3.95% for 1 year with NS&I

linlin_3

The money to open my NS&I account has now been transferred by Visa Debit card and I've just confirmed the validity of the transaction with my bank, so just need to make sure NS&I approve my application now.

melbury

Do you think there is any likelihood that NS&I will open a new 1 year bond imminently paying a good rate? Because I want one:mad:

I am considering the Julian Hodge 1 year bond, but am a bit sceptical because it is not a bank I have heard anything of.

digannio

"There definitely seems to be a problem with many Banks not honoring Visa Debit payments."

polyphonic99, you are absolutely right there. This is what happened to me:

I applied online for a £16,000 one-year bond with NS&I with a direct debit Visa transfer from my Abbey account. The following day NS&I told me by email it had been blocked by my bank. I phoned Abbey, told them it was a legit transaction by me and they said OK, it would be allowed. This time I tried to open the bond on the phone only to be told at the end that Abbey had once again said No. The woman on the phone said it seemed to be a bit of a lottery and some banks were allowing very large transfers while others were being blocked.

I called Abbey again and was told by someone that the Visa limit for such a direct debit transfer was £9,000 to £10,000 and if I wanted to open the bond I would have to split it in two (which NS&I wouldn't allow) or do it via cheque. On a later call to Abbey, they couldn't offer an explanation after 45 minutes on the phone and finally ended up with a section who said they were the wrong department to deal with it. I must have spent a small fortune in phone calls, not to mention blood pressure tablets:mad:

I've made a complaint and pointed out that we are no longer operating under Ye Olde Englande Banking System and that I need to be able to manage my money in a fast, free and flexible way. I eagerly await their reply but I'm out the Abbey exit door if they can't offer what I need.

Is what I'm asking unreasonable? Flexible access to manage my money properly in the modern world?

D1zzy

melbury wrote: »

Do you think there is any likelihood that NS&I will open a new 1 year bond imminently paying a good rate? Because I want one:mad:

I am considering the Julian Hodge 1 year bond, but am a bit sceptical because it is not a bank I have heard anything of.

No problem, just had a 1 year bond mature- only downside they pay out by BACS- so 3 days to get yr funds.
They are based in Cardiff and are fully covered by the UK comp scheeme.

alared

I think the JH has to be opened with a cheque which all takes time and loss of interest while they are setting it all up.

A lot depends where the money is coming from, for instance I`ve got a Halifax 1 yr about to mature so on the day of maturity I could instantly put the money into the Halifax`s 1 yr fixed paying 3.5%,no loss of interest and see my money online straight away with no a*sing about.

amcluesent

I see the 1 & 2 year bonds disappeared pretty much the same day that inflation jumped up. But HMG are happy to lock you in to net 3.44% for 3 years. Funny that...

When the 19th issue Index-linking + 1.00% AER tax free disappears, expect a Sterling crisis soon afterwards.

melbury

D1zzy wrote: »

No problem, just had a 1 year bond mature- only downside they pay out by BACS- so 3 days to get yr funds.
They are based in Cardiff and are fully covered by the UK comp scheeme.

Yes but a payout via BACS is better than them posting a cheque, which many still seem to do.

I can't understand why BACS payments take 3 days, surely they only need to press a button and hey presto the money is transferred instantly - isn't it?

dzug1

ginvzt wrote: »

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

Not really. Same ownership but work on merging their systems has barely started.

D1zzy

melbury wrote: »

Yes but a payout via BACS is better than them posting a cheque, which many still seem to do.

I can't understand why BACS payments take 3 days, surely they only need to press a button and hey presto the money is transferred instantly - isn't it?

Yes but I was spoiled by Anglo Irish - money in the bank by 9am on the day of maturity
If JH had managed that I'd have been in time (just) for the NSI one

linlin_3

digannio wrote: »

"There definitely seems to be a problem with many Banks not honoring Visa Debit payments."

Is what I'm asking unreasonable? Flexible access to manage my money properly in the modern world?

No. But you must read your Terms and Conditions - which are obviously different to mine with First Direct!