nsandi help please!

ADR777

I'm trying not to appear to dim but could someone please explain to me how nsandi works ie:- is it a bank but used via the post office to pay in & draw out etc or is it an internet only account & you have to transfer money from an existing bank account? and what about a debit card? - sorry to be so thick but i haven't a clue and the internet assumes i already know.

Tia

xylophone

It is essentially a savings bank backed by the government.

http://www.nsandi.com/our-products

Just click on Find out More for each product.

Paul_1977

If you buy NS&I bonds, at the post office, online or by phoning them, you tell them how many you want £3000 worth for example, then you pay them with a debit or credit card.

They will tell you which bonds range you have (e.g. 03000-06000), so you will get 3000 bond numbers, each worth a pound each. Every month a computer randomly selects bond numbers out of all the bonds in the UK, and those selected win monies.

There is no garenteeed win but you cannot loose any money.

You won't get paid any interest.

You can cash in your bonds at any time and you will get back exactly what you put in, the funds can be put into any account you like when you want it back.

You can win anything from £25 to £1,000,000

steelbru

That's just "Premium Bonds" you've described, not bonds in general.

nsandi do 4 different bonds, you will get interest on the other 3 and you won't "win" anything :-

Premium Bonds
65+ Guaranteed Growth Bonds
Income Bonds
Children's Bonds

ADR777

So you already have to have some sort of bank account then to send money to & from nsandi if not how do you physically pay in/withdraw is it done at the post office?

xylophone

For example http://www.nsandi.com/files/published_files/asset/pdf/direct-saver-brochure-print-friendly.pdf

Click on Find out More and check each brochure offered.

Consumerist

ADR777 wrote: »

So you already have to have some sort of bank account then to send money to & from nsandi if not how do you physically pay in/withdraw is it done at the post office?

NS&I is now essentially a savings-only institution (it is backed by HM Treasury). Access is by telephone, online or by post on all products except Premium Bonds which, I think, are the only remaining product sold in Post Offices. So yes, you will need a bank account to transfer funds to and from NS&I.

angela110660

Anyone else frustrated with NS and I? Just bought a few more premium bonds and have online registration from taking out an ISA. However when I went onto the account to look at Premium Bond details it only showed the new purchase. Rang up and was told that in order to see all premium bonds in my name, I have to write a letter quoting my online number, my old holder number. And asking for them to be amalgamated.
I have now done this, but why had they never told me about doing this before and how many other people might "lose" track of their holdings because of this??

redbuzzard

There's still a lot of quill pen stuff going on with NS&I I think. With more recent issues you can see your holdings online, but the only trace of our issue 48 index linked are the paper certificates we have. They don't send statements (not a peep from them for nearly four years). There is an online calculator to help you work out what they are worth!

(for anybody who is interested, £15,000 lodged on 20/6/11 is now at c. £16,600)

ffacoffipawb

Consumerist wrote: »

NS&I is now essentially a savings-only institution ....

Out of curiosity, was it ever anything else?

LHW99

They do also offer "Direct savings" and Direct ISA" accounts, which are internet based and an investment account that you operate by post.
These are more like the old fashioned national savings bank that used to operate in the 1950's and 60's - but generally the interest rates are not very competitive, and they don't offer debit cards or cheque books.