Guaranteed Income bonds NS&I

marlot

Like many on here, I put a large chunk of our savings in the 6.2% NS&I Guaranteed Income Bonds last September.

I've just had an email alerting me that I'll soon have to make a decision on whether to renew, or to remove the money.  But we'll be on holiday when the account matures so will need to plan ahead.

I've tried searching, but can't find the interest rate that renewal will offer.  Does anyone know what it will be?

sausage_time

I'd be interested to know too!  My Bond matures on 8th Sept.

Keep_pedalling

Here you go.

https://www.nsandi.com/files/asset/pdf/guaranteed-income-bonds-summary-n.pdf

sausage_time

Thanks @Keep_pedalling.  The 6.2% offering was Issue 72 so guess we'll have to wait.

PloughmansLunch

That’s interesting - a relative of mine had a maturity letter through relating to a (~5%?) bond that matures in a week or two, and was offered 4.41% gross (as was I two months ago for a maturing lower 3.9% bond). T&Cs look like the rates can go up or down until to the maturity date so fingers crossed for an extra rate bump. 

mebu60

Keep_pedalling said:

Here you go.

https://www.nsandi.com/files/asset/pdf/guaranteed-income-bonds-summary-n.pdf

Thanks. Though whether those rates hold past Thursday we'll have to wait to see.

janusdesign

marlot said:

Like many on here, I put a large chunk of our savings in the 6.2% NS&I Guaranteed Income Bonds last September.

I've just had an email alerting me that I'll soon have to make a decision on whether to renew, or to remove the money.  But we'll be on holiday when the account matures so will need to plan ahead.

I've tried searching, but can't find the interest rate that renewal will offer.  Does anyone know what it will be?

it's 5.15% - just received one of my maturity letters online...

Your NS&I Guaranteed Growth Bond is reaching the end of its term, so now is the time to decide what to do next.

We need your instructions by: 3pm on 28 August 2024

Your options now are to:

Option 1: renew for another 1-year term
On its maturity date your Guaranteed Growth Bond will automatically start a new 1-year term at the new
rate of 5.15% gross/AER, unless you choose one of the other options. Even if the rates on offer for
Guaranteed Growth Bonds fall between now and the maturity date, you'll still earn the rate quoted above
if you renew your investment for a further term of the same length. If the rates go up between now and
the maturity date, you will receive the higher rate.

Option 2: renew for a term of a different length
You may choose to keep your money in Guaranteed Growth Bonds but invest for a different length of
time. See the enclosed summary box for the terms and rates available.

If you choose this option, we will invest your money in the Issue that is on offer when your investment
matures. The interest rates on offer could go up or down between now and the maturity date. We'll send
you confirmation shortly after the renewal date.

Option 3: switch to another NS&I account
You can move your money to any NS&I account that is on sale when your investment matures.

Option 4: cash it in
You can cash in your Bond on the maturity date.
You can also choose two or more of these options if you prefer.

What to do next

• If you're happy for your Bond to renew for another term of the same length, you don't need to do
anything – we will reinvest your Bond automatically. If you want to choose any of the other options,
you'll need to let us know by 3pm on 28 August 2024.

• To reinvest for a term of a different length, or to cash in your Bond, when logged in at
nsandi.com, click 'View maturity options' for this investment on your homepage. You'll need your NS&I
number and password. You can do this from 30 days before the maturity date.

• To switch to another NS&I account, visit nsandi.com/switching and complete the simple online form
to switch to another NS&I account of your choice. To see what's currently on sale, visit
nsandi.com/products

Important – please read the customer agreement before you decide

If you renew your Bond, you are making a commitment to keep it for a further investment term. If you
think you might need access to the money before the end of the new term, you may want to consider a
different type of account.

Your right to cancel
If your Bond automatically renews or you renew it for a different term, you'll be able to cancel it within 30 days of receiving confirmation of your new Bond. We'll then refund the full value of your new Bond with any interest due.

that last part may be relevant to you @marlot - if you do nothing, it will renew automatically but you will have 30 days to cancel... so I suppose worst case, you can cancel when you get back from your holiday and get the full refund.

sausage_time

That's higher than I expected to see, thanks for reporting.

Swipe

janusdesign said:

that last part may be relevant to you @marlot - if you do nothing, it will renew automatically but you will have 30 days to cancel... so I suppose worst case, you can cancel when you get back from your holiday and get the full refund.

Plus interest

Gers

https://forums.moneysavingexpert.com/discussion/6544367/ns-i-overshoots-target#latest

There's a maturity offer coming.

sausage_time

Gers said:

https://forums.moneysavingexpert.com/discussion/6544367/ns-i-overshoots-target#latest

There's a maturity offer coming.

Yes, see details in post above from @janusdesign