NS&I Growth Bond

She07

I have just had a I yr fixed bond that has come to an end and on maturity it was transferred to a new Bond Issue 92 paying 4.82%. Is it worth me cancelling this Bond and moving it into Issue 93 paying 4.99% as it is within the 30days?

wmb194

https://forums.moneysavingexpert.com/discussion/6686705/ns-i-growth-bond

Sure, why not? It’s a better rate. NS&I is quite competitive at the moment but alternatively put it in a better paying account with another provider.

https://moneyfactscompare.co.uk/savings-accounts/1-year-fixed-rate-bonds/?sort-filter=standard-order

poseidon1

Depends how much is at stake.

On £100k I would see it worthwhile to make an extra £170, but on say £20k for the extra 0.17% I probably wouldn't be bothered. That said I am a 40% tax payer so the post tax return is also a factor.

Kim_13

What is the process for doing it? Press cancel, wait for return of funds and reapply? (Which would carry a slight risk of losing out if the rate falls again by then.) Switch online? Call them up and ask to switch?

Switching presumably gives you a fresh 30 days at the new rate in case they should rise again.

How much faff/risk is involved will determine whether you do it or not.

subjecttocontract

I cancelled an NS&I GGB earlier in the year during the 30 day period. Did it online, was repaid almost immediately and within a couple of hours had opened the new bond. One of the easiest, quickest, least hassle events I have ever experienced.

ColdIron

Was that via a Direct Saver?

I cancelled a GGB last month with the intention of moving it elsewhere and it took 3 days unsurprisingly as it was BACS

subjecttocontract

Yes..........

Swipe

If you have money in NS&I, I recommend people to set up a direct saver with £1 as you may find it very useful at some point in situations such as this or for withdrawing premiums bonds the next working day.

InvesterJones

https://forums.moneysavingexpert.com/discussion/comment/82169304#Comment_82169304

NS&I growth bonds are fixed term products and can't be withdrawn early.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82169320#Comment_82169320

The OP is still within the 30 day cancellation period.

Swipe

https://forums.moneysavingexpert.com/discussion/comment/82169320#Comment_82169320

I was referring to the withdrawal of Premium Bonds via the DS the next working day instead of waiting 3 days