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Premium Bonds down to 4.40% for March 2024 draw

FIREDreamer
Posts: 915 Forumite

From NSI website …


3
Comments
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Blimey, they didn't waste any time. It took them ages to respond to rising interest rates.4
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Would be nice if they waited until interest rates actually go down, though not unexpected in the current situation.
The reduction is lower than it could have been as well.
Maybe a sign that NS&I is holding more cash than its target.2 -
El_Torro said:Maybe a sign that NS&I is holding more cash than its target.https://nsandi-corporate.com/news-research/news/premium-bonds-prize-fund-rate-reduced-march-2024-draw
Andrew Westhead, NS&I Retail Director, said:
“These changes reflect our requirement to strike a balance between the interests of our savers, taxpayers and the stability of the broader financial services sector. In a dynamic savings market, it’s important that our rates are set at an appropriate position against those of our competitors as we work towards meeting our annual Net Financing target.
https://nsandi-corporate.com/news-research/news/nsi-delivers-ps77-billion-net-financing-government-q2-2023-24
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Let's face it, my PB luck can't get any worse.0
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It seems NS&I are increasingly targetting wealthy savers who can afford to tie-up their money in five year deposits with no withdrawals.0
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eskbanker said:Andreg said:It seems NS&I are increasingly targetting wealthy savers who can afford to tie-up their money in five year deposits with no withdrawals.
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FIREDreamer said:
Despite the new restrictions, where else can you get a 100% safe investment that is guaranteed to increase with inflation?
If they offered new issues there would be a very long queue.1 -
El_Torro said:Would be nice if they waited until interest rates actually go down, though not unexpected in the current situation.
The reduction is lower than it could have been as well.
Maybe a sign that NS&I is holding more cash than its target.0
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