NS&I savings certificates £22bn invested

[yorkshirelad1]

Useful article in yesterday's (22 July 2023) Telegraph about the change in the T&Cs on savings certificates

Telegraph Sat 22 July 2023
NS&I blocks early withdrawals on savings account with £22.5bn invested
https://www.telegraph.co.uk/personal-banking/savings/nsi-blocks-early-withdrawals-savings-account-225bn/ (paywalled)
http://archive.today/2023.07.18-093957/https://www.telegraph.co.uk/personal-banking/savings/nsi-blocks-early-withdrawals-savings-account-225bn/ (non paywalled)

The article is mostly about the change in the T&C, which has already been discussed on TLF, see e.g.
https://lemonfool.co.uk/viewtopic.php?f=52&t=39302#p596677
https://www.nsandi.com/help/manage-your-savings/maturing-investments/index-linked-savings-certificates

what was interesting is the Telegraph are quoting a figure of £22bn invested in savings certificates. It's not clear in the article whether that £22bn in savings certificates is as a whole or in fixed-rate savings certificates (compared to index-linked savings certificates). I've been curious what the total investment is in savings certificates for a while, but never seen a figure, although haven't really tried that hard to look. I went and had a look in the 2022-2023 annual report (https://nsandi-corporate.com/performance/annual-reports) and it says (on page 109) "Savings Certificates £22.490bn" without splitting between fixed and index-linked (as an aside, there are £123bn of Premium bonds held!). It might be interesting to ask them what the split is between index-linked and fixed, but I don't think I'd get an answer any time soon, if ever, but I think I'm going to e-mail them to see if they can provide an answer.

[Kantwebefriends]

"NS&I blocks early withdrawals on savings account" Untrue. Your current certificates don't change. It's when you roll them over for new ones that the reform will hit you. Presumably many people will desist from rolling them over. Presumably that's what ns&i wants to happen. What a stroke of luck that Index-Linked Gilts are attractive at the moment. Buy, buy, buy.

[yorkshirelad1]

Buy, buy, buy.

except you can't, as new ILSCs are only available to holders of existing ILSCs that are maturing, they are not available to purchase as fresh investment.

Sadly "bye, bye, bye" may prove to be more prophetic.

[mc2fool]

Buy, buy, buy.

except you can't, as new ILSCs are only available to holders of existing ILSCs that are maturing, they are not available to purchase as fresh investment.

Sadly "bye, bye, bye" may prove to be more prophetic.

Try reading the post again.

What a stroke of luck that Index-Linked Gilts are attractive at the moment. Buy, buy, buy.

[yorkshirelad1]

Try reading the post again.

Sorry, should have added "(sic)": it was a comment on the future of ILSCs not a fat finger / predictive text situation nor an unintentional homophone (thinks very carefully before typing that last word in case any lurking ISIHAC fans might be tempted).

[mc2fool]

Try reading the post again.

Sorry, should have added "(sic)": it was a comment on the future of ILSCs not a fat finger / predictive text situation nor an unintentional homophone (thinks very carefully before typing that last word in case any lurking ISIHAC fans might be tempted).

Try reading both his and my posts again....

He is talking about buying Index-Linked Gilts not Index Linked Savings Certificates!

https://www.dmo.gov.uk/data/gilt-market/index-linked-gilts/

[Spet0789]

Sorry, should have added "(sic)": it was a comment on the future of ILSCs not a fat finger / predictive text situation nor an unintentional homophone (thinks very carefully before typing that last word in case any lurking ISIHAC fans might be tempted).

Try reading both his and my posts again....

He is talking about buying Index-Linked Gilts not Index Linked Savings Certificates!

https://www.dmo.gov.uk/data/gilt-market/index-linked-gilts/

Fill your boots on the March 2026 index-linked gilt! Pays over RPI+1% (very nearly) tax free so a much better option (for now at least) than ILSCs.

[yorkshirelad1]

Sorry, should have added "(sic)": it was a comment on the future of ILSCs not a fat finger / predictive text situation nor an unintentional homophone (thinks very carefully before typing that last word in case any lurking ISIHAC fans might be tempted).

Try reading both his and my posts again....

He is talking about buying Index-Linked Gilts not Index Linked Savings Certificates!

https://www.dmo.gov.uk/data/gilt-market/index-linked-gilts/

Yes, sorry, I should wake up and not try posting before I've had sufficient coffee on Monday morning