NS&I: Index Linked Certs turnaround time

IGK

GCH888 wrote: »

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?

You invest a maximum of £15,000 in each issue. At present there are 2 issues available, the 15th 3yr and the 42nd 5yr. Therefore you can currently invest £30,000. When National Savings release a new issue, you can put a further £15,000 in that.
Also, at maturity of any issue you own, you can re-invest in the current issue without using up your allowance, e.g. if you had owned a previous issue from 5 years ago that matured today, you could re-invest the funds (including interest) in the current (42nd) issue, but still be able to put £15,000 of new funds into a new certificate.

IGK

GCH888 wrote: »

Guys and Gals
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?

It's got nothing to do with tax years. National savings Certificates are all tax-free, but unlike ISAs there is no restriction on how many issues you can buy per tax year, but only one issue for each term is available at any one time i.e. once the 42nd issue came out, the 41st was no longer available. You could have put 15,000 in the 41st the day before is was replaced by the 42nd, then put another 15,000 in the 42nd when that was issued.

Sillychuckie

Woo. Got my certificate...

Now. If only they had spelled my name on the certificate correctly, I wouldn't have to send it back again. :mad:
The comment of Janet, the lady on the NS&I helpline?
"Oh no, not another one... I hate it when this happens".

They obviously have monkeys to copy by hand certain pieces of information across between systems rather than using automated procedures.

Check your certificate details VERY closely!

ashm1

I'm a little confused. I've applied for some cert's and received the email confirmation but when does the debit transaction occur ?

Is it after the signed form is returned ?

Greycrow

ashm1 wrote: »

I'm a little confused. I've applied for some cert's and received the email confirmation but when does the debit transaction occur ?

Is it after the signed form is returned ?

They took the money out of my bank account right away. The signing took place some weeks later and a few weeks after that the cert turned up.

barak

ashm1 wrote: »

I'm a little confused. I've applied for some cert's and received the email confirmation but when does the debit transaction occur ?
Is it after the signed form is returned ?

No - but don't worry about it. For me, it took 8 days - 24th May/1st June for the 'available balance' on my bank account to reduce, and I suppose the debit will appear in a couple of working days. The good news is that my investment period will start from 24th May when my application was accepted - yours will similarly start from your application date.