Pemium Bonds rate cut from December 24

Expotter

New rate down to 4.15% from 4.4% currently.
Also, the rate on its Direct Saver Bonds drops from 4 per cent to 3.75 per cent from 20 November. 

Income Bonds will also fall to 3.75 per cent from 4 per cent.

Source:
https://www.thisismoney.co.uk/money/saving/article-13986389/Premium-Bonds-prize-fund-rate-slashed-NS-Income-Bonds-cut-time-four-years.html?ico=mol_desktop_money-newtab&molReferrerUrl=https://www.dailymail.co.uk/money/index.html

https://www.nsandi.com/interest-rates

P.S Not sure if this was just announced or it's already been noted. Sorry if it's old news, but I've just seen it.

Swipe

Here we go again

masonic

In the past they've been quite slow to respond, no such luck this time it seems.

eskbanker

Expotter said:

P.S Not sure if this was just announced or it's already been noted. Sorry if it's old news, but I've just seen it.

You were beaten to it within the PB winnings thread this morning, but not everyone would think to look there!

https://forums.moneysavingexpert.com/discussion/comment/81060702/#Comment_81060702

Albermarle

So if 4.15% is the headline rate, what will be the new more realistic rate if you assume you will not win a Million?
Somewhere in the region of 3.5 to 3.7% ?

jak22

Perhaps 3.3% (80%)

eskbanker

Albermarle said:

So if 4.15% is the headline rate, what will be the new more realistic rate if you assume you will not win a Million?
Somewhere in the region of 3.5 to 3.7% ?

jak22 said:

Perhaps 3.3% (80%)

The median return varies according to size of holding and number of draws, but is currently 3.85% for a full holding for a year, so I'd expect it to be in 3.6% territory from December.

Edit: that page has now been updated with the new prize rate and distribution, and the median return for a full holding over a year is....3.6%!

TheGoodOldDays66

Dear All

Without driving you mad, by going over old ground and repeating the same question - please remember, I'm a newbie!

When I took on the responsibility of going through boxes and bags of loved one's paperwork, after they had passed.  I didn't realise 3 individual Paper £1 Bonds, would cause me so much stress and trauma.

No matter how many times I write to NS&I (approximately 4 years now) offering information of names and addresses, along with death certificate - I am getting no further along with this unthankful task.

The bonds go back to the late 60's and are actually stamped by the Post Office in the correct home location, during the exact year a relative was born.

As you are no doubt aware, this was a common practice in years gone by.  To purchase a Premium Bond or two, to celebrate the arrival of a new baby and wish them luck.

However, it looks as though these three bonds were not registered, as there is no Card Holder details or information at hand.  Yet there is every single paper bill and invoice,  for every purchase of goods and services, going as far back to the early 50's.

I have finally received yet another NS&I form, asking me similar questions, as other times over the years.  I have no signatures of the deceased and neither of them left an estate.

The relative is living and was the last new baby of the Family during the purchase of the 3 Paper Bonds.

Why is it so difficult to advise NS&I of the only information known, and at hand.

The aggravation this has caused me is unbelievable...

Please advise if possible.

Many Thanks


TheGoodOldDays66

eskbanker

TheGoodOldDays66 said:

No matter how many times I write to NS&I (approximately 4 years now) offering information of names and addresses, along with death certificate - I am getting no further along with this unthankful task.

NS&I are undoubtedly an aggravating business to deal with, so you're not alone, but what's actually happening when you try?

Have you gone through their complaints process yet?

https://www.nsandi.com/files/asset/pdf/complaints-brochure-print-friendly.pdf

If so, then you can escalate to the Financial Ombudsman Service.

TheGoodOldDays66 said:

I didn't realise 3 individual Paper £1 Bonds, would cause me so much stress and trauma.

[...]

The aggravation this has caused me is unbelievable...

If it's such a painful experience, maybe just don't bother?  Any individual bond will on average win a prize every 1,800 years, so it's massively unlikely that you're actually missing out on anything....

ranciduk

With 3 single bonds, the likelyhood of winning anything at all is remote in the extreme

I would just forget all about them

last time I had PB’s I had about 20,000 and went months without winning a sausage 

Swipe

I found about 5 single paper bonds in my late mother's purse. No way I'm going down that rabbit hole. It took them 4 months to find my childhood 1970s post office savings account and then and lots of hassle and paper forms and witness signatures to claim the money. And they didn't even have the decency to enclose a self addressed envelope to send the forms back.