NS&I Guaranteed Growth Bond

eskbanker

123monty said:

I was fully aware of the T&C when I signed for this product. I am willing to pay a penalty for withdrawing early like I have done with other service providers.

Where did you see anything in the product terms that suggested that premature access was available with a penalty (as it would be with ISAs for example)?

The prominent product front page seems pretty unequivocal to me:

Can I take money out?

No, you cannot take money out until the Bond reaches the end of its term

as does the Ts & Cs document:

No withdrawals until maturity

A Guaranteed Growth Bond is a fixed-term investment and has to be held for the full term. This means that you won’t be able to reinvest or withdraw your money until it matures. 

and the summary box:

Can I withdraw money?

No, Guaranteed Growth Bonds are a fixed term investment that has to be held for the full term. This means that you won’t be able to access your money until it matures.

and the FAQ:

• Will I be able to access my money early?

  No. Once you invest, you won’t be able to access your money until your Bond reaches the end of its term, but in return you’ll be guaranteed a fixed rate of interest for 1 year.

trickydicky14

eskbanker said:

123monty said:

I was fully aware of the T&C when I signed for this product. I am willing to pay a penalty for withdrawing early like I have done with other service providers.

Where did you see anything in the product terms that suggested that premature access was available with a penalty (as it would be with ISAs for example)?

The prominent product front page seems pretty unequivocal to me:

Can I take money out?

No, you cannot take money out until the Bond reaches the end of its term

as does the Ts & Cs document:

No withdrawals until maturity

A Guaranteed Growth Bond is a fixed-term investment and has to be held for the full term. This means that you won’t be able to reinvest or withdraw your money until it matures. 

and the summary box:

Can I withdraw money?

No, Guaranteed Growth Bonds are a fixed term investment that has to be held for the full term. This means that you won’t be able to access your money until it matures.

and the FAQ:

• Will I be able to access my money early?

  No. Once you invest, you won’t be able to access your money until your Bond reaches the end of its term, but in return you’ll be guaranteed a fixed rate of interest for 1 year.

That's a NO then?

Dazed_and_C0nfused

trickydicky14 said:

eskbanker said:

123monty said:

I was fully aware of the T&C when I signed for this product. I am willing to pay a penalty for withdrawing early like I have done with other service providers.

Where did you see anything in the product terms that suggested that premature access was available with a penalty (as it would be with ISAs for example)?

The prominent product front page seems pretty unequivocal to me:

Can I take money out?

No, you cannot take money out until the Bond reaches the end of its term

as does the Ts & Cs document:

No withdrawals until maturity

A Guaranteed Growth Bond is a fixed-term investment and has to be held for the full term. This means that you won’t be able to reinvest or withdraw your money until it matures. 

and the summary box:

Can I withdraw money?

No, Guaranteed Growth Bonds are a fixed term investment that has to be held for the full term. This means that you won’t be able to access your money until it matures.

and the FAQ:

• Will I be able to access my money early?

  No. Once you invest, you won’t be able to access your money until your Bond reaches the end of its term, but in return you’ll be guaranteed a fixed rate of interest for 1 year.

That's a NO then?

Unless you're an adviser on the end of a phone call with a disgruntled customer when it's a "write in to see if we consider it".  Knowing full well that it will still be a no, but someone else's problem to say it!

SickGroove

Hello,

Looking at putting 20K into the NS&I 1 year fix but won't be able to fund the full 20K for about 10 days...

Can I apply today just to secure the rate & if so how long is the funding window?

Cheers

Doctor_Who

SickGroove said:

Hello,

Looking at putting 20K into the NS&I 1 year fix but won't be able to fund the full 20K for about 10 days...

Can I apply today just to secure the rate & if so how long is the funding window?

Cheers

The NS&I growth and income bonds have to be fully funded on opening, there is no funding window. 

friolento

SickGroove said:

Hello,

Looking at putting 20K into the NS&I 1 year fix but won't be able to fund the full 20K for about 10 days...

Can I apply today just to secure the rate & if so how long is the funding window?

Cheers

They require the full funding as part of the application. It is not possible to add to it later.

You might be able to open a 6.1% account elsewhere (e.g. Streambank) which has a 14 day funding window, and secure this account in case the NS&I GGB gets withdrawn whilst you are waiting for your funds.

poppystar

SickGroove said:

Hello,

Looking at putting 20K into the NS&I 1 year fix but won't be able to fund the full 20K for about 10 days...

Can I apply today just to secure the rate & if so how long is the funding window?

Cheers

Why not buy one bond with the amount you currently have then buy another for the remainder in 10 days?

 I think it’s easier to think of these as something you purchase rather than an account you are opening to put money in ie. No funding window  - just buy one when you have the money available.

SickGroove

friolento said:

SickGroove said:

Hello,

Looking at putting 20K into the NS&I 1 year fix but won't be able to fund the full 20K for about 10 days...

Can I apply today just to secure the rate & if so how long is the funding window?

Cheers

They require the full funding as part of the application. It is not possible to add to it later.

You might be able to open a 6.1% account elsewhere (e.g. Streambank) which has a 14 day funding window, and secure this account in case the NS&I GGB gets withdrawn whilst you are waiting for your funds.

Thanks for clarifying. Can you just confirm how you actually fund it during the application process please?
Do they ask how much your putting in and then you enter your nominated bank details there & then?

ColdIron

At the end of the application you would enter your debit card details and the amount

Kim_13

SickGroove said:

friolento said:

SickGroove said:

Hello,

Looking at putting 20K into the NS&I 1 year fix but won't be able to fund the full 20K for about 10 days...

Can I apply today just to secure the rate & if so how long is the funding window?

Cheers

They require the full funding as part of the application. It is not possible to add to it later.

You might be able to open a 6.1% account elsewhere (e.g. Streambank) which has a 14 day funding window, and secure this account in case the NS&I GGB gets withdrawn whilst you are waiting for your funds.

Thanks for clarifying. Can you just confirm how you actually fund it during the application process please?
Do they ask how much your putting in and then you enter your nominated bank details there & then?

I believe the only payment options were Debit Card or fund from Direct Saver. I used Debit Card and at first it asked how much you wanted to invest, then it would bring up a card payment box just as if you were buying a product online with the amount to be taken from the card pre-entered.

I selected Direct Saver as the nominated account (still needed despite opting for the GGB version and interest on maturity) as I didn’t have bank details on hand. It looked as though they would require them to be entered, even though they hold them on file already.

The card payment was the very last step, IIRC.