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.
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.
This is causing pensioners to panic that the 65+ Guaranteed Growth Bonds will sell out before they get a chance to apply. We have received a huge volume of phone calls from worried pensioners, who have been unable to apply online or by phone.
Advice from Savings Champion is that 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.