NS & I 3.95% bond

alared

Savers who have bought these products at a Post Office in the past will be disappointed, however. NS&I said: "From today these products will only be available directly from NS&I – by freephone, online or by post – and no longer available through the Post Office."
It said NS&I and the Post Office had jointly agreed to the change, which was in part a reflection of the development of the Post Office's own brand of savings products.

http://www.telegraph.co.uk/finance/personalfinance/savings/6439171/NSandIs-one-year-savings-bond-is-best-buy-at-3.95pc.html

alanwsg

tripleblack wrote: »

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

No, that's not true, at least if you apply on-line.
Interest is paid from the day they receive your application, it specifically says that in the confirmation Email.

tripleblack

alanwsg wrote: »

No, that's not true, at least if you apply on-line.
Interest is paid from the day they receive your application, it specifically says that in the confirmation Email.

Ahem

This is to confirm that we received your application on
the date shown above - subject to your application being
accepted, this will be your date of purchase.

They debited my account when they received my application, subject to acceptance this will be the date of purchase and also when interest begins.

:rolleyes:

alanwsg

Ah ... I had a couple of days between that Email and them debiting my account.
I guess I will have earned double interest on those two days (my current account pays some small amount of interest). A small victory!

alared

It all seems a bit ambiguous when the interest actually starts given their own T&C about 7 working days for cheques and even Debit card payments to clear.

noh

alared wrote: »

It all seems a bit ambiguous when the interest actually starts given their own T&C about 7 working days for cheques and even Debit card payments to clear.

Not really as they clearly state:-

Interest

The interest rate for each Issue of each investment term is guaranteed. We calculate your interest daily starting from the day we receive your application and payment, subject to your application being accepted.

http://www.nsandi.com/products/gib/howitworks.jsp#interest

alared

noh wrote: »

Not really as they clearly state:-

So what`s with the 7 working days to clear a cheque or unbelievably a debit card payment?

oldfella

I reckon the clearing business refers to when the transaction is regarded as finalised as before then it can bounce. So for instance you cant take the money out until after it clears.