NS&I Growth Bond

lindabea

Hi everyone, I opened one of these bonds yesterday online, and as I have not invested in these bonds before ns&i informed me that they will send me a form to sign and send back. They may also request some id's. However, I noticed today that my money has already been debited from my current account. Is this normal practice and assuming that it will take several days before they receive my signed form, will they back date the interest from today's date? I shall not be happy if the bond starts from the date they receive the form. Anyone had a similar experience?

musehead

They will backdate. The bond starts from the date the money was taken.

fullstop

You only have to give a copy of your signature, SAE is enclosed.

foreversummer

Hi Linda

I've just received my form today. All it is asking me for is my signature - no proof of ID. I have never had a growth bond before although I do have some premium bonds.

It states in the brochure that accompanies the form:

Interest - We calculate your interest daily starting from the day we receive your application and payment, subject to your application being accepted.

I applied online also and my money was taken a couple of days later. Therefore I assume from the above interest will be payable from the date they receive your money.

Foreversummer

lindabea

Thanks guys for your quick replies. So if they can't confirm my id's online (unlikely, but you never can tell) and they ask to send them my original passport rather than a copy, I'd be reluctant to proceed with the bond application. I would presume that my money would be refunded, but probbaly without any interest for the days they had the money. I don't think this is fair.

theGrinch

lindabea wrote: »

Thanks guys for your quick replies. So if they can't confirm my id's online (unlikely, but you never can tell) and they ask to send them my original passport rather than a copy, I'd be reluctant to proceed with the bond application. I would presume that my money would be refunded, but probbaly without any interest for the days they had the money. I don't think this is fair.

they dont ask for the original passport, but a certified copy. it is a bit strange they have taken the money before officially opening the account, but its seems to be the NS&I way.

lindabea

theGrinch wrote: »

they dont ask for the original passport, but a certified copy. it is a bit strange they have taken the money before officially opening the account, but its seems to be the NS&I way.

This is exactly my point. It seems bad practice for them to take the money before officially opening the account - unless of course they already checked the id and the signature is just a formality. It's upto me now whether to proceed or not.

Does anyone know if it costs to obtain certified copies of passport, driving license and other legal documents?

Muffin99

I think you are right they have probably already checked your ID and the signature is a formality. They seem to have a good idea about whether the application is clear cut before they they debit the card. I made a mistake once on an application and they didn't debit my card despite sending me the confirmation email - which showed it wasn't purely automatic!

If you are registered on the electoral roll at your current address then they won't need any ID from you at all.

Sorry I don't know if there is a cooling off period once the money has been taken from the account i.e if you weren't happy about the application process, but they are extremely helpful on the telephone.

HTH