NS&I balance: available vs current

Reiky_2

Hi everyone,

last year I put 3000 in the NS&I ISA and on April 6th another 3000 for the new tax year. I received last year's interests (139.34) but this is what the online service shows:

Available balance: £3,139.34
Current balance: £6,139.34

Why isn't the Available balance 6,139.34??

Thanks in advance

exel1966

This years £3K would not have been deposited on the 6th April because it was a bank holiday. It wouldn't have reached the account til the 10th at the earliest. You then have to wait 14 days before those funds become available for withdrawl, hence what your account states.

oldagetraveller

They do seem to be taking a long time to make this years deposit "available". Similar with me, made debit card deposit on 6 April. Funds left my current account 12 April, still not showing as available in ISA to date. However, it is shown as being deposited on 6 April, so no loss of interest. Where does the 14 days come from? Surely it doesn't take THAT long for a debit card transaction to clear. It doesn't at Tescos!! If I make credit card balance payment with a debit card, as I have just done with Mint, it takes three days total to affect the balance??

exel1966

The 14 days is clearly mentioned within the T&C's here :-

http://www.nsandi.com/products/disa/applynow.jsp?invest-now-button=Invest+now%A0%A0%3E%3E

Withdrawals
21. The minimum amount for withdrawals is £250. A deposit made by debit card does not count towards your available balance, and is therefore not available for withdrawal, until 14 days have elapsed following the date your payment is banked

oldagetraveller

Thanks for that excel, unfortunately I didn't commit their t & cs to memory when I read them over 12 months ago.

Reiky_2

thanks a lot everyone!

Gordon_the_Moron

exel1966 wrote: »

The 14 days is clearly mentioned within the T&C's here :-

http://www.nsandi.com/products/disa/applynow.jsp?invest-now-button=Invest+now%A0%A0%3E%3E

Withdrawals
21. The minimum amount for withdrawals is £250. A deposit made by debit card does not count towards your available balance, and is therefore not available for withdrawal, until 14 days have elapsed following the date your payment is banked

Does anyone know why it takes so long for a debit card transaction to become available though? It seems a bit strange to me.

Da Moron

lizardking

Gordon: This probably has nothing to do with how long it actually takes the money to transfer, more than likely just a management decision that 14 days is the time you have to wait before being able to move the money