How can we help?
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How is the change to Index-linked Savings Certificates from RPI to CPI affecting my clients?
Your clients will continue to receive 0.01% interest in addition to the index-linking. Here is an illustration of what your clients could expect to receive from a £1,000 investment based on the June 2023 RPI index, and what the return could be based on CPI.
Term
RPI (using June 2023 rate of 10.70%)
CPI (using June 2023 rate of 7.90%)
2-year Index-linked Savings Certificate
£1,225.67 Index-linking + 0.01%
£1,164.46 Index-linking + 0.01%
3-year Index-linked Savings Certificate
£1,356.94 Index-linking + 0.01%
£1,256.57 Index-linking + 0.01%
5-year Index-linked Savings Certificate
£1,663.16 Index-linking + 0.01%
£1,463.23 Index-linking + 0.01%
These are illustrations only, so they don’t take into account your client’s individual circumstances. They assume that your clients don't make any withdrawals during the term.
The rates of inflation can go up or down so the illustrations are not a guarantee of the return your clients will receive. The actual return your clients receive will depend on the levels of the relevant index that apply at the start and end of each investment year.
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Why has NS&I removed the option for my client to make a withdrawal from their Fixed Interest Savings Certificates?
A fixed-term product is designed to be held for the full term purchased.
We continually review our products and monitor the market conditions as well as competitor and customer activities.
Removing the option to make a withdrawal brings us in line with the wider financial fixed-term investment market.
If your client thinks they might need access to their money before the end of the term, they might need to consider if this is the right product for them.
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Why has NS&I removed the option for my client to make a withdrawal from their Index-linked Savings Certificates?
A fixed-term product is designed to be held for the full term purchased.
We continually review our products and monitor the market conditions as well as competitor and customer activities.
Removing the option to make a withdrawal brings us in line with the wider financial fixed-term investment market.
If your client thinks they might need access to their money before the end of the term, they might need to consider if this is the right product for them.
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