Cashing In Withdrawing Premium Bonds

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  • polymaff
    polymaff Posts: 3,904 Forumite
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    edited 15 October 2016 at 4:23PM
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    £3,000 at 1.2% - 8p per day after basic rate. Just think how much you lost over the last 14 days!

    You could buy a good pair of reading glasses for that. :)
  • thegreenone
    thegreenone Posts: 1,007 Forumite
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    I withdrew money from my premium bonds last Saturday and it arrived in my bank account on Tuesday. Two working days is usual.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    thegreenone wrote: »
    I withdrew money from my premium bonds last Saturday and it arrived in my bank account on Tuesday. Two working days is usual.

    That shouldn't be possible if they're using BACS Direct Credit, for the reason already given by ColdIron above.
  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    longhotsummer wrote: »
    You check them as well, do you? Try finding the 3-5 day condition easily on the NS&I site. I don’t doubt it is there, but hidden well away.

    i like a challenge, I googled cashing in premium bonds, got to a link, clicked the link, it suggested to log on NS&I or download form, I clicked on the form, where it says in forth paragraph.

    When you will receive your money
    We’ll normally issue your payment within 8 working days of receiving your application, unless you ask us to defer the payment until after the next prize draw (see section 2). For your security, and to satisfy Money Laundering Regulations, we may ask for evidence of identity from anyone applying to cash in Premium Bonds.

    Not sure how you initiated the withdrawal but it is in their T&C's the time frame, If you did it online im sure it would have said before you clicked to confirm (I cant confirm this as I dont have any PB atm)

    If it was done using the form, the information is there, and im sure if it was done on the phone, they would have also explained the process.

    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    longhotsummer wrote: »
    I have today withdrawn £3000 from my Premium Bonds. After waiting 4 hours and not seeing the money in my linked current account, I just called NS&I to ask where it was.

    Here's what NS&I told me... <wait for it> It isn't a bank, so it takes 3-5 working days to pay out withdrawals! That's up to 7 days it is earning interest on your money and up to 7 days that you have to wait for it to be returned to you.

    Appalling.

    And? Thank you for sharing your 'appalling' day with us. I remember when they used to send a cheque which you then had to clear through your own bank. Be happy and chill out. :cool:
  • darkidoe
    darkidoe Posts: 1,125 Forumite
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    YorkshireBoy wrote: »
    I like a challenge. :)

    I don't have any PBs presently, but I clicked on the T&Cs and when the document opened I searched (Ctrl+F) for "cashing in"...well you would wouldn't you!?...you even put it in your thread title. ;)

    The 4th occurence lead me to an entire section (conditions 45-62) devoted to "cashing in". In there I found...

    Condition 57 says they'll normally action an internet or phone requested BACS payment within 3 banking days.

    Condition 59 says such payments take 2 banking days after they're initiated.

    Ahh the dreaded avalanche of words that is the Terms & Conditions! Really who does read it word for word unless you are in need of something to help you sleep at night?

    Save 12K in 2020 # 38 £0/£20,000
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    darkidoe wrote: »
    Ahh the dreaded avalanche of words that is the Terms & Conditions! Really who does read it word for word unless you are in need of something to help you sleep at night?
    If I was intending on cashing in I'd be sure to read that section...just like I'd read the section on purchasing before, er, purchasing, otherwise I'd be losing up to a month's interest elsewhere.

    But I concede I may be in the minority on here, going on posts made. Then again I've never lost money, or sleep, by making financial mistakes through lack of knowledge. Coincidence maybe? ;)
  • ChesterDog
    ChesterDog Posts: 1,112 Forumite
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    edited 16 October 2016 at 8:41AM
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    I had a query about an NS&I product the other day. It was regarding a couple of matters that would be in the T&Cs.

    I have a large amount of money passing through shortly (estate for distribution) and wanted to know transfer limits, timings and speeds.

    I asked on Twitter (something I have barely ever used before), and received a polite, detailed and correct response in under a minute.

    NS&I-held deposts have an unlimited guarantee. I think that is well worth suffering a little inconvenience here and there for.
    I am one of the Dogs of the Index.
  • Ifts
    Ifts Posts: 1,951 Forumite
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    longhotsummer wrote: »
    I
    Here's what NS&I told me... <wait for it> It isn't a bank, so it takes 3-5 working days to pay out withdrawals!

    The money should land in your linked account by Tuesday or Wednesday at the latest.

    When I withdraw I usually tick the 'Withdraw after the next prize draw' and the money is showing in my linked account by the 2nd or 3rd working day of the month.
    Never let the perfume of the premium overpower the odour of the risk
  • System
    System Posts: 178,094 Community Admin
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    It's owned by the UK Government.
    How efficient does the OP expect it to be?
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