National Savings Cant Cope

[sign_of_the_times]

Spoke with a lady today whose has worked there 25 years, she said she has never seen anything like it. She told me £12 - £15m a day is the norm that they deal with however millions an hour are coming in. Pensioners with savings are in mass panic, some being very rude as they are NR and trying to get monies transferred quicker than the 4 days they are being told it takes. She said everyone is flocking to National Savings and they cant cope. Her view is that to try and stop people all plonking there money there and causing huge problems for other lenders NS will reduce rates soon. This may change some peoples mind that are in not too high risk banks etc.

that explains why I couldn't get through today ! damn those old gits.......

[nest]

Spoke with a lady today whose has worked there 25 years, she said she has never seen anything like it. She told me £12 - £15m a day is the norm that they deal with however millions an hour are coming in. Pensioners with savings are in mass panic, some being very rude as they are NR and trying to get monies transferred quicker than the 4 days they are being told it takes. She said everyone is flocking to National Savings and they cant cope. Her view is that to try and stop people all plonking there money there and causing huge problems for other lenders NS will reduce rates soon. This may change some peoples mind that are in not too high risk banks etc.

[Guest Daddy Bear]

that explains why I couldn't get through today ! damn those old gits.......

How many of you would put your life savings on a 1:20 roulette wheel to gamble for a potential win of 1% of your life savings if you had a 1 in 20 chance of losing the lot?

So why risk it to get 6.25% at the likes of HBOS when you can get 5.45% in NS Income Bonds with instant access?

Telephone: 0845 964 5000 or check out website

The Panic is spreading...

NS centre is inundated at present with people opening up accounts...and they are not all NR customers!

HBOS

B&B

A&L

Abbey national

I have put my money where my mouth is and withdrawn my STR fund from Sainsburys (HBOS in disguise)

These deposits could be used to counter HBOS liabilities ...all the same bank.

Its in NS now and I'm much happier for it.

Loads of other little Building Societies offering huge IR's at he moment...Why are htey so high....THEY NEED THE MONEY........YOUR MONEY !!!!!

At least 1 of these may collapse and then the torrent will turn into a tsunami of people withdrawing their money from ALL BANKS

From little acorns .......

YOU HAVE BEEN WARNED 100% GUARANTEED

DB

[sign_of_the_times]

How many of you would put your life savings on a 1:20 roulette wheel to gamble for a potential win of 1% of your life savings if you had a 1 in 20 chance of losing the lot?

So why risk it to get 6.25% at the likes of HBOS when you can get 5.45% in NS Income Bonds with instant access?

Telephone: 0845 964 5000 or check out website

The Panic is spreading...

NS centre is inundated at present with people opening up accounts...and they are not all NR customers!

HBOS

B&B

A&L

Abbey national

I have put my money where my mouth is and withdrawn my STR fund from Sainsburys (HBOS in disguise)

These deposits could be used to counter HBOS liabilities ...all the same bank.

Its in NS now and I'm much happier for it.

Loads of other little Building Societies offering huge IR's at he moment...Why are htey so high....THEY NEED THE MONEY........YOUR MONEY !!!!!

At least 1 of these may collapse and then the torrent will turn into a tsunami of people withdrawing their money from ALL BANKS

From little acorns .......

YOU HAVE BEEN WARNED 100% GUARANTEED

DB

but are there not limits to what you can invest with NS ? (15k or something)

I've got 150k with icesave I'd like to share around a bit, pref tax free !

[salamander]

but are there not limits to what you can invest with NS ? (15k or something)

I've got 150k with icesave I'd like to share around a bit, pref tax free !

Those limits only apply to the tax-free index-linked and fixed rate bonds, with up to 30K in premium bonds. If you put money in their taxable savings account (EASA) or income bonds I believe the limits are a million or two.

[sign_of_the_times]

Those limits only apply to the tax-free index-linked and fixed rate bonds, with up to 30K in premium bonds. If you put money in their taxable savings account (EASA) or income bonds I believe the limits are a million or two.

thanks for that

I'll try them again later, they're probably staying open late tonight !

[salamander]

thanks for that

I'll try them again later, they're probably staying open late tonight !

No prob . In actual fact, they're open every night until midnight. The 'most mature' of the new investors should be in bed with their cocoa by then.

[salamander]

Hi,

Do you have a link to this, as well as the IR's?

Sure.

http://www.nsandi.com

The 'Our Range' link at the top of the page gives a brief summary of each with a link to more detailed info.

Edit: There is an 'Interest Rates' link at the top of the home page as well

Edited September 17, 2007 by narrowescape

[sign_of_the_times]

Hi,

Do you have a link to this, as well as the IR's?

try this...

http://www.nsandi.com/products/index.jsp

edit : beaten to it !

Edited September 17, 2007 by sign_of_the_times

[sign_of_the_times]

Thanks.

Its for the old man. I got him to empty his NR accounts a couple of weeks ago and I feel as though I should get him the 'safest' accounts going. At least for the next year or two anyway.

him and me both !

incidently, anyone know how the interest gets paid on the index linked certs ? is it added to the fund annualy where you can't get to it without cashing out, or can you have it paid externally ?

[salamander]

him and me both !

incidently, anyone know how the interest gets paid on the index linked certs ? is it added to the fund annualy where you can't get to it without cashing out, or can you have it paid externally ?

Interest is paid along with the capital when the certificate is cashed in.

Partial encashments are permitted so I suppose you could cash in an amount equal to the interest you expect to have earned but bear in mind that there might be limits on the amounts that can be encashed (e.g. multiples of £100, £500 etc) so you would really need to speak to someone at NS&I to confirm this.

Also, a partial encashment is made up of a portion of the bond and the interest earned to date by that portion so you would be issued with a new bond for a smaller amount and going forwards you would earn interest on this new amount.

[Guest muttley]

How many of you would put your life savings on a 1:20 roulette wheel to gamble for a potential win of 1% of your life savings if you had a 1 in 20 chance of losing the lot?

So why risk it to get 6.25% at the likes of HBOS when you can get 5.45% in NS Income Bonds with instant access?

So you're saying there's a 1 in 20 chance of HBOS folding?

[Guest mSparks]

Our principles

This set two principles which have remained in place ever since:

*to provide a totally secure place for people to save, backed by the Government

* to provide the Exchequer with a source of funding (ie public borrowing).

*Erm, they mean backed by inflation

*Welcome to the national debt

Why I wouldn't bank with NS&I

1. I f'ing hate the government

2. see #1

3. to provide the Exchequer with a source of funding (ie public borrowing) = provide GWB with war profiteering funds and more dead foreign civilians

4. see #1

5. see #3

6. Because its just another stealth tax - see #1

7. Because when we drop a nuke on Iran/Syria I dont want my money to have gone into building it

8. see #3

9. see #1

10. Because I trust them even less to spend my money wisely than I would have northern Crock, see #1

[salamander]

*Erm, they mean backed by inflation

*Welcome to the national debt

Why I wouldn't bank with NS&I

1. I f'ing hate the government

2. see #1

3. to provide the Exchequer with a source of funding (ie public borrowing) = provide GWB with war profiteering funds and more dead foreign civilians

4. see #1

5. see #3

6. Because its just another stealth tax - see #1

7. Because when we drop a nuke on Iran/Syria I dont want my money to have gone into building it

8. see #3

9. see #1

10. Because I trust them even less to spend my money wisely than I would have northern Crock, see #1

Why I will only hold my savings at NS&I

1. Whatever I think of the government (not a lot, as it happens) I don't want to lose/have to beg for my savings.

That's it really.

[Guest mSparks]

Why I will only hold my savings at NS&I

1. Whatever I think of the government (not a lot, as it happens) I don't want to lose/have to beg for my savings.

That's it really.

And what makes the government any different than any large corporation....

Oh yeah if they cant repay their debts, they can always use conscription!

Edited September 17, 2007 by mSparks

[sign_of_the_times]

hurrah, finally got through.....

upshot is I can stick 60k with them for this latest issue of index-linked certs, made up of...

15k in my name

15k in the wife's name

15k in trust for my wife

15k she does same for me

all interest earned will be tax free of course !

should I CHAPS the money from Icesace or have they got longer than 3 days before going under ?

[Sparkie]

hurrah, finally got through.....

upshot is I can stick 60k with them for this latest issue of index-linked certs, made up of...

15k in my name

15k in the wife's name

15k in trust for my wife

15k she does same for me

all interest earned will be tax free of course !

should I CHAPS the money from Icesace or have they got longer than 3 days before going under ?

I have just removed 10K from Icesave, but refused to pay £30 for CHAPS.

[Johnny]

Premium Bond win Probabilities being reduced by the minute !!!!!!

[erranta]

Want to know one of the real reasons for this debacle??

It's to get the unfortunate flocks flocking to change to a 'new' bank account.

Your old contract and 'terms' which say that the banks "cannot share information about your account" then becomes 'invalid'

They can then share all your information at will - with anybody!

Same works with the freeby wireless telephone gimmick - they can record all your conversations onto their servers at will without ever applying for a tapping order as they are supposed to over telephone 'lines'

Discuss . . . .

[salamander]

Premium Bond win Probabilities being reduced by the minute !!!!!!

Naah. Premium Bond money is in a completely separate fund with its own rate of interest.

[salamander]

hurrah, finally got through.....

upshot is I can stick 60k with them for this latest issue of index-linked certs, made up of...

15k in my name

15k in the wife's name

15k in trust for my wife

15k she does same for me

all interest earned will be tax free of course !

should I CHAPS the money from Icesace or have they got longer than 3 days before going under ?

Don't think CHAPS will work directly as I don't think NS&I is a clearing bank. What you can do though is CHAPS it to an account you can access via a debit card and pay with that.