First a little tip if you are planning to invest in one of NSI's new one year bonds at cracking rates.
Unlike bank accoutns with similar products, you have to have all your money you wish to invest, ready to pay in as you open it. You can either pay by debit card from your nominated account, or if you have an NSI Direct Saver you can move your money there. But if like me you are gathering up the money from various other accounts, you need to do that first before applying.
That's a bit clumsy; but the good news is you can open up to ten accounts of the same type, so longas , as the nice lady reminded me, I don't exceed the total of £1mil. I told her that as I only got £150 in the latest draw there is no chance of that
Got some juggling to do though - but I think it's worth it. Rather have a lot in NSI than some of these smaller banks.
First a little tip if you are planning to invest in one of NSI's new one year bonds at cracking rates.
Unlike bank accoutns with similar products, you have to have all your money you wish to invest, ready to pay in as you open it. You can either pay by debit card from your nominated account, or if you have an NSI Direct Saver you can move your money there. But if like me you are gathering up the money from various other accounts, you need to do that first before applying.
That's a bit clumsy; but the good news is you can open up to ten accounts of the same type, so longas , as the nice lady reminded me, I don't exceed the total of £1mil. I told her that as I only got £150 in the latest draw there is no chance of that
Got some juggling to do though - but I think it's worth it. Rather have a lot in NSI than some of these smaller banks.
Also, depending on how much you have to invest in the 1 year bond (or indeed any other NS&I product) of course, the protection of all of your investment rather than £85k is a not insignificant benefit.
First a little tip if you are planning to invest in one of NSI's new one year bonds at cracking rates.
Unlike bank accoutns with similar products, you have to have all your money you wish to invest, ready to pay in as you open it. You can either pay by debit card from your nominated account, or if you have an NSI Direct Saver you can move your money there. But if like me you are gathering up the money from various other accounts, you need to do that first before applying.
That's a bit clumsy; but the good news is you can open up to ten accounts of the same type, so longas , as the nice lady reminded me, I don't exceed the total of £1mil. I told her that as I only got £150 in the latest draw there is no chance of that
Got some juggling to do though - but I think it's worth it. Rather have a lot in NSI than some of these smaller banks.
Also, depending on how much you have to invest in the 1 year bond (or indeed any other NS&I product) of course, the protection of all of your investment rather than £85k is a not insignificant benefit.
Although I understand savers concern with regard the £85k compensation limit i would say that any UK Government would do everything in its power to stop a UK bank going bust, like they did in 2008 - so much so we (the UK taxpayer) have been paying for it ever since in the form of the bail out of the Lloyds banking group.
I really don't think the compo limit should be that much if a concern to savers
First a little tip if you are planning to invest in one of NSI's new one year bonds at cracking rates.
Unlike bank accoutns with similar products, you have to have all your money you wish to invest, ready to pay in as you open it. You can either pay by debit card from your nominated account, or if you have an NSI Direct Saver you can move your money there. But if like me you are gathering up the money from various other accounts, you need to do that first before applying.
That's a bit clumsy; but the good news is you can open up to ten accounts of the same type, so longas , as the nice lady reminded me, I don't exceed the total of £1mil. I told her that as I only got £150 in the latest draw there is no chance of that
Got some juggling to do though - but I think it's worth it. Rather have a lot in NSI than some of these smaller banks.
Also, depending on how much you have to invest in the 1 year bond (or indeed any other NS&I product) of course, the protection of all of your investment rather than £85k is a not insignificant benefit.
Although I understand savers concern with regard the £85k compensation limit i would say that any UK Government would do everything in its power to stop a UK bank going bust, like they did in 2008 - so much so we (the UK taxpayer) have been paying for it ever since in the form of the bail out of the Lloyds banking group.
I really don't think the compo limit should be that much if a concern to savers
It's not really a concern, Golfie, for the reasons you state - it's just that any NS&I investment completely eliminates the risk, however small.
At my age I am very keen to eliminate any unnecessary risk, especially as I'm now heavily geared towards cash, and 6.2% gross with pretty much zero risk is very attractive.
First a little tip if you are planning to invest in one of NSI's new one year bonds at cracking rates.
Unlike bank accoutns with similar products, you have to have all your money you wish to invest, ready to pay in as you open it. You can either pay by debit card from your nominated account, or if you have an NSI Direct Saver you can move your money there. But if like me you are gathering up the money from various other accounts, you need to do that first before applying.
That's a bit clumsy; but the good news is you can open up to ten accounts of the same type, so longas , as the nice lady reminded me, I don't exceed the total of £1mil. I told her that as I only got £150 in the latest draw there is no chance of that
Got some juggling to do though - but I think it's worth it. Rather have a lot in NSI than some of these smaller banks.
Also, depending on how much you have to invest in the 1 year bond (or indeed any other NS&I product) of course, the protection of all of your investment rather than £85k is a not insignificant benefit.
Although I understand savers concern with regard the £85k compensation limit i would say that any UK Government would do everything in its power to stop a UK bank going bust, like they did in 2008 - so much so we (the UK taxpayer) have been paying for it ever since in the form of the bail out of the Lloyds banking group.
I really don't think the compo limit should be that much if a concern to savers
I would like to correct you on the 2008 Lloyds situation. Gordon Brown basically lied and conned Eric Daniels (Lloyds CEO) into a swift and basically short on diligence deal to takeover the Halifax. Halifax was completely stuffed and was within days of going under, as had Northern Rock a few months earlier. The Government did not want to be seen taking over the Halifax hence pushing Lloyds into one of the worst financial deals in banking history. I believe Lloyds were under the impression that Halifax were £10 Billion in trouble, Lloyds had this covered. Infact Halifax was more like £22 Billion wrong, and that Lloyds couldn’t cover.
As for the Taxpayer paying for it. I was a Lloyds Staff member, I held shares and had options worth over £60,000. Shares were around £5. By the time Gordon Brown finished stitching Lloyds up they were 25p. My £60,000 was now £3,000. I think you will find the real people who paid were Lloyds Shareholders, not the tax payers.
An when the Government finally got back the the money back it invested in Lloyds, it actually made a profit.
First a little tip if you are planning to invest in one of NSI's new one year bonds at cracking rates.
Unlike bank accoutns with similar products, you have to have all your money you wish to invest, ready to pay in as you open it. You can either pay by debit card from your nominated account, or if you have an NSI Direct Saver you can move your money there. But if like me you are gathering up the money from various other accounts, you need to do that first before applying.
That's a bit clumsy; but the good news is you can open up to ten accounts of the same type, so longas , as the nice lady reminded me, I don't exceed the total of £1mil. I told her that as I only got £150 in the latest draw there is no chance of that
Got some juggling to do though - but I think it's worth it. Rather have a lot in NSI than some of these smaller banks.
Also, depending on how much you have to invest in the 1 year bond (or indeed any other NS&I product) of course, the protection of all of your investment rather than £85k is a not insignificant benefit.
Although I understand savers concern with regard the £85k compensation limit i would say that any UK Government would do everything in its power to stop a UK bank going bust, like they did in 2008 - so much so we (the UK taxpayer) have been paying for it ever since in the form of the bail out of the Lloyds banking group.
I really don't think the compo limit should be that much if a concern to savers
I'm of course with Bob on this one. The thing that also worries me is that a lot of the smaller banks offering apparently juicy deals are Middle Eastern, or, heaven help us, Nigerian. They all claim (on Raisin) to be covered by the UK government guarantee. Well I don't want to be a guinea-pig for that experiment, much rather put my trust in NS&I, and at the same time, I presume, help the UK's balance sheet. Seems a no-brainer to me
My view on the £85k is much like others, except that, why run the risk? Unless you have literally millions in cash, spreading around a handful is prudent, now NS&I are giving a decent rate it seems a no brainer to me.
First a little tip if you are planning to invest in one of NSI's new one year bonds at cracking rates.
Unlike bank accoutns with similar products, you have to have all your money you wish to invest, ready to pay in as you open it. You can either pay by debit card from your nominated account, or if you have an NSI Direct Saver you can move your money there. But if like me you are gathering up the money from various other accounts, you need to do that first before applying.
That's a bit clumsy; but the good news is you can open up to ten accounts of the same type, so longas , as the nice lady reminded me, I don't exceed the total of £1mil. I told her that as I only got £150 in the latest draw there is no chance of that
Got some juggling to do though - but I think it's worth it. Rather have a lot in NSI than some of these smaller banks.
Also, depending on how much you have to invest in the 1 year bond (or indeed any other NS&I product) of course, the protection of all of your investment rather than £85k is a not insignificant benefit.
Although I understand savers concern with regard the £85k compensation limit i would say that any UK Government would do everything in its power to stop a UK bank going bust, like they did in 2008 - so much so we (the UK taxpayer) have been paying for it ever since in the form of the bail out of the Lloyds banking group.
I really don't think the compo limit should be that much if a concern to savers
I would like to correct you on the 2008 Lloyds situation. Gordon Brown basically lied and conned Eric Daniels (Lloyds CEO) into a swift and basically short on diligence deal to takeover the Halifax. Halifax was completely stuffed and was within days of going under, as had Northern Rock a few months earlier. The Government did not want to be seen taking over the Halifax hence pushing Lloyds into one of the worst financial deals in banking history. I believe Lloyds were under the impression that Halifax were £10 Billion in trouble, Lloyds had this covered. Infact Halifax was more like £22 Billion wrong, and that Lloyds couldn’t cover.
As for the Taxpayer paying for it. I was a Lloyds Staff member, I held shares and had options worth over £60,000. Shares were around £5. By the time Gordon Brown finished stitching Lloyds up they were 25p. My £60,000 was now £3,000. I think you will find the real people who paid were Lloyds Shareholders, not the tax payers.
An when the Government finally got back the the money back it invested in Lloyds, it actually made a profit.
Correct. I am in a similar position and still holding Lloyds shares which are unlikely to return to £5 anytime soon. I never understood why Daniels did it (obviously government pressure) because I and everyone paying attention knew it was so catastrophic that it would very seriously damage Lloyds.
Either my memory is shady or others are, when it all began to kick off I dumped all my bank shares other than a dabble in HBOS but that's a story for another day, i'm sure at the time Lloyds were about £3 at best (although yes they did have a massive drop from where they've never really recovered)?
Either my memory is shady or others are, when it all began to kick off I dumped all my bank shares other than a dabble in HBOS but that's a story for another day, i'm sure at the time Lloyds were about £3 at best (although yes they did have a massive drop from where they've never really recovered)?
First a little tip if you are planning to invest in one of NSI's new one year bonds at cracking rates.
Unlike bank accoutns with similar products, you have to have all your money you wish to invest, ready to pay in as you open it. You can either pay by debit card from your nominated account, or if you have an NSI Direct Saver you can move your money there. But if like me you are gathering up the money from various other accounts, you need to do that first before applying.
That's a bit clumsy; but the good news is you can open up to ten accounts of the same type, so longas , as the nice lady reminded me, I don't exceed the total of £1mil. I told her that as I only got £150 in the latest draw there is no chance of that
Got some juggling to do though - but I think it's worth it. Rather have a lot in NSI than some of these smaller banks.
Also, depending on how much you have to invest in the 1 year bond (or indeed any other NS&I product) of course, the protection of all of your investment rather than £85k is a not insignificant benefit.
Although I understand savers concern with regard the £85k compensation limit i would say that any UK Government would do everything in its power to stop a UK bank going bust, like they did in 2008 - so much so we (the UK taxpayer) have been paying for it ever since in the form of the bail out of the Lloyds banking group.
I really don't think the compo limit should be that much if a concern to savers
It's not really a concern, Golfie, for the reasons you state - it's just that any NS&I investment completely eliminates the risk, however small.
At my age I am very keen to eliminate any unnecessary risk, especially as I'm now heavily geared towards cash, and 6.2% gross with pretty much zero risk is very attractive.
Don't get me wrong, I think the new NS&I Bond at 6.2% is a no brainer. But if HSBC were offering it I don't think the £85k FSCS limit would deter me putting in, say, £100k.
But as @prague says - I wouldn't be investing into any "offshore" institution, especially anything outside of the EU.
Unfortunately I've had to pull out all my savings, inc my £50k in PB's as I'm just about to exchange & complete on a property.
First a little tip if you are planning to invest in one of NSI's new one year bonds at cracking rates.
Unlike bank accoutns with similar products, you have to have all your money you wish to invest, ready to pay in as you open it. You can either pay by debit card from your nominated account, or if you have an NSI Direct Saver you can move your money there. But if like me you are gathering up the money from various other accounts, you need to do that first before applying.
That's a bit clumsy; but the good news is you can open up to ten accounts of the same type, so longas , as the nice lady reminded me, I don't exceed the total of £1mil. I told her that as I only got £150 in the latest draw there is no chance of that
Got some juggling to do though - but I think it's worth it. Rather have a lot in NSI than some of these smaller banks.
Also, depending on how much you have to invest in the 1 year bond (or indeed any other NS&I product) of course, the protection of all of your investment rather than £85k is a not insignificant benefit.
Although I understand savers concern with regard the £85k compensation limit i would say that any UK Government would do everything in its power to stop a UK bank going bust, like they did in 2008 - so much so we (the UK taxpayer) have been paying for it ever since in the form of the bail out of the Lloyds banking group.
I really don't think the compo limit should be that much if a concern to savers
I would like to correct you on the 2008 Lloyds situation. Gordon Brown basically lied and conned Eric Daniels (Lloyds CEO) into a swift and basically short on diligence deal to takeover the Halifax. Halifax was completely stuffed and was within days of going under, as had Northern Rock a few months earlier. The Government did not want to be seen taking over the Halifax hence pushing Lloyds into one of the worst financial deals in banking history. I believe Lloyds were under the impression that Halifax were £10 Billion in trouble, Lloyds had this covered. Infact Halifax was more like £22 Billion wrong, and that Lloyds couldn’t cover.
As for the Taxpayer paying for it. I was a Lloyds Staff member, I held shares and had options worth over £60,000. Shares were around £5. By the time Gordon Brown finished stitching Lloyds up they were 25p. My £60,000 was now £3,000. I think you will find the real people who paid were Lloyds Shareholders, not the tax payers.
An when the Government finally got back the the money back it invested in Lloyds, it actually made a profit.
I am sorry to hear this & yes, Gordon Brown & Alister Darling stitched everyone up. But like I said, they did it because they were not going to let a UK Bank go bust. As far as I can recall no-one with savings lost any money (from Northern Rock or HBOS) unlike a couple of Icelandic banks. Mortgages customers however, were definitely sold down the river. Many now are stuck with non-mainstream lenders - mortgage prisoners on Variable rates in excess of 8%.
First a little tip if you are planning to invest in one of NSI's new one year bonds at cracking rates.
Unlike bank accoutns with similar products, you have to have all your money you wish to invest, ready to pay in as you open it. You can either pay by debit card from your nominated account, or if you have an NSI Direct Saver you can move your money there. But if like me you are gathering up the money from various other accounts, you need to do that first before applying.
That's a bit clumsy; but the good news is you can open up to ten accounts of the same type, so longas , as the nice lady reminded me, I don't exceed the total of £1mil. I told her that as I only got £150 in the latest draw there is no chance of that
Got some juggling to do though - but I think it's worth it. Rather have a lot in NSI than some of these smaller banks.
Also, depending on how much you have to invest in the 1 year bond (or indeed any other NS&I product) of course, the protection of all of your investment rather than £85k is a not insignificant benefit.
Although I understand savers concern with regard the £85k compensation limit i would say that any UK Government would do everything in its power to stop a UK bank going bust, like they did in 2008 - so much so we (the UK taxpayer) have been paying for it ever since in the form of the bail out of the Lloyds banking group.
I really don't think the compo limit should be that much if a concern to savers
It's not really a concern, Golfie, for the reasons you state - it's just that any NS&I investment completely eliminates the risk, however small.
At my age I am very keen to eliminate any unnecessary risk, especially as I'm now heavily geared towards cash, and 6.2% gross with pretty much zero risk is very attractive.
Don't get me wrong, I think the new NS&I Bond at 6.2% is a no brainer. But if HSBC were offering it I don't think the £85k FSCS limit would deter me putting in, say, £100k.
But as @prague says - I wouldn't be investing into any "offshore" institution, especially anything outside of the EU.
Unfortunately I've had to pull out all my savings, inc my £50k in PB's as I'm just about to exchange & complete on a property.
Serious question for you guys who know your onions. Is there any point in investing in the stock market at the moment?
Historically, the stock market has been the place to grow your savings. But is that still true today, particularly given the way the market moves these days?
It's not that many years ago, that a fall of 100 points was the lead item on the News at 10. Nowadays, that sort of fall barely raises a mention as it is no longer a rarity. And it seems to me that the market now looks for any excuse to have a sell-off and so often gains that have been built up over months disappear in a day when a sell-off occurs.
And throw in that the FTSE has hardly moved in 5 years (I know you need a good spread of funds) then I'm seriously wondering that now I can earn over 6% totally risk free with NSI (with fixed rate Cash ISAs not far behind with no tax to pay) why bother with investing in the stock market, particularly given the way that things are at the moment and the possibility that a huge sell off could well be on the way.
So are these fixed rate investments now the best way to grow your savings?
Serious question for you guys who know your onions. Is there any point in investing in the stock market at the moment?
Historically, the stock market has been the place to grow your savings. But is that still true today, particularly given the way the market moves these days?
It's not that many years ago, that a fall of 100 points was the lead item on the News at 10. Nowadays, that sort of fall barely raises a mention as it is no longer a rarity. And it seems to me that the market now looks for any excuse to have a sell-off and so often gains that have been built up over months disappear in a day when a sell-off occurs.
And throw in that the FTSE has hardly moved in 5 years (I know you need a good spread of funds) then I'm seriously wondering that now I can earn over 6% totally risk free with NSI (with fixed rate Cash ISAs not far behind with no tax to pay) why bother with investing in the stock market, particularly given the way that things are at the moment and the possibility that a huge sell off could well be on the way.
So are these fixed rate investments now the best way to grow your savings?
The fact that the world has had to endure a once in a lifetime pandemic and there is currently an ongoing war on European soil, I think that it's pretty good to have the FTSE where it was 5 years ago.
Comments
I've noticed that cash ISA rates seem to have finally caught up a lot with fixed deposit rates, now about 0.25% behind.
Unlike bank accoutns with similar products, you have to have all your money you wish to invest, ready to pay in as you open it. You can either pay by debit card from your nominated account, or if you have an NSI Direct Saver you can move your money there. But if like me you are gathering up the money from various other accounts, you need to do that first before applying.
That's a bit clumsy; but the good news is you can open up to ten accounts of the same type, so longas , as the nice lady reminded me, I don't exceed the total of £1mil. I told her that as I only got £150 in the latest draw there is no chance of that
Got some juggling to do though - but I think it's worth it. Rather have a lot in NSI than some of these smaller banks.
I really don't think the compo limit should be that much if a concern to savers
At my age I am very keen to eliminate any unnecessary risk, especially as I'm now heavily geared towards cash, and 6.2% gross with pretty much zero risk is very attractive.
As for the Taxpayer paying for it. I was a Lloyds Staff member, I held shares and had options worth over £60,000. Shares were around £5. By the time Gordon Brown finished stitching Lloyds up they were 25p. My £60,000 was now £3,000. I think you will find the real people who paid were Lloyds Shareholders, not the tax payers.
I never understood why Daniels did it (obviously government pressure) because I and everyone paying attention knew it was so catastrophic that it would very seriously damage Lloyds.
But as @prague says - I wouldn't be investing into any "offshore" institution, especially anything outside of the EU.
Unfortunately I've had to pull out all my savings, inc my £50k in PB's as I'm just about to exchange & complete on a property.
Historically, the stock market has been the place to grow your savings. But is that still true today, particularly given the way the market moves these days?
It's not that many years ago, that a fall of 100 points was the lead item on the News at 10. Nowadays, that sort of fall barely raises a mention as it is no longer a rarity. And it seems to me that the market now looks for any excuse to have a sell-off and so often gains that have been built up over months disappear in a day when a sell-off occurs.
And throw in that the FTSE has hardly moved in 5 years (I know you need a good spread of funds) then I'm seriously wondering that now I can earn over 6% totally risk free with NSI (with fixed rate Cash ISAs not far behind with no tax to pay) why bother with investing in the stock market, particularly given the way that things are at the moment and the possibility that a huge sell off could well be on the way.
So are these fixed rate investments now the best way to grow your savings?