yorkshirelad1 wrote:Thanks for posting about the changes due on 23 July, useful. There doesn't seem to be a great deal on nsandi.com about the changes. Usually there is some legislation-type document as may require a change to the Savings Certificates Regulations. I may do some further research.
Re the changes on 22/23 July 2023:
I've done a quick compare of the pdfs on the above url, and have found
- New issue of (2-, 3- & 5-yr) ILSCs, but rates are still 0.01%+CPI. Similar for fixed rate SCs.
- You can no longer withdraw your money mid-term (but that's not so different from a 5-year bond with an ordinary bank): I don't see anything about the death comment by GeoffF100. Usually the Director of National Savings has discretion in such circs. Many ordinary banks will not allow you to terminate a 5-year fixed term account except on death, where they will show an exception. YMMV.
there's something on the url which talks about CPI and RPI on maturity, but it's not explained clearly and is confusing and there's nothing in the pdfs (product leaflet) about this. It looks like they're trying to change the index-linking from RPI to CPI even on an existing certificate (which would seem to be a bit cheeky, changing the T&Cs mid-term).
I can't find any formal changes to the Savings Certificates Regulations. I've e-mailed NS&I (Yeah, don't hold your breath) to ask about it. The last set of such changes was for e.g. leap year interest and other things see e.g.
https://www.legislation.gov.uk/uksi/2012/1882/pdfs/uksiem_20121882_en.pdfand maybe these changes aren't substantial enough to warrant a memorandum.
https://www.nsandi.com/help/manage-your-savings/maturing-investments/fixed-rate-savings-certificateshttps://www.nsandi.com/help/manage-your-savings/maturing-investments/index-linked-savings-certificates