Martin Lewis: Urgent warning for savers as base rate held at 5.25%

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Comments

  • refluxer
    refluxer Posts: 2,674 Forumite
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    edited 25 September 2023 at 10:35AM
    I guess what many of us want to know - and cannot know- is how much longer the NS&I deal will still be available. 

    Does anyone know/recall whether NS&I give any prior warning that a popular offer will be closing?

    I do already have a couple of such bonds, but I have 25k maturing with Charter Savings on 11th October, and the NSI bond is a natural place for that cash too. I think it's going to be a tight call if I just sit and wait; I might though be able to cobble together close to 25k for at least the three weeks or so before the Charter money comes through.

    Any views? (I'm sure there are!)
    I have to admit that, having watched a fair few fixed rate accounts get either reduced or removed completely at the end of last week, I'm surprised to see the NS&I bonds still on sale this morning. Saying that, the longer fixes (3 years+) seem to be the most affected by the recent BoE announcement - there hasn't been as much movement on the 1 to 2 year fixes.

    As Martin Lewis specifically mentioned the current NS&I bonds on breakfast TV last week, this means they've definitely been getting a lot more exposure recently and I'd be very surprised if they were still available on the 11th October, but who knows ?
  • mebu60
    mebu60 Posts: 896 Forumite
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    I guess what many of us want to know - and cannot know- is how much longer the NS&I deal will still be available. 

    Does anyone know/recall whether NS&I give any prior warning that a popular offer will be closing?

    I do already have a couple of such bonds, but I have 25k maturing with Charter Savings on 11th October, and the NSI bond is a natural place for that cash too. I think it's going to be a tight call if I just sit and wait; I might though be able to cobble together close to 25k for at least the three weeks or so before the Charter money comes through.

    Any views? (I'm sure there are!)
    I'd cobble together as much of the £25k now as you can. You can purchase multiple bonds (while they are available). 
  • Ns&I 6.2% have to be funded immediately on application.
    Raisin have a 6.34% 1 year fix that doesn't have to be funded immediately.
    I think you should give all the information regarding Raisin, such as 'new customer' 
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  • Ns&I 6.2% have to be funded immediately on application.
    Raisin have a 6.34% 1 year fix that doesn't have to be funded immediately.
    I think you should give all the information regarding Raisin, such as 'new customer' 
    I dont. I've just shown there are alternatives to NS&I.
    I think if someone wants a Raisin account they can check the details out themselves.
    It's always DYOR.
  • DavidAC
    DavidAC Posts: 287 Forumite
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    From guaranteed-growth-bonds-summary-n.pdf (nsandi.com)

    "Can NS&I change the interest rate?
    You’ll receive the rate on offer at the time you start a new investment term, and that rate will be fixed for the length of your chosen term. We can change the fixed rates on offer at any time. Each time we change the rate on offer we release a new Issue of Bonds"
  • eskbanker
    eskbanker Posts: 30,939 Forumite
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    DavidAC said:
    From guaranteed-growth-bonds-summary-n.pdf (nsandi.com)

    "Can NS&I change the interest rate?
    You’ll receive the rate on offer at the time you start a new investment term, and that rate will be fixed for the length of your chosen term. We can change the fixed rates on offer at any time. Each time we change the rate on offer we release a new Issue of Bonds"
    It's not clear what point you're making by simply sharing that without any narrative or question?
  • Still can't understand why Martin Lewis recomends people get a fix fast because rates are going to drop but still advises that as the rates for 1 yr and 3-5yr are very similar, there's no need to go for the long end because it doesn't have much (any) premium on a one yr. Am I missing something? To me if you think rates are dropping and 5 yr (5.85%) is only marginally less than one yr, if you can afford to lock for 5 yrs, why not?
  • DavidAC
    DavidAC Posts: 287 Forumite
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    eskbanker said:
    DavidAC said:
    From guaranteed-growth-bonds-summary-n.pdf (nsandi.com)

    "Can NS&I change the interest rate?
    You’ll receive the rate on offer at the time you start a new investment term, and that rate will be fixed for the length of your chosen term. We can change the fixed rates on offer at any time. Each time we change the rate on offer we release a new Issue of Bonds"
    It's not clear what point you're making by simply sharing that without any narrative or question?
    My point was that they can withdraw it at any time.
  • eskbanker said:
    Ns&I 6.2% have to be funded immediately on application.
    Raisin have a 6.34% 1 year fix that doesn't have to be funded immediately.
    I think you should give all the information regarding Raisin, such as 'new customer' 
    I dont. I've just shown there are alternatives to NS&I.
    I think if someone wants a Raisin account they can check the details out themselves.
    It's always DYOR.
    Of course it's always DYOR, but it's also responsible to post accurate information, so it would be more appropriate to say that Raisin don't "have a 6.34% 1 year fix" as such, but do offer some accounts that are a lower AER than NS&I albeit with a £25 new customer bonus that would tip total return slightly above NS&I's for those funding such accounts below a certain threshold....
    I agree it's responsible to post information that people can take away and do their own research on. But it's not really appropriate to post the inaccurate information you've provided as the offer ended at midday today.
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