MSE News: NS&I revives inflation-beating savings certificates

Rollinghome

typistretired wrote: »

Just hope my Certificate comes before the issue closes, meanwhile I have lost interest letting the funds for the 2 subsequent applications lie in my current account.

Which is why it's useful to have at least one current account that pays decent interest such as Lloyds with vantage.

NS&I have repeatedly said they don't expect the issue to be pulled soon so would be much embarrassment if that wasn't the case.

inneed

typistretired wrote: »

I wish I had not taken the advice of some people on this forum. I intended to apply for one certificate but after seeing advice given on this forum I decided to split into three applications. I noticed only the first payment has been reserved on my current account since Friday and expected the two other payments to be reserved today.

Today I received two separate emails from NS&I Investments advising me that

QUOTE

"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.

On hindsight I should have just made one lump sum application the people on this forum who advised splitting the applications must already have NS&I Savings Certificates and Customer Numbers. I have held ISA's and fixed interest savings previously with NS&I.

Just hope my Certificate comes before the issue closes, meanwhile I have lost interest letting the funds for the 2 subsequent applications lie in my current account.

So beware if you do not have a NS&I Customer Number you can only make one application until you Certificate arrives in the post.

:mad::mad::mad: :mad:

I have just spoken to customer services, and they confirmed this, and said it will probably be around 3 weeks before we have a holders number! I have also transfered the money for mine and hubbies in to current account, so will put it in a holding account now where it's not so vulnerable.

lisyloo

mostly in local gov or companies supporting them

I'm private sector (NASDAQ listed company).
But you are right - there is a lot of it around.

whu

Rollinghome wrote: »

Which is why it's useful to have at least one current account that pays decent interest such as Lloyds with vantage.

NS&I have repeatedly said they don't expect the issue to be pulled soon so would be much embarrassment if that wasn't the case.

true - they have said that they will need £14bn as they want £2bn and will be paying out £12bn this year so hopefully this product will be around for a little while - I think last years certificates were open for 3 months but might be wrong

on another point they say they have taken on extra staff to cope with demand - I have tried to contact them on the phone since Friday at various times of the day and they are always engaged!!!!

JoeCrystal

:mad: I am still mad at Lloyds TSB. I just got an email from NS&I on Internet Application and it said:

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 your card issuer could not process the debit card transaction.

I am displeased, therefore, once the money leaves the account, I will close it as sign of my displeasure. I already written a cheque and fill in a application to invest in Index-linked Savings Certificates. Will post it tomorrow at Sorting Office. At least I know what happen with my application form with NS&I.

I learnt a hard lesson from this. When investing in Index-linked Savings Certificates with thousands of pounds, do it by post!

Cheers

Joe

whu

JoeCrystal wrote: »

:mad: I am still mad at Lloyds TSB. I just got an email from NS&I on Internet Application and it said:



I am displeased, therefore, once the money leaves the account, I will close it as sign of my displeasure. I already written a cheque and fill in a application to invest in Index-linked Savings Certificates. Will post it tomorrow at Sorting Office. At least I know what happen with my application form with NS&I.

I learnt a hard lesson from this. When investing in Index-linked Savings Certificates with thousands of pounds, do it by post!

Cheers

Joe

What reason did they give?How long before they sent you the email?

KTF

My payment from LloydsTSB went through fine and I had not used the debit card on the account before.

10_66

JoeCrystal wrote: »

Someone mentioned earlier in this thread that they take it straight away. I can understand why you are twitching though. I also transferred goody sum of money into Lloyds TSB current account and then applied on-line for Index-linked Savings Certificates.

I knew something was up when they did not take the money straight away on last Thursday and today, three days later. There was a call from Lloyds TSB saying that the payment was declined!...

When you made your application online, did you receive an immediate email from ns&i thanking you for your application and giving you your application number or was the email you got from ns&i telling you the application hadn't been accepted the first one you got from ns&i?

Reason I ask is that I applied online and got an acceptance email, just wondered if that meant all was ok with the debit from LTSB or whether I may still get a decline email.

ed123_2

...the difference between my application number (12/5) which was rejected due to Llyods and application number on 15/5 was 48.4k which equates to(taking max of£15k) approx. £725.5m so the issue could be around for a while...

10_66

ed123 wrote: »

...the difference between my application number (12/5) which was rejected due to Llyods and application number on 15/9...

So I'm guessing that the email giving you your application number doesn't mean that the debit payment has been authorised then?