NS&I: Index Linked Certs turnaround time

Sillychuckie

Hi,
What, in peoples experience is the turn around time for receiving documentation from NS&I after purchasing ILC's?
They have taken the money using the debit card details I provided, but I have not had any documentation though. It has just passed 1 week now.

Perhaps I am being impatient, especially with the recent new issue launch.
Just curious with regards to other peoples experiences.
Thanks.
SC.

Greycrow

Sillychuckie wrote: »

Hi,
What, in peoples experience is the turn around time for receiving documentation from NS&I after purchasing ILC's?
They have taken the money using the debit card details I provided, but I have not had any documentation though. It has just passed 1 week now.

Perhaps I am being impatient, especially with the recent new issue launch.
Just curious with regards to other peoples experiences.
Thanks.
SC.

Bought on 20/04/2007 and received immediate email confirmation of transaction.
Money taken from my account a few days later, then nothing.
I wouldn't worry though.... great bodies work slowly and public bodies even slower.

Sillychuckie

OK, thanks. I'll wait another week or so before calling them then. It is only because the certificates are the important proof of my holdiing that I figured it isn't something I'd want to get lost in the mail.

Also, their confirmation email stated:
"We will send you a confirmation form for you to sign and return. Please note that we need to receive your signed form (and any proof of identity and address we ask for) before we can accept your application."

I have received no form or signed anything, yet, by taking my money I am assuming they have accepted my application.
It is lucky I didn't move the funds out.

moneylover

I applied 29/4, email acceptance, money taken, relaxed about it all and pleased I have invested.

IGK

I applied for the new 42nd issue on the 2nd (which happened to tie in nicely with the re-investment of a maturing fixed certificate into the same thing on the same date). So far my card hasn't been debited so I called just to check, and was told that the department that handles the index-linked certificates is currently 'inundated' with applications, so they are running a few days behind, and not to worry about getting the signed form back in time.
I have a reference number and an email confirmation so I'm relaxed about it now.
The good thing is that you start earning interest from the day of application.

Biggles

It looks as though interest is only actually paid at the end of the term, not annually during the term.

I assume this means there are no annual statements (or similar) showing the status of your account?

Sillychuckie

Got my letter, it just wanted a signature really.
Have posted it back straight away, so hopefully I'll get the actual certificates soon. Good stuff!. Here's to inflation :j

DRS1

I applied on 1 May and the certificate arrived yesterday.

Sillychuckie

DRS1 wrote: »

I applied on 1 May and the certificate arrived yesterday.

Well, count yourself lucky. I applied 25th April, nothing yet. Not too fussed anyway, happy to wait. I have my customer number, and its earning interest, so what does it matter. No rush.

nrsql

The first time you apply they give email confirmation straight away then send a letter (should be about 10 days later) for you to sign. The account is opened on the day that the application was made though.
When you receive the letter you get a period (I think 3 weeks) to sign and return it otherwise the account is closed and the money returned.
When this is done you get a letter with a customer number - using this for further certs means you don't have to sign again.

I would open and account with £100 - go through the process then invest more when you have a customer number.

GCH888

Guys and Gals

Forgive my lack of knowledge regarding these Index Linked Certificates but how do they work?

My understanding is that I can invest a maximum of £15000 per certificate for either 3 or 5 years. Does this mean if I have £60000 lying around in the back of the sofa I can invest in four certificates during the same tax year and after maturity get back interest tax-free?