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NS&I Announces Reduction in Interest Rates

yorkshirelad1
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NS&I Announces Reduction in Interest Rates

#285045

Postby yorkshirelad1 » February 17th, 2020, 9:23 pm

NS&I Announces Reduction in Interest Rates
17 February 2020
https://nsandi-corporate.com/news-research/news/nsi-announces-reduction-interest-rates

(Posting here to make it more visible, although already trailled - buried - in Premium Bond thread)

PinkDalek
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Re: NS&I cancels announced Reduction in Interest Rates

#309582

Postby PinkDalek » May 18th, 2020, 10:40 am

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. ...

yorkshirelad1
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Re: NS&I cancels announced Reduction in Interest Rates

#309869

Postby yorkshirelad1 » May 19th, 2020, 9:43 am

PinkDalek 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. ...


Let's not forget the bit which says
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.

Bouleversee
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Re: NS&I Announces Reduction in Interest Rates

#310718

Postby Bouleversee » May 21st, 2020, 4:30 pm

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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Re: NS&I Announces Reduction in Interest Rates

#310722

Postby swill453 » May 21st, 2020, 4:38 pm

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)

I bet they do.

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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Re: NS&I Announces Reduction in Interest Rates

#310739

Postby Bouleversee » May 21st, 2020, 5:28 pm

So will they be imputing zero costs for those 2 items since we can't get them at all now?

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Re: NS&I Announces Reduction in Interest Rates

#310751

Postby chas49 » May 21st, 2020, 5:53 pm

Bouleversee wrote:So will they be imputing zero costs for those 2 items since we can't get them at all now?


According to https://www.ons.gov.uk/economy/inflatio ... /april2020

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.


I *think* that means they've adjusted the 'basket' to exclude things we can't get.

Bouleversee
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Re: NS&I Announces Reduction in Interest Rates

#310760

Postby Bouleversee » May 21st, 2020, 6:24 pm

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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Re: NS&I Announces Reduction in Interest Rates

#310882

Postby dealtn » May 22nd, 2020, 9:26 am

Bouleversee wrote:I bet they don't take into account the size reductions in contents of boxes and packets.


I'll take that bet, thanks.

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Re: NS&I Announces Reduction in Interest Rates

#310884

Postby dealtn » May 22nd, 2020, 9:27 am

Bouleversee wrote:So will they be imputing zero costs for those 2 items since we can't get them at all now?


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.


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