NS&I certificates

albo2002

Quite disappointed with this so far.

I applied the other day and after the application I clicked on the 'what happens next' button to find out that I would be sent a certificate to sign.

What actually happened next was the money was taken out of my account.

Several days later and I have received no confirmation email that they've taken the money and still no certificate to sign. Their phone lines are open from 7am to midnight, but even when I've called at 7am and at 11.59pm, the automated message says I'm in a queue that will last 'more than half an hour'. Yesterday I waited 45 minutes til giving up.

V poor comms

ian-d

Can someone just confirm for me, having never had a NS&I certificate before, can the balance be seen if you have NS&I Internet banking, or is it literally a piece of paper you need to keep safe and nothing more...kind of like how premium bonds operate (but of course completely different )

lisyloo

You get a piece of paper.
You don't get an online balance but there is a calculator you can used to input your details to find your theorectical balance.
This calculator gets updated each month a few days after the RPI figures are published.

When I say theorectical then bear in mind for the first year you would get no interest if withdrawing, so you have to bear that in mind, but I still find it useful for tracking the value of my assets.

ian-d

Thanks for the clarification lisyloo

JamesU

albo2002 wrote: »

Quite disappointed with this so far.
I applied the other day and after the application I clicked on the 'what happens next' button to find out that I would be sent a certificate to sign.
What actually happened next was the money was taken out of my account.
Several days later and I have received no confirmation email that they've taken the money and still no certificate to sign.
V poor comms

Misunderstanding on procedures on your side perhaps? From NSI website:

After you apply online, we will send you an email confirming that we’ve received your application. For both online and phone applications where this is the first purchase, we will send you a confirmation form to sign and return. We may also ask for proof of your identity and address.

Everything you describe (bold) is procedure.

NSI are busy, they are sending you a confirmation form in post to sign and to return with any proof required. Then the certificate is sent, and you do not sign certificates. In the meantime your purchase has been allocated, hence payment.

As a new customer, would you prefer to wait for the paperwork and identity checks to be completed first? And then possibly loose the opportunity to buy the certificates if they are sold out due to high demand?

They are busy. Be patient.

JamesU

albo2002

I dont think it is too ridiculous to expect that when you click on a 'what happens next?' button that that is what happens next (point taken re confirmation form rather than certificate though).

I would have preferred it if it stated 'the next thing that will happen is that the money will be taken from your account, unless you dont have the funds in which case the application will be cancelled'.

I accept that they're busy but I find it hard to believe that at both 11.59pm last night and at 7.00am this morning (opening times 7-12) I was in a 30-minute plus queue.

Having said that - thanks for reassuring me that everything's OK with my money :T

lisyloo

Yep you're right, their comms should explain properly what will happen.
For many people it's a lot of money, so simple clear, step-by-step details is not too much to ask for.

Most people however would complain if therir transaction was delayed, so I think it's right they don't delay payments simply due to admin issues.

ut I find it hard to believe that at both 11.59pm last night and at 7.00am this morning (opening times 7-12) I was in a 30-minute plus queue.

I don't.
Last time they sold out really quickly.

Glad you got some good info here. It's a great site.

castle96

castle96

??? I dont get this...

193.40 minus 188.90 = 4.5% increase in RPI, x £10k = £450 surely, not £238.22

?

Stompa

castle96 wrote: »

??? I dont get this...

193.40 minus 188.90 = 4.5% increase in RPI, x £10k = £450 surely, not £238.22

?

193.4/188.9 = 1.023822

i.e. a 2.3822% increase, which on £10k amounts to £238.22.