NS&I certificates

le_loup

Or is it that people have asked their bank and been told by an advisor that it's a 10K limit? Maybe they have been put off by the advice from NS&I. All I did was to do it, no questions asked, ignoring warnings. Boldness was my friend ... as someone once wrote!

gt94sss2

JamesU wrote: »

Just some minor confusion over online limits and telephone limits between the banks, rather than actual banking regulations. In Oblivions's case, £10K online daily limit at HSBC, but e.g. £25K possible online through Lloyds. Some typical examples of variation in online limits between the banks in the link here, but they might not be up to date though:

http://www.ukpayments.org.uk/faster_payments_service/value_limits/

The figures in the link above are to do with how banks are implementing the Faster Payments system. They have nothing to do with limits banks may/may not impose on debit card transactions..

Like le loup, I have done £15k on debit card transactions with HSBC without a problem who have previously told me they don't have a limit on debit cards as long as their are sufficient funds in your account.

Regards
Sunil

Essex123

I've read the above and am in need of some advice. I want to invest £15k in the I/L certificates, and the money to fund the purchase is currently sitting across 3 Lloyds Vantage Accounts (which each have £7k in). It looks like I have two options:

(i) Do Transfers between Lloyds Vantage accounts to get £15k in one account, and then apply for £15k of certifcates in one transaction. The risk I see here is that £15k may be above the debit card limit. If it is, does the transaction fail at that point or do I only find out about it in a few days?

(ii) Do Transfers between Lloyds Vantage accounts to get £7.5k in two of the Vantage Accounts, and then apply for £7.5k of certificates twice. I don't currently hold any certifcates, but have done previously and have a holders number in the format 0000-000-00. Would I be able to make the two applications one after the other or is there some reason I would need to wait?

Thanks!

lisyloo

I don't think you need to wait if you have a number already.
Be aware that the start RPI will change between 31st May and 1st June.

Essex123

Thanks lisyloo - will apply this afternoon as I think it will probably work out better to have the start RPI applying for purchases in May.

mike_the_bike_2

Absolute shambles NS&I IMHO.

My trouble started when I applied for 10K (Nationwide limit on debit card) and not unsuprisingly put my account number from my premium bonds which has NS&I plastered all over them.

IO then applied for a further 5K and all seemed ok till I receive an Email the following day telling me my number was incorrect

A CHILD COULD HAVE TOLD NS&I THIS WOULD HAVE HAPPENED AND WHY DID THEY NOT PUT ON THEIR ENTRY SCREEN A PROPER EXPLANATION OF EXACTLY WHAT CUSTOMER NUMBER MEANT!

So the following day I apply for 10K as a new customer and then a further 5K..again it seems to be ok

I get another EMail the following day telling me my 5K application has been rejected because as a "new customer" the first application has to be approved first.

What an utter fiasco... If I had known their computer systems were so inadequate and there was no real time validation I'd have downloaded the form and sent them a cheque for 15K in the first place

Rant over

Essex123

I've just processed 2x applications for £7.5k from different debit cards. As someone with a savings certificate holders number, I'm hoping both applications will go through Ok.

LeifGR

Just received this clarification from FD: their limit for debit card transactions (over the internet, "cardholder not present"), is £10,999. However, they have a special arrangement with NS&I:

We have an agreement with NSI only that any internet transaction made will automatically authorise without the need for an override on the card. Any telephone transaction still need the override adding.

Given the close relationship between FD and HSBC one might have expected HSBC to have the same set-up, but who knows?

ffacoffipawb

LeifGR wrote: »

Just received this clarification from FD: their limit for debit card transactions (over the internet, "cardholder not present"), is £10,999. However, they have a special arrangement with NS&I:



Given the close relationship between FD and HSBC one might have expected HSBC to have the same set-up, but who knows?

I can confirm this. I bank with FD and my £15k payment by debit card went through with no problems at all.

albo2002

anyone got their certificate yet?

I've been waiting three weeks now!