NS&I Guaranteed Growth Bond

123monty

I have an old Guaranteed Growth Bond Issue 70 paying 4% and maturing on April 23. The new bond pays 6.2%. I want to cancel the current bond before maturity and reinvest in the new bond at 6.2%. NS&I is saying I can not cancel it and have to leave it until April 23. I am not getting proper advice from NS&I. Any advice from the forum will help.

PloughmansLunch

You are getting proper advice from them - as per the T&Cs you can only cancel within the first 30 days, otherwise you're stuck for at least a year depending on the length of the bond you signed up for. I'm about halfway through my bond commitment at pretty much the same rate as you, and would jump at the chance to change it if I could.

ColdIron

I suspect April 23 was the date you opened the bond, not the maturity date

Issue 70 was on sale from 01/02/2023 to 12/07/2023

NS&I are right, you can't cash them in early. That's the nature of fixed rate, fixed term bonds

Ayr_Rage

@123monty although it's no consolation, NS&I are 100% correct.

Swipe

Not sure if there's any truth in it, but according to ThisIsMoney, the 6.2% bond will be gone in another week.

Albermarle

Swipe said:

Not sure if there's any truth in it, but according to ThisIsMoney, the 6.2% bond will be gone in another week.

It does seem popular going by the number of mentions on here.

Thumbs_Up

Albermarle said:

Swipe said:

Not sure if there's any truth in it, but according to ThisIsMoney, the 6.2% bond will be gone in another week.

It does seem popular going by the number of mentions on here.

I think they wanted 7 billion quid, i did my bit, bit surprised the bond is still open for business.

molerat

Might grab another £10K quick then, I need to shift some interest into the next FY so looks like a good way to do it.

vacheron

I grabbed this 6.2% deal is last week. Deposited £15K as that will basically max out my PSA plus a little little wiggle room for my regular saver. 

It's like the good old days again, but OP, as others have said, there is no way to cancel once the initial window has elapsed. Not even with a loss of some, or even all, interest. 

auser99

Swipe said:

Not sure if there's any truth in it, but according to ThisIsMoney, the 6.2% bond will be gone in another week.

Had a quick look on their site and can't see any mention of that, do you have a link to this?

ColdIron

auser99 said:

Swipe said:

Not sure if there's any truth in it, but according to ThisIsMoney, the 6.2% bond will be gone in another week.

Had a quick look on their site and can't see any mention of that, do you have a link to this?

https://www.thisismoney.co.uk/money/saving/article-12531575/Savings-rates-hit-highest-levels-2008-close-peak.html