Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • AlwynP
    • By AlwynP 5th Jan 18, 11:49 AM
    • 3Posts
    • 0Thanks
    AlwynP
    ns&i maturity values
    • #1
    • 5th Jan 18, 11:49 AM
    ns&i maturity values 5th Jan 18 at 11:49 AM
    My wife and I have recently received our end of term statements for 65+ Guaranteed Growth Bonds. The original term was 3 years at an interest rate of 4%. One is for 5,000 on which I calculate that the maturity value should be 5,624.32 but ns&i say 5,581.65 and the other for 10,000 for which the above numbers are double those for 5,000.

    I have looked back over previous statements where it shows that, after one year, there was a balance of 5,160 instead of 5,200. The interest on 5,160 @ 4% comes out at 206.40 but ns&i produces a slightly higher figure of 206.97 and, in the final year the interest on the preceding year's balance should be 214.68.

    So, the figure for the first year seems to be the one in doubt, very strange and I should have queried that first anniversary figure earlier. Nonetheless this really is quite unacceptable.

    I have tweeted ns&i help and await their answer with interest!
    Last edited by AlwynP; 05-01-2018 at 11:59 AM.
Page 1
    • alanq
    • By alanq 5th Jan 18, 11:55 AM
    • 4,006 Posts
    • 2,610 Thanks
    alanq
    • #2
    • 5th Jan 18, 11:55 AM
    • #2
    • 5th Jan 18, 11:55 AM
    Interest before 6 April 2016 was paid net of tax at 20%.

    From 6 April 2016 interest has been paid gross.
    • AlwynP
    • By AlwynP 5th Jan 18, 4:13 PM
    • 3 Posts
    • 0 Thanks
    AlwynP
    • #3
    • 5th Jan 18, 4:13 PM
    Thanks
    • #3
    • 5th Jan 18, 4:13 PM
    Of course. I should have remembered. So, as my wife is not a tax payer but the interest is only paid at the end of the term, will she be able to reclaim the tax now?
    • xylophone
    • By xylophone 5th Jan 18, 5:49 PM
    • 25,544 Posts
    • 15,089 Thanks
    xylophone
    • #4
    • 5th Jan 18, 5:49 PM
    • #4
    • 5th Jan 18, 5:49 PM
    will she be able to reclaim the tax now?
    The interest was paid and the tax deducted in 2016 and could have been reclaimed then using R40 - there was a long,long thread on this.

    She can reclaim now on R4O. The tax year in question is 15-16.

    https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/601718/R40_M__04_17_internet.pdf
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

168Posts Today

1,709Users online

Martin's Twitter