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

Swipe

Section62 said:

worriednoob said:

2. The transaction to pay into the bonds needs to be done in one go via debit card and you need to preferably make your bank aware if you plan to do a large transfer to avoid it being blocked or delayed.

The blurb on the NS&I site suggested online applications had to be funded by debit card, but within the application process on the 'payments' page there was an option to fund from another NS&I account.

I didn't use that option, so can't say it works though.

I did, I selected my direct saver but before the final confirmation, it still told me a debit card can only be used. On clicking confirm, it all went through. The exact same process as when I opened my issue 70 back in Feb using my direct saver. It's no surprise that their website is clunky and riddled with inconsistencies. The biggest gripe this morning was it logging me out 3 times because it thinks I used the back button. 

gussie5555

Canny move by NS&I - will probably mean many disenchanted Premium Bond holders may move their holdings to this bond instead of going elsewhere.

Nova1307

I seem to recall NS&I having competitive growth bonds a few years ago. Does anyone know if they remained competitive (near the top of the list) for quite some time or were they quickly overtaken by banks?

Given that the BoE are independent I assume they are in the same position as banks in terms of trying to predict future interest rate decisions and thus pricing them into their products?

ColdIron

gussie5555 said:

Canny move by NS&I - will probably mean many disenchanted Premium Bond holders may move their holdings to this bond instead of going elsewhere.

Indeed, I am close to moving my PBs after the next draw. I'll ponder it over the next few days

quirkydeptless

Thank You NS&I, I'm always on the lookout for a home for my Halifax debit card spending requirements and buying 3 of these a month will do nicely

I bought a couple of £500 ones Today to check I can buy them in seperate debit card tranches.

Nova1307

Managed to resurrect my NS&I account which I hadn't logged into in years. Just opened a Direct saver account and will fund that until I am ready to transfer over to the one year bond given the likelihood of a chunky debit card payment being blocked by my bank. 

sparkiemalarkie

How are you all managing to open this with the 6.20% rate?
When I log into my account it still shows 5%.

tia

sx

quirkydeptless

sparkiemalarkie said:

How are you all managing to open this with the 6.20% rate?
When I log into my account it still shows 5%.

tia

sx

It's because when you ignore that and apply anyway you get the 6.2% one

worriednoob

I'm in two-minds as to whether it's worth moving my savings from Chip to NS&I or whether I should wait a little longer just incase other banks follow suit and try to beat the NS&I's 6.2%.  Any suggestions?

friolento

worriednoob said:

I'm in two-minds as to whether it's worth moving my savings from Chip to NS&I or whether I should wait a little longer just incase other banks follow suit and try to beat the NS&I's 6.2%.  Any suggestions?

If you need instant access, the NS&I account is clearly no good. If you can lock your money away for 12 months, keeping it in a 4.81% account when you can get 6.2% is probably not the cleverest move.

If you are concerned that 6.2% will be beaten before long: you have 30 days cooling off period, in which you can withdraw your deposit plus accrued interest.