How Long To Cash In Premium Bonds

argomatt

I have invested some of the money I have for my house deposit in premium bonds while waiting for the purchase to progress.

Looking at the website I am a bit confused about how long it actually takes to receive the money once the instruction to cash out has been given.

I read somewhere that it takes 8 working days and elsewhere on the website it says 2 to 3 days.

Obviously it would be a disaster if I did not have the funds available when needed on completion day.

Has anyone any experience of how long it takes to get the money into your bank account? Either cashing in online, by phone, or using the postal form?

I am trying to work out if I can leave the money in for the next draw and still have the cash in time for completion 13th December.

I hope someone can help!

Thank you.

innovate

You shouldn't rely on hearsay on an Internet forum if you are cutting it fine for an important purchase. Best get on to NS&I and ask them to clarify what precisely applies to you, and what you need to do by when for them to do what you want them to do by a given date. that way, if anything did go wrong, you would at least stand a fair chance when complaining.

argomatt

Thanks, I will give them a call in the morning.

Ifts

argomatt wrote: »

Has anyone any experience of how long it takes to get the money into your bank account? Either cashing in online, by phone, or using the postal form?

From previous experience of cashing in premium bonds online, its usually a couple of working days at the max for the money to land in your linked account (the longest I've had to wait was 5 days*). It pretty much instant access.

I am trying to work out if I can leave the money in for the next draw and still have the cash in time for completion 13th December.

I was going to say that I usually try to cash in after the next draw has taken place if I can wait, and the money is in my linked account on the 2nd or 3rd working day of the month.

If you cashed them in after Decembers prize draw has taken place I would say you would most probably have the money by the 4th December or 5/6th of December at the very latest.

*As you said it was for a house purchase so I signed into my NS&I account and double checked some of my withdrawals and also logged into my bank account to see when the money was credited to my linked account.
The 5 day wait was in November 11, I cashed them in on Fri 18th Nov and the money was in my linked account on Tue 22nd Nov (still only 3 working days).

Any doubt double check with NS&I - 0500 007 007 (they are available every day from 7am till midnight).

Ifts

argomatt wrote: »

Thanks, I will give them a call in the morning.

They are available every day from 7am till midnight - NS&I: 0500 007 007

barak

argomatt wrote: »

Thanks, I will give them a call in the morning.

I suppose they may give you an answer, but in my experience it just depends on how busy they are when they receive your request, so I would allow plenty of time - as it's first come first served!

Ifts

After saying I hadn't cashed in any of my Premium Bonds for a while last week, I only needed to go and cash some yesterday to fund something.

I could not wait to make the withdrawal after the next draw had taken place as I needed the funds before that so on Tuesday 19th November I signed into my NS&I account and submitted a withdrawal request (got a security call to my mobile phone, had to type the 4 digit pin that was displayed on the computer screen into my phone to complete the withdrawal request), Ive just checked 'pending transactions' online and my current account is showing the payment from NS&I as landing tomorrow Thursday 21st November.

So it will be 2 working days from requesting payment and for it to land in my linked account.

I was pleasantly surprised, it seems its even quicker these days to cash in Premium Bonds. :T

Edit: Just to confirm funds have landed in my linked account now (Thur 21st Nov).