NS & I 3.95% bond

tripleblack

Can somebody clarify. I opened one of these bonds and the very next day the full amount had cleared from my barclays current account. This is before i've even signed anything or sent any ID etc off. Is this normal procedure? Just a bit concerened as it was decent sum :$

alanwsg

Yep, that's what happened to me.
I received a form to sign and return a couple of days later.
You should have received and Email confirmation.

tripleblack

cheers alan, thats a relief.

alared

juicyjude wrote: »

Bear in mind though that the post office comes under the Irish scheme not the UK fscs Martin states.

Not true!

All products offer 100% security, because NS&I is backed by HM Treasury.


Also:
Cheque and debit card clearance

If you buy your Bond by cheque or debit card, your payment will be cleared on the seventh working day (ie excluding weekends and English bank holidays).
For example, if we receive your cheque or debit card details on a Monday, your payment will be cleared on the Tuesday of the following week. Allow one additional day for each English bank holiday.

alanwsg

alared wrote: »

If you buy your Bond by cheque or debit card, your payment will be cleared on the seventh working day (ie excluding weekends and English bank holidays).
For example, if we receive your cheque or debit card details on a Monday, your payment will be cleared on the Tuesday of the following week. Allow one additional day for each English bank holiday.

Well, that bit doesn't seem to work.
I applied on-line and gave my Debit card details. The money was taken from my account 2 working days later (Applied on Friday, dosh disappeared on tuesday).

.... or do they mean something different when they say "cleared" ??

D1zzy

alared wrote: »

Not true!

All products offer 100% security, because NS&I is backed by HM Treasury.
.

Confusion - Post Office savings accounts/bonds are provided by Bank of Ireland and hence fall under the Irish guarntee scheme.

NSI products purchased through the Postoffice have the Treasury 100% guarantee

dzug1

D1zzy wrote: »

Confusion - Post Office savings accounts/bonds are provided by Bank of Ireland and hence fall under the Irish guarntee scheme.

NSI products purchased through the Postoffice have the Treasury 100% guarantee

And this particular NSI product is not sold through the Post Office. It used to be, but no longer

alared

I don`t think any NSI products are sold through the PO anymore

---

hence the "good" rate of 3.95%

http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=492787&in_page_id=7

These bonds are no longer on sale through the Post Office. They are only available directly from NS&I on 0500 500 000 or www.nsandi.com.

tripleblack

alanwsg wrote: »

Well, that bit doesn't seem to work.
I applied on-line and gave my Debit card details. The money was taken from my account 2 working days later (Applied on Friday, dosh disappeared on tuesday).

.... or do they mean something different when they say "cleared" ??

Mine was the next working day!!

Just spoken to them and the day the money is taken is the day interest starts.

They are very busy at the minute. Can't see this bond being available for much longer.

dzug1

alared wrote: »

I don`t think any NSI products are sold through the PO anymore

---

hence the "good" rate of 3.95%

http://www.thisismoney.co.uk/savings-and-banking/article.html?in_article_id=492787&in_page_id=7

These bonds are no longer on sale through the Post Office. They are only available directly from NS&I on 0500 500 000 or www.nsandi.com.

No - most NSI products are still available through the Post Office. AFAIK it's just these bonds that are not.