NS&I fixed rate bonds

v.veale

I recently tried to purchase ( as above) the new fixed rate bond @6.2%.After 2 days of telephone calls I gave up!  WHY?..Because years ago I had premium bonds ( no longer) but their system couldnt seem to delete the old account numbers etc!
Also...If you invested £1.000000 I imagine you would be taxed on the interest, so what is the point??

refluxer

v.veale said:

I recently tried to purchase ( as above) the new fixed rate bond @6.2%.After 2 days of telephone calls I gave up!  WHY?..Because years ago I had premium bonds ( no longer) but their system couldnt seem to delete the old account numbers etc!

If your details are still on the system, can your account not be resurrected ?

v.veale said:

Also...If you invested £1.000000 I imagine you would be taxed on the interest, so what is the point??

Yes - you'll be taxed on the interest, but what's the alternative ? Better to pay tax on the £62k that £1,000,000 would earn in a 6.2% NS&I bond than than stick it in a current account and earn no interest at all ! Even the usual tax-efficient avenues like pensions, ISAs and Premium Bonds wouldn't make much of a dent on a theoretical £1,000,000 lump sum.

Albermarle

v.veale said:

I recently tried to purchase ( as above) the new fixed rate bond @6.2%.After 2 days of telephone calls I gave up!  WHY?..Because years ago I had premium bonds ( no longer) but their system couldnt seem to delete the old account numbers etc!
Also...If you invested £1.000000 I imagine you would be taxed on the interest, so what is the point??

So where would you invest/save One Million and not pay any tax?

Paying tax is not a problem as long as the net return is satisfactory.

Miser1964

IMHO people who have £1M to hand make their money work far harder than simply putting into a high-street savings account.

Sg28

v.veale said:

I recently tried to purchase ( as above) the new fixed rate bond @6.2%.After 2 days of telephone calls I gave up!  WHY?..Because years ago I had premium bonds ( no longer) but their system couldnt seem to delete the old account numbers etc!
Also...If you invested £1.000000 I imagine you would be taxed on the interest, so what is the point??

£1m at 6.2% after tax will still pay something in the region of £40k to £50k a year, dependant on circumstances.

Or you could keep your £1m earning nothing and pay no tax?