Nsandi.com - is this genuine?

[User5512]

I’m looking to invest a large sum of money. I understand it’s govt backed etc, is this website genuine??
pls can anyone confirm?

www. Nsandi.com

The Santander account is now showing up on MSE Top Easy Access Savings Accounts. However it is worth noting that the 5.2% is for one year only and after that you are moved down to a lower (unspecified) rate, so you'll need to be on the ball to move the money to a better paying account.

Also the 5.2% is only available if you take the interest annually, if you want it monthly the rate is 5.08%. Might make a difference to some people if they are trying to spread tax payable across different tax years.

Having been reading on the MSE forum, the speculation is that following the Government's meeting with the big banks a few weeks ago to ask why they were being so slow to offer better interest rates, they have taken it into their own hands by offering the 6.2% with NS&I. The banks are probably seeing customers emptying their savings accounts to take advantage of this rate, so the guess is this is Santander's response and we may well see other banks follow in the coming days/weeks.

Agreed, it will be interesting to see what banks start to offer now.

The 5.08% monthly on Santander equates to 5.20% APR if you leave the interest in the account to earn further interest. I'd rather have the interest next year for various reasons, my sons wanted monthly.

I've just applied for one, our current account is with Santander already so it was a 5 minute process. It's worth noting for those debating about applying or not that the T&Cs say that the rate will only be available until 17 September unless it "sells out" beforehand.

Sorry for multiple posts but MSE forum reporting that lots of people are having issues applying for the Santander account and the site keeps crashing. Might be worth trying later if you do want to apply.

Put the money in slowly,not all at once

I was in a rush this morning but now I've had a better look I'm definitely going to open one, interest paid after a year is perfect for me for various reasons so that's a bonus.

Also not surprised the website is crashing! Hopefully I'll manage to get one later on when I have chance to try!

Re the Santander bond, is there a limit to how much you can put in? I tried looking but cannot log into my account - too busy?

I wouldn't put more than £85k in, due to the protection limits.

Wow, that’s a lot! But I forgot about the £85k limit, thanks.

Oh that’s a great rate! Thanks for this thread op!

@Ihateslugs don’t forget if you’re applying in joint names the protected amount doubles to £170,000.

URGENT - if anyone has been thinking about opening the Santander account paying 5.2%, it is being pulled at midnight tonight.

According to Martin Lewis as long as you open an account (not necessarily deposit any money) before midnight then you should get the rate.

I’m single!

For anyone in higher or additional tax bands, buying short dated Gilts is an option. The return is tax free if capital uplift. Rates net out around the 5% mark so >7.5%Gross.

You’ll need min £100k so worth it for big sums.

For anyone with a NatWest account the maximum into the bond is £50k in one transaction. I’ve just taken the 3 year rate of 5.7% whilst it’s still available.

I find they only take money from one card. If you try to transfer with another one, it will reject it by sending it back.

Does anyone know if the green NS&I bonds is 5.7 per year or only at the end of the three years? Unfortunately the 6.2 bonds are no longer available.

The NS&I Green Savings Bonds say they are 5.7% AER, and they add the interest to your bond each year on the anniversary of when you took it out. Not sure if that's what you were asking? If you click "Get Started", they have FAQs and an example of how much interest you'd earn if you invest a certain amount.

@Lilacanemone I’d presume they add the interest each year so you get a bit of a compound effect by the end of the three years, but you won’t get access to any of the money before the end of the three years.

These are the other options available right now: https://www.moneysavingexpert.com/news/2023/10/ns-i-withdraw-growth-income-bonds/

Thanks @CaveMum

And thanks @Saracen , sorry didn’t see your reply originally.

Yes, the point of quoting an AER (Annual Equivalent Rate) rather than just an interest rate is that it tells you how much you would get if it were compounded annually.

That way consumers don't have to do the arithmetic to work out whether it's a better deal to get, say, 4.9% on an account where interest is compounded monthly or 5.1% on an account where interest is compounded annually. You just look at the AER.

Since AER makes comparisons simple, I guess the only reasons we should care when interest is paid is if it's actually being paid out to us and we need that money, or because it affects which year we pay tax on it. For example, I am usually a non-taxpayer, but I do have significant income in the current year, so I want a product that pays me interest in the next financial year.