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I Tried To Apply For The New Ns&i Certifciates

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Get off the lines you greedy HPCers I wants to get me some o' dem RPI+0.5% investment certificates before they are all gone! :lol:

Hitting redial now....

When I last got some I just went to the Post Office, got the form, filled it in, and went back with my debit card.

Can you not do it that way anymore?

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Why not use the computer you are using to moan about the telephone?

We are expecting a large number of calls related to this release - so you may find it easier to apply online.

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When I last got some I just went to the Post Office, got the form, filled it in, and went back with my debit card.

Can you not do it that way anymore?

You could try the customer service number, as this seems to take you through to the same automated starting point as the buying line (well, it worked for me last night).

0500 007 007

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Just do it online ? I assume that is still available ?

I am not sure whether to get more or not. Got a big whack in already that will roll over to RPI + 1%. But I have no strong thoughts on where to put it elsewhere. Mmmm decisions.

I could just gamble it . :D

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Does anyone know how long these things are open for, only it will take me a few days to get the money transfered over from various places to my debit card account and I don't want to miss out! (are we talking hours, days, weeks or months?)

Cheers

Just do it online ? I assume that is still available ?

I am not sure whether to get more or not. Got a big whack in already that will roll over to RPI + 1%. But I have no strong thoughts on where to put it elsewhere. Mmmm decisions.

I could just gamble it . :D

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When I last got some I just went to the Post Office, got the form, filled it in, and went back with my debit card.

Can you not do it that way anymore?

Yes, you can apply online, by post or over the telephone. Postal delays means that option will put you to the back of the queue; online is risky, plus I need to sort whether my customer number is valid etc. According to the T&Cs you get interest from the date you START the phone call if you apply by phone (the phone may cross midnight!)

And yes, the banks are heamorrag, hemorag, heamorahg, bleeding cash today! :P £15K from me to start with. They pay so little interest there's no reason not to!

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Yes, you can apply online, by post or over the telephone. Postal delays means that option will put you to the back of the queue; online is risky, plus I need to sort whether my customer number is valid etc. According to the T&Cs you get interest from the date you START the phone call if you apply by phone (the phone may cross midnight!)

And yes, the banks are heamorrag, hemorag, heamorahg, bleeding cash today! :P £15K from me to start with. They pay so little interest there's no reason not to!

Why is online risky?

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Is no one else a little suspicious about this relaunch?

I cant see that they would bring these back out if they thought that it would really benefit anyone but themselves, after all isnt that why they got pulled?

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why?

My customer number and password have never worked reliably on their website. It seems to keep forgetting that I've changed my password. I don't trust their security.

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Yes, you can apply online, by post or over the telephone. Postal delays means that option will put you to the back of the queue; online is risky, plus I need to sort whether my customer number is valid etc. According to the T&Cs you get interest from the date you START the phone call if you apply by phone (the phone may cross midnight!)

And yes, the banks are heamorrag, hemorag, heamorahg, bleeding cash today! :P £15K from me to start with. They pay so little interest there's no reason not to!

Hmmmmmmm, yes I hadn`t thought about that possibility.

When I did it, about 3 years ago it probably wouldn`t have been a problem. I just assumed that once the money was debited at the Post Office that the deal was done, there and then.

Maybe I was wrong.

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Is this the first HPC panic?

It will be interesting if the money is raised too quickly and they have to close it again. That would say a lot about the rigged system of bank savings. (i.e. BoE supplies all the money to the banks so they dont have to pay savers any more than a token amount).

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Am in the same boat need to transfer money from an ISA to an account tied to a debit card.

When does this offer finish?

Am I right in thinking that the penalty is per year? Withdraw before the first anniversary and they punish you. withdraw a day or two after and you get the interest for that year? And so on?

Or am I wide of the mark here?

Edited by geezer466

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I'm leaving it a week.

Interesting house auction coming up. Vulture act becomes tempting if it gets no bids (yeah, dream on). Hence wait before tying up £15k.

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Is no one else a little suspicious about this relaunch?

I cant see that they would bring these back out if they thought that it would really benefit anyone but themselves, after all isnt that why they got pulled?

The macro effect is well worth discussing. The banks are to the big losers here, unless they buck their ideas up and start offering decent interest rates, ie inflation-plus rates, not rates where you lose value despite saving.

Also the govt still has a £150bn deficit to fund. Last year they QEed to the tune of £200bn and effectively funded their own deficit by "creating" a bond market using printed money. Inflation was on the floor so they could do that. Now inflation is well over its limits and heading higher and QE would be like squirting petrol on a fire. So how to fund the deficit? Turn to NS&I. This is good because it's "domestic" so the value of sterling is less of an issue. If you borrow from foreigners they chase currency values. Brits assume a pound is a pound and don't worry about its value. Also this is a reasonably long term: 5 years with the big rewards loaded into the last couple of years, only RPI+0.25% in year 1 and then rising. The big problems Greece/Ireland/Portugal etc had/have is people were buying shorter and shorter term debt. Locking your creditors in for several years is the name of the game. (OK, you're not locked as such, but strongly encouraged to stick it for the term by rising rewards.)

I think this issue could be virtuous. Banks will have to fight back with better offerings. The days of borrow cheap, lend high and take a big bonus may be coming to an end.

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Finally got through by phone to them, and after answering endless security questions, it turns out, I can't just transfer savings I have with them in their Direct Saver over to their Certificates, it has to go into my current account first. So the earliest I can phone for them is Tuesday. :rolleyes:

They said it is because their Direct saver is on a different platform :unsure: and they will be looking into it.

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Finally got through by phone to them, and after answering endless security questions, it turns out, I can't just transfer savings I have with them in their Direct Saver over to their Certificates, it has to go into my current account first. So the earliest I can phone for them is Tuesday. :rolleyes:

They said it is because their Direct saver is on a different platform :unsure: and they will be looking into it.

I had the same problem as I was going to fund the certificate with funds from my NS&I ISA. I couldn't remember the password, so couldn't go ahead with the plan.

However you can secure your certificate with £100 debit card payment as I did, then add further funds at a later date :)

Edited by Ritters

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However you can secure your certificate with £100 debit card payment as I did, then add further funds at a later date :)

Only if it is still open for new investment.

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Am in the same boat need to transfer money from an ISA to an account tied to a debit card.

When does this offer finish?

Am I right in thinking that the penalty is per year? Withdraw before the first anniversary and they punish you. withdraw a day or two after and you get the interest for that year? And so on?

Or am I wide of the mark here?

You are wide of the mark. From the website:

Index-linked Savings Certificates are designed to be held for the whole investment term to receive the full compound interest. This is because the fixed rates of interest we pay increase each year during the investment term.

But if you need access to your money you can cash in your Certificate early. Any return you receive will depend on when you cash in:

During the first year

You won’t earn any index-linking or interest, but we’ll pay you the full amount of your original investment.

On an anniversary date

We’ll pay you the anniversary value for that year, which will include any positive index-linking and fixed interest at the rate that applies for that year.

Between anniversary dates

We’ll pay you the most recent anniversary value plus any positive index-linking and fixed interest for each complete month since then.

If the RPI figure has gone down since the previous anniversary, you will still receive the full anniversary value plus fixed interest for each complete month.

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Guys what is your motivation for these? Do you see the index going high and higher? Would you be happy with just the 0.5% if it didn't rise? Are you just happy at taking the money away from the banks?

I got mine a year ago with the 1% bonus - with inflation as it is and the 0.5% on the new issues I'm not convinced this is a great deal.

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Guys what is your motivation for these? Do you see the index going high and higher? Would you be happy with just the 0.5% if it didn't rise? Are you just happy at taking the money away from the banks?

I got mine a year ago with the 1% bonus - with inflation as it is and the 0.5% on the new issues I'm not convinced this is a great deal.

This was answered on the other thread. From the website:

The index NS&I uses to calculate the returns on Index-linked Savings Certificates is the Retail Prices Index, known as the RPI. The RPI figure is different from the annual rate of inflation. Annual inflation is the percentage change in the index for a particular month compared with the same month in the previous year. So it should not be used as a guide to what your investment will earn in the future. The RPI figure, however, measures the variation month by month: it goes up if prices rise compared to last month, and down if prices fall.

And

The return you earn is made up of two parts – fixed interest and any positive index-linking – which we add on each anniversary of your investment.

We calculate the index-linking by using the RPI figures that apply to your Certificate at the start and end of each year of investment (not the monthly changes in between). If the index-linking is positive – ie if the RPI end level is higher than the RPI start level – then we add it to your investment. If the index-linking is negative (known as ‘deflation’) you won’t receive any index-linking. But don’t worry, we won’t reduce the value of your investment.

We calculate the fixed interest separately at the rate that applies for that year, and add that to your investment too. You’ll always receive the fixed interest so your investment is guaranteed to grow in value year on year.

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