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Ns&i To Cut Direct Isa Rate Again


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Haven't seen this on the main board or in Savings - apologies if posted already

More than 400,000 customers of government-backed National Savings will see their interest rates cut from mid-November.

National Savings & Investments (NS&I) will cut the rate on its tax-free ISA account by 0.25 of a percentage point to 1.25%.

The cut comes after NS&I found itself with bumper inflows of cash.

http://www.bbc.co.uk/news/business-34244958

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Who are these people with money? Most people in know in their 20s and 30s are up to their eyes in debt.

Comes down to luck, circumstances and attitude.

I had no savings in my early 20's but by 30 I'd paid off the mortgage and now in my mid 30's I have lots in savings. This is because (1) houses were a lot cheaper in 2003 (2) I was in a couple all that time so twice the income but not much more expensive than living alone (3) I don't spend a lot of money on stuff (not deliberate I just never think to!).

Put my in the same position now and I'd still be saving for a deposit by 30 even in a couple and being skin-flints.

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http://www.telegraph.co.uk/news/election-2010/7141544/George-Osborne-Well-give-savers-a-better-deal.html

"

George Osborne: We'll give savers a better deal"

IMHO

https://en.wikipedia.org/wiki/Fraud

"In law, fraud is deliberate deception to secure unfair or unlawful gain."

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It makes very little difference to me, or I suspect the vast majority of people who save with NS&I. The loss of 0.25% when you were previously getting b*gger anyway all isn't really much of a problem. My annual interest statement is outright laughable.

I keep money there to prevent me from simply spending it, not for the interest.

Edited by Fully Detached
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It makes very little difference to me, or I suspect the vast majority of people who save with NS&I. The loss of 0.25% when you were previously getting b*gger anyway all isn't really much of a problem. My annual interest statement is outright laughable.

I keep money there to prevent me from simply spending it, not for the interest.

The tax I've paid on my savings has dropped about 50% in 3 years.

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  • 6 months later...

Millions of savers have been dealt another blow as NS&I (National Savings and Investments) announced a string of rate cuts.


Some 23.5 million customers will be affected by rate changes to some variable rate products offered by NS&I.


Among the cuts, from June 6, the rate on NS&I's Direct Isa will fall from 1.25% to 1%, with the Direct Saver falling from 1.1% to 0.8% and Income Bonds falling from 1.26% to 1%.


NS&I plans to make changes to Premium Bond prizes. From June 2016, the odds of winning will change from 26,000 to one to 30,000 to one.


https://uk.finance.yahoo.com/news/ns-reductions-rates-due-hit-114844196.html

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Millions of savers have been dealt another blow as NS&I (National Savings and Investments) announced a string of rate cuts.

Some 23.5 million customers will be affected by rate changes to some variable rate products offered by NS&I.

Among the cuts, from June 6, the rate on NS&I's Direct Isa will fall from 1.25% to 1%, with the Direct Saver falling from 1.1% to 0.8% and Income Bonds falling from 1.26% to 1%.

NS&I plans to make changes to Premium Bond prizes. From June 2016, the odds of winning will change from 26,000 to one to 30,000 to one.

https://uk.finance.yahoo.com/news/ns-reductions-rates-due-hit-114844196.html

It makes 2.5% bonds look like a king's ransom.

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