Cashing in NS&I Capital Bonds - Crossed Warrant??

kipendo

Have just decided to cash in my NS&I capital bonds to buy a car...sent off the form last week with bank details etc. (I'm with Barclays).

Just spoke to them, obviously there's been some delay because of Easter, but they said the "crossed warrant" is dated for tomorrow, so will be with Barclays then, then it's up to Barclays how long it will take to clear.

I have tried phoning Barclays but the adviser didn't really have a clue what I was talking about, does anyone know how long this crossed warrant is likely to take before I can withdraw the money?? Is it the same amount of time as a cheque or as it's a known source, ie NS&I, is it quicker??

Thanks in advance!!

dunstonh

have tried phoning Barclays but the adviser didn't really have a clue what I was talking about

Barclays operate tied agents and its a not a product they sell. Plus, its obsolete (closed back in 2008). So, its not a surprise they were not aware of these. Rather than speak to an adviser, you would probably be better speaking to a clerk as its a processing issue rather than an advice issue.

, does anyone know how long this crossed warrant is likely to take before I can withdraw the money?? Is it the same amount of time as a cheque or as it's a known source, ie NS&I, is it quicker??

Its a kind of cheque. NS&I normally issue them within 7 working days. However, it sounds like they are doing a direct credit to Barclays. If that is the case, then it should be cleared upon arrival.

alanq

NS&I describes a crossed warrant is "like a cheque". If you asked for it to be sent to your bank it should be deposited on the day it is received and take the normal time to clear.

Mikeyorks

These 'warrants' are precisely the same as HMRC repayment 'cheques' ..... drawn on Treasury accounts and need to go via Clearing the same as any other cheque. So it will be 3/4 working days from receipt at Barclays ..... unless you've aimed it at a Savings account, in which case it will be 6 working days.