NS&I 1 Year Guaranteed Growth Bonds and Guaranteed Income Bonds at 6.20%

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baz8755 said:

I want to transfer my PB to the GIB and was wondering if the online application process will allow this, if not how do I achieve this.

Also I am guessing a GIB of £50k will give me a monthly income of £250 via DD, no tax as I have no other taxable income

Open a direct saver with £1 and then cash in your PBs to there. Then select the DS account as the payment method for your GIB during the application.

tetrarch

First world problems, but paying money from NatWest to the NS&I GIB is a real PITA

Apparently, (per NW) due to a Mastercard restriction debit card payments are limited to £50,000 per day. That is a per-Debit-card limit so we were able to move £50K from the Exec account and £50K from a Current account in two successive transactions

Regards

Tet

Thumbs_Up

2 weeks ago I opened the first direct account mainly to get the switch bonus to nullify somewhat the pain suffered in 2 recent ISA penalty transfers minus £650. Although I have taken up the 7% regular saver it doesn’t get my juices flowing.

Anyways, the first direct account has turn into a blessing, I have made 3 tranche payments of £49,999. The comments I sometimes read on here I was so fearful of the anti-fraud squad putting a block on said payments. I’m now just waiting for my last investment via Halifax to be cleared.

I have whittle down my savings accounts from 20 down to 10 mostly all in 1 to 3 year fixes. Opened the recent Cahoot account and now i won’t bother to feed it all thanks to NS&I.

I have registered for self assessment (£10,000 interest rule) for the first time so look forward to that...not.

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Thumbs_Up said:

I have registered for self assessment (£10,000 interest rule) for the first time so look forward to that...not.

If you already keep records it's as easy as filling in a couple of boxes. The only downside is having to pay a 50% payment on account up front for the next year if you owe more than £1000 tax.

Thumbs_Up

Swipe said:

Thumbs_Up said:

I have registered for self assessment (£10,000 interest rule) for the first time so look forward to that...not.

If you already keep records it's as easy as filling in a couple of boxes. The only downside is having to pay a 50% payment on account up front for the next year if you owe more than £1000 tax.

For the current tax year 2023/24 i will try and keep my savings interest below £18,570 – I have no other income so if needs be I will put savings interest in premium bonds.

If from my sums I do keep under £18,570 do I contact HMRC or will they contact me? Is the payment deadline January 2024?

 

Swipe

Thumbs_Up said:

Swipe said:

Thumbs_Up said:

I have registered for self assessment (£10,000 interest rule) for the first time so look forward to that...not.

If you already keep records it's as easy as filling in a couple of boxes. The only downside is having to pay a 50% payment on account up front for the next year if you owe more than £1000 tax.

For the current tax year 2023/24 i will try and keep my savings interest below £18,570 – I have no other income so if needs be I will put savings interest in premium bonds.

If from my sums I do keep under £18,570 do I contact HMRC or will they contact me? Is the payment deadline January 2024?

 

You still have to enter all your interest details and numbers and do your calculation and then submit it when you are happy with it, even if no tax is due or you'll get fined. There are lots of good self assessment guides on youtube. The payment deadline is Jan 24 for the 22/23 tax year

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PragueAddick said:

I'm trying to invest in the 6.03% 1 year income bond right now. It's available on the home page, but as soon as I am logged in, I can no longer access it. Happens on both Safari and Chrome. 

Surely they would announce it if they had pulled it? (especially as I spoke with someone on their customer line yesterday). Please tell me its a glitch...

Just apply from the home page. I struggled to see it when logged in too but found a link next to an existing bond I held.

ColdIron

Do you have any GIBs already?

If so use the Buy a new bond link in your dashboard

friolento

Swipe said:

Thumbs_Up said:

Swipe said:

Thumbs_Up said:

I have registered for self assessment (£10,000 interest rule) for the first time so look forward to that...not.

If you already keep records it's as easy as filling in a couple of boxes. The only downside is having to pay a 50% payment on account up front for the next year if you owe more than £1000 tax.

For the current tax year 2023/24 i will try and keep my savings interest below £18,570 – I have no other income so if needs be I will put savings interest in premium bonds.

If from my sums I do keep under £18,570 do I contact HMRC or will they contact me? Is the payment deadline January 2024?

 

You still have to enter all your interest details and numbers and do your calculation and then submit it when you are happy with it, even if no tax is due or you'll get fined. There are lots of good self assessment guides on youtube. The payment deadline is Jan 24 for the 22/23 tax year

For a number of reasons, including savings interest much above PSA, I have been doing SAs for years. I never needed to enter any interest details and numbers. I only had to provide a single total sum of interest earned in a given tax year. The details are in a spreadsheet, which enables me to come up with the sum in the first instance, and which I can share with HMRC upon their request but they have so far never asked.

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friolento said:

Swipe said:

Thumbs_Up said:

Swipe said:

Thumbs_Up said:

I have registered for self assessment (£10,000 interest rule) for the first time so look forward to that...not.

If you already keep records it's as easy as filling in a couple of boxes. The only downside is having to pay a 50% payment on account up front for the next year if you owe more than £1000 tax.

For the current tax year 2023/24 i will try and keep my savings interest below £18,570 – I have no other income so if needs be I will put savings interest in premium bonds.

If from my sums I do keep under £18,570 do I contact HMRC or will they contact me? Is the payment deadline January 2024?

 

You still have to enter all your interest details and numbers and do your calculation and then submit it when you are happy with it, even if no tax is due or you'll get fined. There are lots of good self assessment guides on youtube. The payment deadline is Jan 24 for the 22/23 tax year

For a number of reasons, including savings interest much above PSA, I have been doing SAs for years. I never needed to enter any interest details and numbers. I only had to provide a single total sum of interest earned in a given tax year. The details are in a spreadsheet, which enables me to come up with the sum in the first instance, and which I can share with HMRC upon their request but they have so far never asked.

That's what I meant, although badly worded. Personal details (if not already pre-set) and the total numbers for interest and dividends if applicable and any other untaxed income.