15th January 2015
The launch of NS&I’s pensioner bonds has created panic amongst savers by underestimating the demand for the new products.
Independent savings site, SavingsChampion.co.uk asserted that experts have been warning NS&I for months that demand would be high for the long awaited pensioner bonds.
However it seems these warnings have been ignored with insufficient measures to cope with demand.
READ MORE: Pensioner bonds go live
SavingsChampion.co.uk, founder Anna Bowes said: “Pensioners have complained that they have been trying to apply over the phone, but lines are engaged. Those applying online have fared no better and it appears the website architecture of NS&I is under provisioned to cope with demand, resulting in only a small amount of applications being able to be processed at any one time.”
For its part SavingsChampion.co.uk has received “a huge volume” of phone calls from worried pensioners, who have been unable to apply online or by phone.
At the moment there is no clear indication of how long it will take before the bonds are fully subscribed, however those unable to contact NS&I by phone or email may wish to try a postal application instead.
Dubbed, the NS&I 65+ Guaranteed Growth Bonds, the one-year product pays an annual interest rate of 2.8% before tax, and the three-year bond pays 4% before tax.
Investment is capped at £10,000 in each bond, meaning individual savers can put away a maximum of £20,000. For those struggling with NS&I, the application form can be downloaded here.