Over 65 Bonds

[woolleysheep]

has anyone been successful in registering for them, system keeps crashing

[Old_Geezer]

http://www.bbc.co.uk/news/business-30782590

Hope they have lots to go around. I'm amazed the poor pensioners have riches to invest. I'm suspecting I'll struggle with my small pot.

[gingejbee]

Tip....apply online as late in the day as you can, because they should all be in bed! (Only half-joking because it is easier the later you leave it...say 11pm+).

[woolleysheep]

over 65 ,past my bedtime ,thanks

[Canary42]

///I'm amazed the poor pensioners have riches to invest///

It's a Tory initiative - they're never concerned about the poor.

[hc4361]

I don't think it's all that, to be honest. I keep £20k in the Santander 123 current account that gives 3% interest with no 3 year tie in and no penalty should I wish to withdraw.

I am convinced (hopeful) that there is going to be a sharp increase in interest rates in the next 2 years so I want to keep my options open.

[buildersmate]

Try at 5 in the morning - got onto the site successfully this morning at that time. Out of curiosity - not yet old enough to qualify.

///It's a Tory initiative - they're never concerned about the poor.
A negative response that fails to even attempt to answer the question. Such tripe is often to be found in News and Chatterbank but please refrain from trying to destroy one of the few useful sections left in Answerbank.

[Tilly2]

I like the sound of the bonds but it will mean drawing money out of my Premium Bonds to be able to invest. I am loathe to do that......you never know.

PS. I'm not actually old enough yet but, I will still feel the same in a few year's timw, I imagine.

[hc4361]

Tilly, I have premium bonds, too. You have to be happy to lose the interest you could get on your money elsewhere and with today's low interest rates that is no big loss.

Sorry, woolleysheep, for venturing off topic

[ladybirder]

These are taxable aren't they?

[hc4361]

The Pensioner Bonds are taxable, yes

[factor-fiction]

Tax is deducted at source. If you are a non-tax payer you can reclaim it though but I think you have to wait until the tax year has ended before you can claim it back

[Stargazer]

I am waiting until next week as my brother has had no end of trouble and does not even know if his transaction has been succesful.

[hc4361]

If you are a non-tax payer you simply complete form R85, send it to NSI (or declare the fact on line if there is provision to do so) and no tax is deducted

[SirOracle]

New issue of 1 year ISA from today gives a higher return than the government over 65 bond.

This is issued by Virgin and details are on the web.

[ladybirder]

Thanks hc and ff.

[factor-fiction]

hc4361- what you say normally applies for savings accounts but not for these Over 65 bonds.
From the Martin Lewis site:


With normal savings accounts, you're usually able to fill in a form (known as an R85 form), which lets the bank know that you don't earn enough to pay tax, and therefore the bank is able to pay your interest gross. However, NS&I is not part of HMRC's R85 scheme, so it will pay all interest with tax already taken off.

If you're a non-taxpayer, you'll have to reclaim the extra interest from the taxman at the end of each financial year. It's not difficult to do, but it is an added hassle. For details on how to reclaim overpaid interest, see HMRC's website.

[factor-fiction]

Here's the link to MSE
http://www.moneysavingexpert.com/savings/pensioner-bonds

[factor-fiction]

Hi SirOracle- I've looked on the Virgin site but I'm not sure which 1 year bond on there beats the Over 65 NSI bond. If there is one, I think it will be not be better for non-tax payers

[factor-fiction]

http://uk.virginmoney.com/savings/find/results/isas/
This is what's on the Virgin site- the best 1 year one looks like 1.7% whereas NSI is 2.8%. Maybe I've missed one

[horseshoes]

Interestingly, Marin Lewis, on TV right now, is saying if you're going for one of the options, go for the 3 year one, because even if you take your money out after one year, you will STILL end up with a better interest rate the one year one. 3% instead of 2.8%, s check that out if you're considering these bonds.