Pensioner Bonds Guide

colsten

mike88 wrote: »

Doesn't the first £3000 in a Santander 123 account earn no interest

you earn interest on your entire balance (up to £20K) as soon as you have £1K in a 123 (and meet the pre-reqs but that's easy enough).

mike88 wrote: »

and you pay £2 per month

this is true but most people can earn a lot more than £2 a month in DD cashback so they get paid by Santander rather than them paying Santander. Santander pay me roughly £9 a month for having the account with them (that's before I even get any interest).

mike88 wrote: »

Personally I think quibbling over the loss of a fiver in interest is plain daft.

I agree, especially if the money has probably languished in a sub-optimal account for the last year or so.

mike88

colsten wrote: »

you earn interest on your entire balance (up to £20K) as soon as you have £1K in a 123 (and meet the pre-reqs but that's easy enough).

this is true but most people can earn a lot more than £2 a month in DD cashback so they get paid by Santander rather than them paying Santander. Santander pay me roughly £9 a month for having the account with them (that's before I even get any interest).

I agree, especially if the money has probably languished in a sub-optimal account for the last year or so.

The Santander website states in respect of the 123 account:

Monthly interest of 3% AER (variable) on balances between £3,000 and £20,000.

http://www.santander.co.uk/uk/current-accounts/123-current-account

mgdavid

I-LOV-MONEY wrote: »

.......What a waste this money sitting there for almost a week (no interest) while I waited for a password.

but you could have registered and received your password weeks ago, as many people did.

Rollinghome

mike88 wrote: »

The Santander website states in respect of the 123 account:

Monthly interest of 3% AER (variable) on balances between £3,000 and £20,000.

http://www.santander.co.uk/uk/current-accounts/123-current-account

And, to avoid any misunderstanding, also says:

1.00% AER gross (variable) £1,000+
2.00% AER/1.98% gross (variable) £2,000+
3.00% AER/2.96% gross (variable) From £3,000 to £20,000

mike88

mgdavid wrote: »

but you could have registered and received your password weeks ago, as many people did.

There seems to be a huge misunderstanding about registration. When you go online to buy a bond there are two questions. From memory the first is are you registered and the second question relates to those who are not. The site also tells you that if you are not registered not to worry as you will be registered automatically during the application process.

When you apply online using the automatic registration process namely the second option you set up passwords etc and then pay. At the end of the payment process you are (or should be )issued with an NS&I registration number.

For many of us we were blank screened after payment due to the traffic on the website but later found that we had a bond and were issued with an NS&I registration number by post enabling you to login with the password you selected at application stage to confirm your bond details.

creddish

mike88 wrote: »

There seems to be a huge misunderstanding about registration. When you go online to buy a bond there are two questions. From memory the first is are you registered and the second question relates to those who are not. The site also tells you that if you are not registered not to worry as you will be registered automatically during the application process.

When you apply online using the automatic registration process namely the second option you set up passwords etc and then pay. At the end of the payment process you are (or should be )issued with an NS&I registration number.

For many of us we were blank screened after payment due to the traffic on the website but later found that we had a bond and were issued with an NS&I registration number by post enabling you to login with the password you selected at application stage to confirm your bond details.

I applied on 16th Jan. I immediately received the confirmation email. Payment was taken from my account 4 days later. I received a letter requiring a signature 1 day later which I returned the came day. Not yet received registration data. I'm assuming that they wish to receive my signature before completing registration.


Colin

davebu

Hi,

My Mum wants to have some of the 1 year bonds and some of the 3 year bonds, so we've just completed the application for the 3 year bonds online.

When doing the second application (for the 1 year bond) it's asking us if we're already registered to use NS&I online services. If we say yes, it's asking us for our NS&I number, which we're pretty certain we haven't been given. And we're not really sure if it would be a good idea to say we're not registered, as we might end up with 2 accounts or something.

Can anyone else remember at what stage they were given their NS&I number? We don't really want to wait too long because of them selling out.

Thanks in advance

Aged

davebu wrote: »

Can anyone else remember at what stage they were given their NS&I number? We don't really want to wait too long because of them selling out.

It will come in the post.

mgdavid

mike88 wrote: »

There seems to be a huge misunderstanding about registration. When you go online to buy a bond there are two questions. From memory the first is are you registered and the second question relates to those who are not. The site also tells you that if you are not registered not to worry as you will be registered automatically during the application process.

When you apply online using the automatic registration process namely the second option you set up passwords etc and then pay. At the end of the payment process you are (or should be )issued with an NS&I registration number.

For many of us we were blank screened after payment due to the traffic on the website but later found that we had a bond and were issued with an NS&I registration number by post enabling you to login with the password you selected at application stage to confirm your bond details.

I was responding to the poster who 'waited a week for a password'.
It's all in the past now.

Defeated

My Dad is 91 and doesn't have a debit card, so he had to apply by post, sending two cheques for £10k each. We sent them recorded delivery and had confirmation they were received last week. But the cheques still haven't been cashed.

How long before NS&I cashes the cheques? We don't want the money to run out before they process his postal application... (I can't ring and ask because they will only speak to him, and he's currently in hospital.)

Has anyone had any similar experiences? Thanks in advance for any help with this.