Jump to content
House Price Crash Forum
AvidFan

Ns&i Prepares To Abandon Savers

Recommended Posts

http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=518819

NS&I preparing to abandon savers

By Sylvia Morris

24 November 2010

Savers look set to be abandoned by Government-backed National Savings & Investments (NS&I) in the coming months.

NS&I, which is backed by the Treasury, has raised £3bn towards Government financing in the first six months of its financial year.

This is well above its target of a maximum £2bn, so it will be doing little to attract new money in the next six months.

NS&I is unlikely to offer any new deals when current rates come to an end.

It has already been winding down the amount of cash it pulls in.

In the second three months of the year, savers put in just £500m compared with £2bn in the previous quarter — a drop engineered by NS&I withdrawing its popular Index Linked Certificates from sale.

Jane Platt, chief executive at NS&I, told Money Mail it plans to bring the money coming in down by 'managing' maturities of its Guaranteed Growth Bonds and Income Bonds coming to the end of the term in the next few months.

../

Could be they know the banks are going to be short of cash, so better leave as much for them as possible...

Edited by AvidFan

Share this post


Link to post
Share on other sites

http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=518819

NS&I preparing to abandon savers

By Sylvia Morris

24 November 2010

Could be they know the banks are going to be short of cash, so better leave as much for them as possible...

Yes, give your money to the banks, so they can pay you 0.1%, taxed, and they can leverage and lend to the governement at 0.5%, tax free.

I don't think so. would rather have physical, myself.

Share this post


Link to post
Share on other sites

Yes, give your money to the banks, so they can pay you 0.1%, taxed, and they can leverage and lend to the governement at 0.5%, tax free.

I don't think so. would rather have physical, myself.

loads of banks doing 3% at the moment so not quite that bad. nationwide has mysave at 3% one year bonus. not bad just opened one.

Share this post


Link to post
Share on other sites

Had a coupe of banks in which I now have (recently matured savings bond) money. They both had "spotted" I'd opened easy access accounts online and had "spotted" the money arriving and thought they'd give me a call.

Both banks wanted to tie it down for a couple of years or longer - one bank had a commodities investment fund launched a few months ago and said they could make me a fortune :o A high street bank wanting to get me into Brent Crude and coffee futures... what is the world coming to?

Share this post


Link to post
Share on other sites

As it wants less money, it is happy for some savers to look for better deals elsewhere.

A shoebox offers better returns than most of the banks these days, plus if I loose my job I won't have any money to declare to the filthy government.

Also a shoebox doesn't whinge and whine when I want to withdraw more than a grand from it in one go - perish the thought.

Share this post


Link to post
Share on other sites

Yes I was in a guranteed growth bond which recently matured. On the one hand I can appreciate the argument that says NS&I is Treasury backed thus why should anyone earn a risk free return above 0%. On the other, the government +ve inflation means my money is being stolen via their policy.

Very difficult to know what to do with savings right now.

The gubmint want to flush cash out in the open (spend it) dont they?

I opened a direct saver on the phone yesterday as a bolt hole for my 5 figure Santander sum.

I would imagine thousands of people have done the same over the last week or so.

Still kicking mysef i only used 2 Index Linked certs.

Was waiting for the new issue when they pulled them.

With every action the government take they are more or less flagging up how ******ed commercial banking is.

Im happy only getting 1%, if it means i deprive a bank of funds for their FRB ****** ups.

Share this post


Link to post
Share on other sites

Both banks wanted to tie it down for a couple of years or longer - one bank had a commodities investment fund launched a few months ago and said they could make me a fortune :o A high street bank wanting to get me into Brent Crude and coffee futures... what is the world coming to?

commods are really starting to sound like a bubble now the high street banks are pushing them

Share this post


Link to post
Share on other sites

Not if it was all his savings, he won't, poor devil :(.

Yes, but really, assuming an average of 5% inflation over the 40 years he's been saving, that original £2,000 40 years ago was worth £14,000 in todays money. To have it sitting around, in a van, for 40 years depreciating is just bonkers. If he'd put£2k a year into somewhere making 5%, then it would have been worth £250,000.

The car could have got stolen, burnt out, crashed, mugged. I wonder what the rumours were about this bloke who took this bag everywhere he went?

Really, he was begging for it to be nicked / lost.

Imagine if he'd have been stopped and searched by the police - how would he explain it away?

Also seems a little coincidental that it was only at the point of retirement, he's gone and lost the lot.

I do feel sorry for him, but he's still been an ar$e, and should have covered for such a simple error.

Share this post


Link to post
Share on other sites

Yes, but really, assuming an average of 5% inflation over the 40 years he's been saving, that original £2,000 40 years ago was worth £14,000 in todays money. To have it sitting around, in a van, for 40 years depreciating is just bonkers. If he'd put£2k a year into somewhere making 5%, then it would have been worth £250,000.

The car could have got stolen, burnt out, crashed, mugged. I wonder what the rumours were about this bloke who took this bag everywhere he went?

Really, he was begging for it to be nicked / lost.

Imagine if he'd have been stopped and searched by the police - how would he explain it away?

Also seems a little coincidental that it was only at the point of retirement, he's gone and lost the lot.

I do feel sorry for him, but he's still been an ar$e, and should have covered for such a simple error.

Yes, he was stupid, but people make mistakes :(.

If I was stopped by the police, and I had £80K cash on me I'd tell them to mind their own business. If they pushed it, I'd insist they either arrest me or leave me alone. If they arrested me, there would be hell to pay.

I once drew £35K in cash out of the bank and headed towards the building society ten doors down. It was a bulging carrier bag full and I was glad to see a bobby walking down the road, he kindly walked with me :D.

Share this post


Link to post
Share on other sites

The problem with physical - http://www.dailymail.co.uk/news/article-1332644/Pensioner-loses-80-000-life-savings--leaving-cash-roof-car.html

Which of you was it?

I do feel sorry for the guy though.

Does anyone know this chap who doesn't want to be named?

It could just be bank propaganda trying put people off withdrawing their cash from banks at the moment.

Share this post


Link to post
Share on other sites

Not wanting to by cynical....but.

A few people on the story already stating they want to contribute to help the bloke. Nobody will have any concrete evidence he had the cash in the first place.

Also interests me to see the Police say they are not investigating as no crime had taken place. I know for a fact that there is a crime of theft by finding. Almost got done with it myself (Long story).

So technically, unless the law has changed, a crime has been reported that has allegedally taken place. So why are they not investigating ?

Share this post


Link to post
Share on other sites

Yes, he was stupid, but people make mistakes :(.

If I was stopped by the police, and I had £80K cash on me I'd tell them to mind their own business. If they pushed it, I'd insist they either arrest me or leave me alone. If they arrested me, there would be hell to pay.

I'd tend to agree with you Bruce, however isn't there a 'proceeds of crime act' (or somethnig) that means anything over £5k (?) you have to be able to account for, otherwise it can be confiscated and you can be had up in court for it?

Share this post


Link to post
Share on other sites

Anyone got an NS&I guaranteed growth bond coming up soon? If so, what IR are they offering for rollover?

Mine comes up late Dec. so they haven't told me yet.

Last yr. the rollover rate was relatively good - not expecting anything like the same this time.

Share this post


Link to post
Share on other sites

I'd tend to agree with you Bruce, however isn't there a 'proceeds of crime act' (or somethnig) that means anything over £5k (?) you have to be able to account for, otherwise it can be confiscated and you can be had up in court for it?

I think they'd have to have some pretty strong evidence of wrongdoing or the courts would throw it out.

Share this post


Link to post
Share on other sites

Had a coupe of banks in which I now have (recently matured savings bond) money. They both had "spotted" I'd opened easy access accounts online and had "spotted" the money arriving and thought they'd give me a call.

Both banks wanted to tie it down for a couple of years or longer - one bank had a commodities investment fund launched a few months ago and said they could make me a fortune :o A high street bank wanting to get me into Brent Crude and coffee futures... what is the world coming to?

If Turner had his way there would be more competition and they'd just charge you a few hundred quid a year instead and wouldn't have to skim and scam you like this. :rolleyes:

Banks (Santander??) must need the cash more than Osborne does. Which is odd given that he's suddenly got to find £7bn he hadn't planned for to support Irish millionaires since he's such a good neighbour.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 152 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.