NS&I Growth Bonds

DoneWorking

Does this bond have an £85k limit on protection 
Or is it higher sum

I've looked for the info but cannot see it

It's paying a reasonable 4% for one year bond

https://www.nsandi.com/products

wmb194

DoneWorking said:

Does this bond have an £85k limit on protection 
Or is it higher sum

I've looked for the info but cannot see it

It's paying a reasonable 4% for one year bond

https://www.nsandi.com/products

Lending to NS&I is effectively a pseudo gilt i.e. you're lending to the government so the protection is the amount you're allowed to deposit plus accrued interest.

eskbanker

All NS&I products sit outside the FSCS protection regime as they're underwritten directly by the Treasury, i.e. even safer, in theory....

ColdIron

If you mean the new 1 year 4.00% Guaranteed Growth Bond you can safely deposit £1 million

The £85,000 FSCS isn't needed as NS&I is an executive branch of HM Treasury

https://www.nsandi.com/products/guaranteed-growth-bonds
https://www.nsandi.com/get-to-know-us/security/protect-your-money

DoneWorking

Thanks all

If I open a Growth Bond do I pay straight into the bond from an external bank

If so is there a set period in which I can add funds to create my total investment

Alternatively

Can I transfer the money to my NS&I Direct Saver and then transfer money from there to open the Growth Bond

Are there any downsides to this Growth Bond

Interest seems good

I'm aware it's taxed

I like the protection for large sums

poppystar

Can be opened from the Direct Saver very easily. If you want to put more in later then you can but it will be effectively a new account with new number and new maturity date. There’s a previous thread from last week (not sure how to link, sorry) where this is set out clearly. 

DoneWorking

Thanks Poppy

ColdIron

There is no 'window', you open and deposit money in one go

• apply for, and manage, your Guaranteed Growth Bonds online only
• invest at least £500, paid by a debit card in your own name, issued by a UK bank
• invest up to a total of £1 million per person

You can transfer from a Direct Saver

• If you have an NS&I Direct Saver, you can apply online for a Guaranteed Growth Bond and pay for it from your Direct Saver.
• If you want to use another NS&I account to pay for your Guaranteed Growth Bond, you’ll need to download and print a switching form, fill it in then post it to us.

All this information (and more) is available on my link above

DoneWorking

Are these NS&I Growth Bonds likely to be withdrawn any time soon

Or are they here to stay 

RobM99

DoneWorking said:

Are these NS&I Growth Bonds likely to be withdrawn any time soon

Or are they here to stay 

That would depend on interest rates, I reckon.

DoneWorking

Would they withdraw them soon if they are too popular and attract too many savers