NS&I Announces Reduction in Interest Rates
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- Lemon Slice
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- Joined: October 5th, 2018, 1:40 pm
NS&I Announces Reduction in Interest Rates
NS&I Announces Reduction in Interest Rates
17 February 2020
https://nsandi-corporate.com/news-resea ... rest-rates
(Posting here to make it more visible, although already trailled - buried - in Premium Bond thread)
17 February 2020
https://nsandi-corporate.com/news-resea ... rest-rates
(Posting here to make it more visible, although already trailled - buried - in Premium Bond thread)
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- Lemon Half
- Posts: 6203
- Joined: November 4th, 2016, 1:12 pm
Re: NS&I cancels announced Reduction in Interest Rates
Putting this on this Topic although it has most likely featured elsewhere (amending the header slightly):
NS&I SUPPORTS SAVERS IN THIS UNPRECEDENTED TIME
17 April 2020
https://nsandi-corporate.com/news-resea ... ented-time
Planned interest rate reductions on NS&I variable rate products, including Premium Bonds, will not now be implemented.
The cancellation of these interest rate reductions will support savers during the coronavirus pandemic. ...
NS&I SUPPORTS SAVERS IN THIS UNPRECEDENTED TIME
17 April 2020
https://nsandi-corporate.com/news-resea ... ented-time
Planned interest rate reductions on NS&I variable rate products, including Premium Bonds, will not now be implemented.
The cancellation of these interest rate reductions will support savers during the coronavirus pandemic. ...
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- Lemon Slice
- Posts: 796
- Joined: October 5th, 2018, 1:40 pm
Re: NS&I cancels announced Reduction in Interest Rates
Let's not forget the bit which saysPinkDalek wrote:Putting this on this Topic although it has most likely featured elsewhere (amending the header slightly):
NS&I SUPPORTS SAVERS IN THIS UNPRECEDENTED TIME
17 April 2020
https://nsandi-corporate.com/news-resea ... ented-time
Planned interest rate reductions on NS&I variable rate products, including Premium Bonds, will not now be implemented.
The cancellation of these interest rate reductions will support savers during the coronavirus pandemic. ...
NS&I wrote: Fixed term product interest rate reductions, also announced in February, will go ahead as planned and will become effective from 1 May 2020.
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- Lemon Quarter
- Posts: 4526
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Re: NS&I Announces Reduction in Interest Rates
And now that inflation has in theory dropped to next to nothing (I bet they don't take into account the size reductions in contents of boxes and packets), we'll be getting next to nothing on our index-linked savings certificates.
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- Lemon Half
- Posts: 7479
- Joined: November 4th, 2016, 6:11 pm
Re: NS&I Announces Reduction in Interest Rates
I bet they do.Bouleversee wrote:And now that inflation has in theory dropped to next to nothing (I bet they don't take into account the size reductions in contents of boxes and packets)
And they also take into account things like a pint of beer in a pub, and a haircut. Good luck with that!
(They estimate the cost, the technical term is "impute".)
Scott.
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- Lemon Quarter
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Re: NS&I Announces Reduction in Interest Rates
So will they be imputing zero costs for those 2 items since we can't get them at all now?
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- Lemon Quarter
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Re: NS&I Announces Reduction in Interest Rates
According to https://www.ons.gov.uk/economy/inflatio ... /april2020Bouleversee wrote:So will they be imputing zero costs for those 2 items since we can't get them at all now?
I *think* that means they've adjusted the 'basket' to exclude things we can't get.As a result of the ongoing coronavirus (COVID-19) pandemic, we identified 90 CPIH items (or 16.3% of the CPIH basket by weight) that were unavailable to consumers in the UK, as detailed in Coronavirus and the effects on UK prices; compared with the February 2020 index (the most recent “normal” collection), we have collected a weighted total of 77.8% (excluding unavailable items) of the number of price quotes for the April 2020 index, although the coverage varies across the range of items.
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- Lemon Quarter
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Re: NS&I Announces Reduction in Interest Rates
I wonder what my hairdresser and dentist weigh. So when they are allowed to operate again at vast expense (probably increased to cover lost earnings during Covid) will the inflation rate shoot up again? I don't think there was any weight on the half-empty box of porridge sachets or the pack of Mars bars which had large empty spaces at the end of the wrappers. I find it hard to believe that they allow for the deception practised by retailers now.
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- Lemon Half
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Re: NS&I Announces Reduction in Interest Rates
I'll take that bet, thanks.Bouleversee wrote:I bet they don't take into account the size reductions in contents of boxes and packets.
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- Lemon Half
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Re: NS&I Announces Reduction in Interest Rates
I think you might be better discussing this on an "inflation" chat, if you genuinely want you learn the answers to these kind of questions.Bouleversee wrote:So will they be imputing zero costs for those 2 items since we can't get them at all now?
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- Lemon Half
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Re: NS&I Announces Reduction in Interest Rates
Reductions back in earnest now https://www.nsandi.com/our-products
Looks like they really don't want our money.
Scott.
Looks like they really don't want our money.
Scott.
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- Lemon Quarter
- Posts: 1186
- Joined: November 8th, 2016, 2:20 am
Re: NS&I Announces Reduction in Interest Rates
Income Bonds Rates/info 1.15% / 1.16% gross/AER until 23 November 2020swill453 wrote:Reductions back in earnest now https://www.nsandi.com/our-products
Looks like they really don't want our money.
Scott.
0.01% / 0.01% gross/AER from 24 November 2020
Savers being robbed back in earnest.
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- Lemon Slice
- Posts: 972
- Joined: November 4th, 2016, 6:17 pm
Re: NS&I Announces Reduction in Interest Rates
I've reached the conclusion there is little point shifting money around s they will all offer rotten rates in time. The NS&I reductions are however brutal.
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- Lemon Slice
- Posts: 608
- Joined: March 18th, 2017, 10:22 pm
Re: NS&I Announces Reduction in Interest Rates
Thank heavens for my long held (and rolled forward) Index linked savings certificates.
Best wishes,
Steve
Best wishes,
Steve
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- Lemon Quarter
- Posts: 4526
- Joined: November 8th, 2016, 5:01 pm
Re: NS&I Announces Reduction in Interest Rates
Hear, Hear! At least they will keep up with inflation, we hope.Steveam wrote:Thank heavens for my long held (and rolled forward) Index linked savings certificates.
Best wishes,
Steve
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- Lemon Half
- Posts: 6263
- Joined: November 4th, 2016, 11:35 am
Re: NS&I Announces Reduction in Interest Rates
I have some - any chance they could stop the roll forward/over in the future ?Bouleversee wrote:Hear, Hear! At least they will keep up with inflation, we hope.Steveam wrote:Thank heavens for my long held (and rolled forward) Index linked savings certificates.
Best wishes,
Steve
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- Lemon Quarter
- Posts: 4526
- Joined: November 8th, 2016, 5:01 pm
Re: NS&I Announces Reduction in Interest Rates
Nothing would surprise me.
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- Lemon Slice
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Re: NS&I Announces Reduction in Interest Rates
Everything else is geting stripped back when it comes to savings certificates and SCs haven't been on sale for new purchases for ages.AleisterCrowley wrote:I have some - any chance they could stop the roll forward/over in the future ?Bouleversee wrote: Hear, Hear! At least they will keep up with inflation, we hope.
OTOH, it's a free loan to the government (exc for 0.01% interest and CPI index linking) by the holders of savings certificates, and the govt needs all the money it can get hold of at the moment (and probably doesn't want to be having to hand money back if rollover stops).
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- 2 Lemon pips
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Re: NS&I Announces Reduction in Interest Rates
That looks like 83p a month in interest on £100,000 (down from about £95.00).supremetwo wrote:Income Bonds Rates/info 1.15% / 1.16% gross/AER until 23 November 2020swill453 wrote:Reductions back in earnest now https://www.nsandi.com/our-products
Looks like they really don't want our money.
Scott.
0.01% / 0.01% gross/AER from 24 November 2020
Savers being robbed back in earnest.
Not much of an income
![Smile :)](./images/smilies/icon_e_smile.gif)
Watch out for the big exodus in funds.
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- Lemon Half
- Posts: 6263
- Joined: November 4th, 2016, 11:35 am
Re: NS&I Announces Reduction in Interest Rates
On the plus side, less risk of busting the personal savings allowance, even for higher rate taxpayers ![Very Happy :D](./images/smilies/icon_e_biggrin.gif)
![Very Happy :D](./images/smilies/icon_e_biggrin.gif)