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NS&I launches new British Savings Bonds paying up to 4.6% if you lock your cash away

NS&I has refreshed its range of fixed-term 'British Savings Bonds' by adding a two-year option paying 4.6% and a five-year option paying 4.1%. Its three-year bond will also now pay newbies 4.35% (up from 4.15%). However, you can still earn more from the top-paying accounts elsewhere...

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NS&I launches new British Savings Bonds paying up to 4.6% if you lock your cash away – but how does it stack up?

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  • chamelion
    chamelion Posts: 483 Forumite
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    ... get a gilt. Especially if you pay tax on interest. 
    5.41 kWp System, E-W. Installed Nov 2017
    Lux + 3 x US2000B + 2 x US3000C battery storage. Installed Mar 2020.
  • EthicsGradient
    EthicsGradient Posts: 1,137 Forumite
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    chamelion said:
    ... get a gilt. Especially if you pay tax on interest. 
    If you don't pay tax, those yields are above what gilts give you. Savings accounts do beat these; in fact, if you're a basic rate taxpayer, I reckon a one year Union Bank of India bond (5.25%) narrowly beats the nearest gilt equivalent (TG25 0.625% coupon; matures 7/6/25): Gilt Yields (yieldgimp.com) , and Harpenden BS 2 year bond (4.96%) beats 2 year gilts, and 3 year Hodge Bank (4.72%) also beats gilts. Gilts come out best only for higher rate taxpayers.
  • ossie48
    ossie48 Posts: 265 Forumite
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    If you have an existing bond that's maturing, you can also choose a one-year bond paying 5.15% (this ISN'T available to newbies)

    We will probably go for this. 
  • Browntoa
    Browntoa Posts: 49,541 Forumite
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    Having dealt with NSI during a probate and personally I wouldn't touch them with a bargepole again.
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  • SeriousHoax
    SeriousHoax Posts: 292 Forumite
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    edited 7 August 2024 at 1:21PM
    If you have an existing bond that's maturing, you can also choose a one-year bond paying 5.15% (this isn't available to newcomers).

    I'll go for this when my bond matures next month (September), but how do I get the 5.15%?

    Will i get a letter or something?
  • Swipe
    Swipe Posts: 5,468 Forumite
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    edited 7 August 2024 at 1:44PM
    If you have an existing bond that's maturing, you can also choose a one-year bond paying 5.15% (this isn't available to newcomers).

    I'll go for this when my bond matures next month (September), but how do I get the 5.15%?

    Will i get a letter or something?
    They'll email you to ask you to log in and check your documents for the letter that will be waiting there. The default setting for a maturing bond is to auto renew so you don't even need to do anything but I'd double check to make sure the rate hasn't suddenly changed as it's not specified in the email.
  • SeriousHoax
    SeriousHoax Posts: 292 Forumite
    Part of the Furniture 100 Posts Photogenic Name Dropper
    Swipe said:
    If you have an existing bond that's maturing, you can also choose a one-year bond paying 5.15% (this isn't available to newcomers).

    I'll go for this when my bond matures next month (September), but how do I get the 5.15%?

    Will i get a letter or something?
    They'll email you to ask you to log in and check your documents for the letter that will be waiting there. The default setting for a maturing bond is to auto renew so you don't even need to do anything but I'd double check to make sure the rate hasn't suddenly changed as it's not specified in the email.
    Ok thanks I'll keep my eyes open.👀
  • ranciduk
    ranciduk Posts: 699 Forumite
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    What do you if don’t want to auto renew and instead want all the funds to go back to your nominated account ?
  • mebu60
    mebu60 Posts: 1,396 Forumite
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    ranciduk said:
    What do you if don’t want to auto renew and instead want all the funds to go back to your nominated account ?
    Select that option. The auto renew is just the default if none of the others is selected. 
  • ranciduk
    ranciduk Posts: 699 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    How do you select though?

    when you login to your account - where do you select the option to cash out?
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