transferable until tomorrow.

NedS

Ciprico said:

NedS said:

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%)

Ned... Could you give some examples of money market funds... Or point me towards a list... 

Thanks... 

@Ciprico Here is a search on HL for "Money Market" and "Short Term Money Market" funds:

https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results?sectorid=123,138&start=0&rpp=20&lo=0&sort=fd.full_description&sort_dir=asc

GalacticaActual

I’ve received the first maturity letter (out of 3) from NS&I for the Guaranteed Income Bond I opened in February 2023.

If I let it auto-renew (default option) the new 1-year rate will be 5.27% gross/5.40% AER.

As things stand at the moment, it seems to be a good rate of interest for a 1-year term.

BooJewels

I've got one maturing early February too @GalacticaActual - I downloaded their document with maturing terms a week or two ago when I was digging around for what they might be offering and it was 5.65% gross for 2 and 3 year terms - which would be of interest to me - are those the terms still being offered in your email?  The document doesn't appear to have changed since I looked and it's dated 4th December. 

Although I note that your posted graphic shows that they'll offer different lengths of bonds at the prevailing rate on maturity day - which with a month to go, could well drop by then.

GalacticaActual

BooJewels said:

I've got one maturing early February too @GalacticaActual - I downloaded their document with maturing terms a week or two ago when I was digging around for what they might be offering and it was 5.65% gross for 2 and 3 year terms - which would be of interest to me - are those the terms still being offered in your email?  The document doesn't appear to have changed since I looked and it's dated 4th December. 

Although I note that your posted graphic shows that they'll offer different lengths of bonds at the prevailing rate on maturity day - which with a month to go, could well drop by then.

Hello BooJewels, I have just checked my online messages and the second bond maturity letter was available to view (the first two bonds I purchased were on the 3rd and 4th February 2023 for £500 each). The other bond matures on the 7th February 2024, which is for several thousand pounds.

The options to renew for a different term are shown below for the first two £500 bonds: