Buying Premium Bonds online

scubascuba3

Let him know anyway that you think the premium bond calculator is misleading and shouldn't mention saving rates

Primrose

Well it's certainky not a user friendly website. I was looking for a simple button early on in the process which says "Buy Premium Bonds". Instead you are asked to make a "deposit" which is not the first process which comes to mind when buying premium bonds. "I asked NSI for an Idiot's guide version which is clearer which is shown below


"If you’re trying to purchase NS&I Premium Bonds online please follow the procedure below,
- Please log into your account using your NS&I number, http://www.nsandi.com/login
- Once logged into your account, click 'Your savings' in the top menu
- Click Deposit in the left hand menu
- Select your chosen NS&I account or investment from the dropdown menu
- Click Next
- Enter the amount you want to deposit
- Click Next
- Check the details are correct and then click Confirm to go ahead, or Change to select a different account or change the amount (or Cancel if you no longer want to make a deposit)
- Enter your debit card details and click Submit order
- You may be asked by your card issuer to provide further security details
- You will then receive confirmation of the transaction and a reference number"

Damage

Primrose wrote: »

I was looking for a simple button early on in the process which says "Buy Premium Bonds". Instead you are asked to make a "deposit" which is not the first process which comes to mind when buying premium bonds.

My findings exactly. Having been through the online process recently I initially wondered what they meant by 'deposit' and if this was indeed the buy link.

I was also confused about the 'NS&I number'. Having tried to log in using the application reference they e-mailed me, I eventually received another number - the real NS&I number - by post a few days later!

stringer_bell

I sent a payment from santander to the NSANDI bank account and used my account number as reference. This was yesterday at 1pm. How long does it usually take to hit my bank?

JGal

scubascuba3 wrote: »

I agree I just bought some,it's a pretty poor website,took a while to work out how to buy some.

Worst of all ,your bonds won't go into the draw until August, how rubbish is that. With it all being online there can't be a good excuse for such a long delay. I've complained for the record.

Similar to it being best to buy bonds at the end of the month, you're best of withdrawing them at the beginning of the month after the draw. If they didn't have the rule about not being eligible for the first draw after buying them then people could just buy them before a draw and then withdraw immediately after, only holding the bonds a few days and be eligible for the draw. This could be repeated month after month, keeping the funds in a savings account in the intervening period and effectively getting two rates of return.

Still think a complaint is required about the delay?

bigfreddiel

JGal wrote: »

Similar to it being best to buy bonds at the end of the month, you're best of withdrawing them at the beginning of the month after the draw. If they didn't have the rule about not being eligible for the first draw after buying them then people could just buy them before a draw and then withdraw immediately after, only holding the bonds a few days and be eligible for the draw. This could be repeated month after month, keeping the funds in a savings account in the intervening period and effectively getting two rates of return.

Still think a complaint is required about the delay?

In the bad oldays it was thee calendar months before your bonds were in the draw

Cheers fj

stringer_bell

when is the buy time to buy? If I buy now, they can go in the august draw

also, it says £40k max, I thought it was £50k?

Damage

Yes, it would be the August draw. Premium Bonds bought this month won't become eligible until July has passed, so that means the August at the earliest.

The limit was raised to £50,000 on 1st June.

stringer_bell

Damage wrote: »

Yes, it would be the August draw. Premium Bonds bought this month won't become eligible until July has passed, so that means the August at the earliest.

The limit was raised to £50,000 on 1st June.

thats a shame, thats £50k earning nothing for a month basically

Eco_Miser

It's £50k earning nothing for the whole time it's in Premium Bonds.

The first month you have no chance of a win, whereas in subsequent months you have a tiny chance.