NS&I certificates

Mr_K

I paid online £15k for my NSI certificate by HSBC debit card, no problem.

Oblivion

Mr_K wrote: »

I paid online £15k for my NSI certificate by HSBC debit card, no problem.

Interesting. Assuming it's gone through ok it would seem the bank doesn't practice what it preaches. Then again, perhaps they let it go because they could see it was a trusted payee?

LeifGR

Mr_K wrote: »

I paid online £15k for my NSI certificate by HSBC debit card, no problem.

Thanks Mr K -- interesting. I'm with First Direct and in anticipation of just the problem Oblivion pointed out, I asked them what would happen with a £15,000 transaction. They stated that if it is a "card holder not present" transaction, I need to phone them up in advance and ask them to temporarily remove the block on the debit card (and that can only be unblocked for one hour!).

Seems strange if FD would have different processes to HSBC, so maybe the CS rep didn't know what he was talking about...

Are there any FD customers here who have successfuly used their debit cards for a high amount?

ChiefGrasscutter

Oblivion wrote: »

A couple of observations ...

1.) I do find it odd that when applying online they warn you not to enter your NS&I user number. As a Premium Bond holder and having an NS&I ISA I am already registered with them.

Surely simply being able to enter your user number would speed up the on-line process no end since they already have all my details ... plus it would negate the need to ask for any identification.

The NSI clearly run different databases.
There are different holders numbers for P.bonds, Savings certificates, fixed rate bonds....and other products may indeed have more.
I'd guess this is all from historical/legacy issues.

They are starting to put things "online". Their ISA and you can register your existing P.Bonds as I recall seeing in the main savings forum. I'd imagine they will do them all in due course.

As their savings certificates have been on sale in some form or other since the early 1900's I can't imagine what sort of chaos that database will be with many "orphaned" certificates where the NS&I simply have no record whatsoever other than the name and the holders number where the holder has died without telling anyone about the holding and had lost the certificate.

Oblivion

ChiefGrasscutter wrote: »

The NSI clearly run different databases.
There are different holders numbers for P.bonds, Savings certificates, fixed rate bonds....and other products may indeed have more.
I'd guess this is all from historical/legacy issues.

They are starting to put things "online". Their ISA and you can register your existing P.Bonds as I recall seeing in the main savings forum. I'd imagine they will do them all in due course.

As their savings certificates have been on sale in some form or other since the early 1900's I can't imagine what sort of chaos that database will be with many "orphaned" certificates where the NS&I simply have no record whatsoever other than the name and the holders number where the holder has died without telling anyone about the holding and had lost the certificate.

Yes, all fair points and agreed about the likelihood of the SC chaos.

When they introduced the new Premium Bond statement earlier this year, I applied to have all my bonds linked to my ISA screen. It took three written requests, a couple of phone calls and several weeks before they finally got it done. At least it was accurate with nothing missing.

One amusing revelation was that we had always assumed that an ancient £1 bond that was probably a childhood present, belonged to my wife. It turned out to have been mine all along . Shame it's never won anything

Oblivion

Well, having purchased £10,000 worth yesterday I attempted to purchase a further £5,000 this morning ... all seemed to go ok with an immediate confirmation order number.

This evening I get an email which says ...

"Thank you for applying to invest in Savings Certificates from National Savings and Investments.

We're sorry to let you know that we cannot accept your application as a subsequent purchase of Savings Certificates as we need a Customer Number to process a subsequent application. The Customer Number is shown on any Certificate you already hold for this product.

If you have only recently made your first purchase, please wait until you have received your Certificate showing the Customer Number before making your subsequent purchase.

We have not taken any money from your debit card."

What a bunch of total !!!!!!!

LeifGR

They do say on their web site that "We’re aiming to keep Savings Certificates on sale for a sustained period to allow as many savers who want to invest to do so.", so one would hope that the offer wouldn't be withdrawn too soon.

Like Oblivion, I put £10,000 in yesterday (to stay below any debit card limit) and feel fairly OK about waiting a couple of days for the confirmation letter with my customer number.

That's not to say their administration and routines couldn't be improved...;)

ffacoffipawb

LeifGR wrote: »

They do say on their web site that "We’re aiming to keep Savings Certificates on sale for a sustained period to allow as many savers who want to invest to do so.", so one would hope that the offer wouldn't be withdrawn too soon.

Like Oblivion, I put £10,000 in yesterday (to stay below any debit card limit) and feel fairly OK about waiting a couple of days for the confirmation letter with my customer number.

That's not to say their administration and routines couldn't be improved...;)

I did a £15k debit card transaction, first direct, no problem whatsoever.

Oblivion

ffacoffipawb wrote: »

I did a £15k debit card transaction, first direct, no problem whatsoever.

Wish now I'd flouted the banking terms and done the same myself. Ah well, live and learn. Financial regulation in this country is a sick joke!

Stompa

LeifGR wrote: »

Like Oblivion, I put £10,000 in yesterday (to stay below any debit card limit) and feel fairly OK about waiting a couple of days for the confirmation letter with my customer number.

Bear in mind that you have to wait for your certificate to get your customer number (for me 12 days from online application). The customer number is not included on the letter you initially get asking for a copy of your signature.