NS&I bond for existing bond owners

bucksman

As a heads-up, it looks like the rate for the auto-renewal from 1 October (if this is when your bond matures) will not be 5.03% gross/ 5.15% AER but 4.75%.  They have dropped their rate very quietly! 

NameWithheld

I Have got bonds with renewal dates of 2nd and 3rd October. Both show Guaranteed Rate 5.15% and Current Rate 4.75%. So I assumed this meant the renewal rate is 5.15%. Not that it matters as I intend to cash them in anyway

Eco_Miser

I have also had a maturity letter showing  Guaranteed Rate 5.15% and Current Rate 4.75%. I'm going to let it auto-renew, then possibly withdraw in the cooling off period if the actual rate is 4.75%, depending on what's available elsewhere then.

kjs31

Don’t quote me but I read that the lower rate will apply to people who received their maturity letter / email on or after 30th August. I received mine in early August, decided to renew which was the default anyway, and am fully expecting to be on the higher rate. There wasn’t a way of actually confirming that I wanted to renew anyway (from memory) as it was auto selected. 

cwep2

I have some Maturing 2nd October - when I went to renewal options it says guaranteed rate 5.15% so I selected that.

I do see "current rate 4.75%" but *to me* that implies rate for non-renewals. As above if I'm renewed and it's not 5.15% then I'll be using the cooling off window to withdraw.

auser99

cwep2 said:

I have some Maturing 2nd October - when I went to renewal options it says guaranteed rate 5.15% so I selected that.

I do see "current rate 4.75%" but *to me* that implies rate for non-renewals. As above if I'm renewed and it's not 5.15% then I'll be using the cooling off window to withdraw.

How do you mean non-renewals? The 1 year bond is only available to people renewing.

But hopefully, anyone who was offered the rate before 30th August like @kjs31 says above will get the original 5.15%

One of mine matures 2nd October like you and sod's law it's a bigger amount than the others that have safely made their way to 5.15% for the year.

I wonder if that 2 year 4.6% might be at threat. Might get on that asap otherwise.

ctdctd

My maturity letter is dated 2nd September for bond maturing 2nd October and gives me the guaranteed rate of 5.03% gross / 5.15% AER which is the default auto-renew option.

Hattie627

See here

NS&I quietly cuts its 5.15% bond on offer to 250,000 savers after five weeks... just as SYLVIA MORRIS warned | This is Money

CricketLady

Hi, I'm going to post this again as a new post so it will be seen by others in case this thread drops lower in the list but two of my NSI 6.2% accounts mature early in October, one on the 4th, the other on the 5th.  I've just logged in to select my preferences and on the one maturing on 4th October I can choose to fix again for 5.15%, on the one maturing on the 5th October it only offers 4.75%

Best wishes

CricketLady

Hi, I'm posting this as a new note in case the other thread drops lower in the list as it might help.

Two of my NSI 6.2% accounts mature in early October, one on the 4th, the other on the 5th.  I've just logged in to select my preferences and on the one maturing on 4th October I can choose to fix again for 5.15%, on the one maturing on the 5th October it only offers 4.75%

Best wishes!

friolento

4.75% seems stingy, though rates are definitely on the way down, and who knows what's on offer in October. May be 4.75% is market leading by then. It might be worth checking Notice Accounts if you are considering fixing for a longer period anyway.

Not to brag, just to share information: I am in the fortunate situation to have a fixed term account with Al Rayan maturing in the next few days. Their maturity offer is 5.35% for 12 months and amazingly, they allow additional funds to be added at renewal. All my matured NS&I 6.2% is currently in the first 30 days @ 5.15% and will be on its way to Al Rayan shortly.