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NS&I: General Extension rate on Savings Certificates?

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yorkshirelad1
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NS&I: General Extension rate on Savings Certificates?

#393148

Postby yorkshirelad1 » March 6th, 2021, 4:53 pm

SWMBO has just unearthed a 5-year Savings Cert (34 Issue 7.5%) started in 1988, so matured in 1993, but has just appeared out of a dusty cupboard in her name.
I can do the maturity value in 1993.
I reckon it would have got the General Extension Rate (GER) after 1993 (such as it was). I haven't kept details of the GER because I never needed to use it (I rolled stuff over manually on maturity, then in about 2012 NS&I started doing rollovers automatically by default)

A bit of a long shot, but does anyone have a record of the GER paid on fixed rate savings certificates from 1993.
I'm just starting out on this long road of research, but thought I'd post here first in case anyone does have the records, before I get stuck into it.

A bit of Googling and the best I can come up with (apart from some very old paperwork of mine from that period which is quite haphazard) at present is:
https://nsandi-corporate.com/news-research/news/changes-old-savings-certificates
and https://www.nsandi.com/files/published_files/asset/pdf/welsh-interest-rates.pdf which says:
NS&I wrote:As of 11 November 2013 War Savings Certificates (1916-1920) and Issues 2-43 of Fixed Interest Savings Certificates earn the General Extension Rate (variable) 0.09% pa tax-free/AER (variable) from 1 April 2009.

I have a leaflet dated April 1993: "Twenty Questions about Matured Certificates" and Q2 What do mature Certificates earn now?

NS&I wrote:Most mature fixed-interest and most mature Yearly Plan Certificates are now earning the variable General Extension Rate - at present 3.75% pa earned for every completed period of three months. If you would like more details about the variable General Extension Rate and a list of changes in this rate since it was introduced inJune 1982 write to the address at the end of this leaflet and ask for our General Extension Rate leaflet.

I have talked to NS&I but (a) this is so far from memory that it takes a lot of digging and (b) the people that might know are quite hard to get hold of.

Many thanks

yorkshirelad1
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Re: NS&I: General Extension rate on Savings Certificates?

#421653

Postby yorkshirelad1 » June 23rd, 2021, 4:34 pm

It's taken me 3 months of pushing uphill to get the data from NS&I.
The general extension rate is the rate that is applied to fixed-rate savings certificates that have matured and didn't automatically roll over into the next available issue (auto rollover started in about 2012 IIRC, so the general extension rate doesn't really apply to recent savings certificates). Index-linked savings certificates that have finished their term and didn't just rollover into the current available issue just get index-linking.
Errors in the data below are probably mine although the sheet NS&I sent had at least one date error in it that I spotted and I have amended below; the NS&I doc reference is NS455 (dated 2010). I added a column of the number of days for each rate in action to check for errors and out of curiosity.
I have no connection with NS&I (other than as a customer). Happy to provide a CSV or XLS if anyone wants one.



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