Penny wise

WHEN a one-year Growth Bond with NS&I matured a year ago, we transferred the capital and interest into our bank account.

So we were surprised a month ago to receive a letter from NS&I informing us that our ‘investment’ had been automatically rolled over into a new bond and was due to mature. The amount involved, inclusive of interest, was just one penny!

The courteous gentleman we spoke to in customers services had no explanation, but agreed it was ludicrous and he would resolve it.

A fortnight ago, a further letter was received from NS&I stating ‘we’ve carried out your instructions and renewed the investment of £0.01 into a Guaranteed Growth Bond Issue 62 with an interest rate of 1.5 per cent commencing on February 5, 2018’.

We made another phone call, politely informing NS&I it was getting ridiculous, wasting time, paper and postage.

A lady assured us that the account would be closed, but the investment would have to be paid into our designated bank account. We have just received a letter confirming the transfer of the penny. RICHARD NoBLe, Dorchester, Dorset.