NS&I saver question

ericpode

Like many people, I'm interested in the new NS&I Index Linked certificates, but will have to get in quick.

It says you need your debit card to apply.

The amount I want to invest is at present in a Northern Rock savings account, so I would have to wait several days to transfer it to my current account which has the debit card.

Do I have to wait until the full amount is available in my current account before I can start to apply?

In any case I think that the amount will exceed the max allowed by my debit card, so are NS&I likely to reject the whole application?

Ideally (as I've done with other savings accounts in the past) I'd like to apply with a small sum, and then later on transfer the rest of the amount when it was available. Does this NS&I account allow you to do that?

TIA

CLAPTON

you can simply apply several times but the sum can't exceed 15k

catfish50

ericpode wrote: »

Do I have to wait until the full amount is available in my current account before I can start to apply?

In any case I think that the amount will exceed the max allowed by my debit card, so are NS&I likely to reject the whole application?

I'm waiting for my ISA to be transferred to my current account so that I can put it in the certificates.

I telephoned my bank to let them know a large amount was going to be deposited. I asked if it would be a problem withdrawing that amount again using the debit card. They said it would be fine as long as I rang them again to let them know it was about to happen.

So maybe ring your bank and ask them.

Sceptic001

ericpode wrote: »

Ideally (as I've done with other savings accounts in the past) I'd like to apply with a small sum, and then later on transfer the rest of the amount when it was available. Does this NS&I account allow you to do that?

TIA

Yes, the minimum purchase is £100. But be aware that after your initial application you cannot apply for more until you receive your Holder's number from NS&I. This could take several weeks as they are currently snowed under with applications.

whu

catfish50 wrote: »

I'm waiting for my ISA to be transferred to my current account so that I can put it in the certificates.

I telephoned my bank to let them know a large amount was going to be deposited. I asked if it would be a problem withdrawing that amount again using the debit card. They said it would be fine as long as I rang them again to let them know it was about to happen.

So maybe ring your bank and ask them.

Sceptic001 wrote: »

Yes, the minimum purchase is £100. But be aware that after your initial application you cannot apply for more until you receive your Holder's number from NS&I. This could take several weeks as they are currently snowed under with applications.

Exactly - speak to you bank to make sure

That seems to be people's experience unfortunately so beware of this

ericpode

This could take several weeks as they are currently snowed under with applications.

Thanks all. If they are snowed under, are we likely to have loads of money standing around in our current accounts earning 0% interest, waiting for them to process the application and debit it?

JasX

Sceptic001 wrote: »

Yes, the minimum purchase is £100. But be aware that after your initial application you cannot apply for more until you receive your Holder's number from NS&I. This could take several weeks as they are currently snowed under with applications.

not sure thats entirely true.... certainly with premium bonds I've purchased some, not had the holder number when I've purchased more but gone down the new customer / ID check route.

By the time I started to get the paperwork for the 2nd lot through I had the holder number and sent off all the 'new customer' required ID copies but with a note referencing the existing account and they were able to merge the two accounts/appplications (I'd checked they'd do this in advance).

that was 18 months or so ago

Sceptic001

ericpode wrote: »

Thanks all. If they are snowed under, are we likely to have loads of money standing around in our current accounts earning 0% interest, waiting for them to process the application and debit it?

No, NS&I take the date you submit the application as the start date, regardless of the time it takes them to process it.

Matt_Fitt

I've always had it drummed into me that I should never withdraw money from my ISAs.

In this situation where I can earn a good deal more interest from doing so is it a good idea?

What happens after 5 years as I have then lost my ISA allowance and the NS&I account closes?

Hope a few people can help with their opinions on this!

Cheers

Stompa

ericpode wrote: »

Ideally (as I've done with other savings accounts in the past) I'd like to apply with a small sum, and then later on transfer the rest of the amount when it was available. Does this NS&I account allow you to do that?

Yes, I'm going down that route. I applied for £100 worth on Saturday, and today have received (and returned) a letter asking for a copy of my signature. They say that once they've checked that they'll send the certificate, and I'll then be able to make a more substantial investment.

Hopefully the issue will still be open when it arrives, but I guess only time will tell whether this was a sensible strategy.

alanq

It is possible to do it the old fashioned way. Print off an application form and post it with a cheque.
http://www.nsandi.com/savings-index-linked-savings-certificates-other-ways-apply

I don't think that the certificates will sell out as fast as last year. NS&I have to raise twice the amount as last year and this year they are only offering the 5-year certificate thus halving the maximum any one person can invest.