3.95% for 1 year with NS&I

polyphonic99

ecosse48 wrote: »

Cant believe that i have missed this.....all because Lloyds refused to transfer my funds as they exceeded the debit card limit, despite telling me the transfer would be fine...

I have written to NS&I appealing asking them to honour my original online app. however the guy on the fone said I have little chance...Dam Lloyds grrr

My wife had the same problem last week with the Cooperative Bank. She phoned up the Cooperative Bank to check what Debit Card limit there was if any; none was the reply; she told them what she planned to do, then their Fraud Department blocked the payment when NS&I tried to process it. Nobody from the Cooperative Bank tried to contact her or left any message. 4 days after her application we got an email from NS&I saying the payment had been blocked and therefore the application had failed. We managed to sort it out two days ago after about 3 or 4 hours on the telephone and re-applied successfully to NS&I.

Needless to say I have written to the CEO of Cooperative Bank to demand an apology, compensation for 5 days lost interest / time and effort etc. If that is not successful then I will make a formal complaint to the Financial Services Ombudsman which is what I recommend to anyone else affected in this way.

There definitely seems to be a problem with many Banks not honoring Visa Debit payments. I assume its because of the sums involved, and the payment method, even though the destination of the payments, to NS&I, the British Government owned savings institution, is hardly a likely destination for fraudulent funds!

I suppose the answer is to be aware that the Visa Debit payments system is another flawed system run by our incompetent banks, and to first warn your bank that you are goint to make the payment, give them the details of the amount, to whom and when, and then check that the funds have cleared your account within 24 hours!!

alared

melbury wrote: »

Perhaps it is worth looking at instant access accounts (some are paying over 3%)

Where are these?

Old_Slaphead

alared wrote: »

Where are these?

Sainsburys Online pays 3.20% - if you've got a grand to kick off with

melbury

alared wrote: »

Where are these?

As someone else has posted, Sainsbury's paying 3.2%.

Birmingham Midshires 3.15%
Alliance & Leicester 3%
Testco 3%

Loco

melbury wrote: »

As someone else has posted, Sainsbury's paying 3.2%.

Birmingham Midshires 3.15%
Alliance & Leicester 3%
Testco 3%

Ulster are paying 3.6% on their Pathway instant access account also.

Old_Slaphead

Loco wrote: »

Ulster are paying 3.6% on their Pathway instant access account also.

Only for 6 months and on £10,000+

Also, all rigmarol on sending new customer ID docs

What's the deal on investor protection ?

ginvzt

digannio wrote: »

That's exactly what Abbey did to me despite specific instructions to allow the transaction. Fortunately I immediately did it with a cheque in the post and got in under the wire.


I realise it was absolutely disgraceful of me to expect free access to manage MY money. I've let Abbey know what I think about it.

My money was in A&L and NS&I had not problems taking them out (it was just over £50k). However, I was transferring the money first from the savings account and couldn't do it online - had to call them, and answer all the question of why am I moving my money, where and what interest rate I will be getting!!!

It is strange that Abbey didn't let the money taken out, as A&L and Abbey are basically the same now...

alared

Sainsbury's Bank plc
(50% owned by J Sainsbury, 50% by Lloyds Banking Group)
3.2% fixed for a year BUT only 3 withdrawals allowed.

B.Mid 3.15% TELEPHONE only and includes a bonus of 2.65% for 12 months

Loco

Old_Slaphead wrote: »

Only for 6 months and on £10,000+

AER is 3.1% if you keep it in 12 months which is not bad still for instant access.

rb10 wrote: »

Ulster Bank's rate includes a 1% bonus for the first six months. This means that the average rate through the year is 3.1% [(3.6+2.6)/2], and as the AER is an annual rate, that is the one that they have to publish.

However, if you are happy to switch your account at the end of the six months, then you'll be getting 3.6% for that whole time.

ecosse48

for those that have asked, I went into Lloyds to make sure the transaction would go through as other users here had a problem getting funds transferred.

I have since had word back from NS&I saying that sadly as the problem was my banks and not theirs they unfortunately couldn't honour my original app...

Is it safe to assume that the Birm/Mid offer of 3.15 will loose its bonus of 2.65 after 12 months, so you would need to be on the ball to move your funds on the anniversary date?

Pollyphonic,..... I wouldn't mind going through the whole complaints procedure if it meant i would get my NS&I app aproved, but as that won't happen I will just chalk it up to experience....It's all my fault Dunstonh advised me ages ago, I just kept looking for the new deal to maybe come along that would better it....a lesson learned indeed