Recent figures from National Savings & Investments (NS&I) has suggested that savers up and down the country, even here in Yorkshire, added more than £13 billion into pensioners bonds in just a few weeks.
The staggering amount, which came from a sudden surge of savers, saw people up and down the country paying nearly two-thirds above the market rate for the bonds, after the offer become one too good to refuse following a lack of decent returns.
In turn, the huge inflow had added to more than the total assets of all but the largest three building societies in the UK, leading the way for criticisms to begin surrounding an unfair playing field.
So what stands NS&I apart from banks?
- They offer Premium Bonds and Savings Certificates that banks and building societies aren’t allowed to sell
- They offer more returns on accounts where banks and building societies can compete
- NS&I took in a total of £18.2 billion in its financial year to the end of March – nearly a third of the total that goes into savings accounts each year
- Earlier this year the NS&I put on sale the 65+ Guaranteed Growth Bonds which pulled in a total of £13.6 billion, paying a fixed 2.8% for one year and 4% for three – that was 60% more than the top-paying 1.75% and 2.5% on offer from competitors
At Heritage Wealth Solutions, our financial team are extremely experienced when it comes to savings advice, and that’s why we have been a popular option for residents within Leeds, Wakefield and surrounding Yorkshire areas.
Our team takes into account the exceptional offers that NS&I and its competitors are promoting, ensuring that all of our customers take advantage of it when they can. What’s more, our financial advisers also make sure that our customers are putting their money into savings accounts and bonds that are relevant to their situation.
Throughout all of our financial planning advice, it’s vital to our team that our clients know every little detail about where their money is being placed, presenting them with both the positives and the negatives of each situation. This ensures that all of our customers have peace of mind when using the Heritage financial adviser team.
If you are a resident or business based in Leeds, Wakefield or the surrounding Yorkshire area and you are looking for more information about Heritage Wealth Solutions, or how our financial advisers could help you with financial planning, pensions and savings, investments and wills, please contact our Morley team on 0113 350 2080.