Nat west debit card limit for NS&I!

nilrem_2

I have been trying to buy NS&I saving bonds, they insist on payment via debit card, I have tried 3 times to buy but each time Natwest declines payment. On contacting Natwest they tell me that their is a max limit of £2000 via debit card to financial institutions, they won't budge on this even if you give your permission.

They told me the only way to do it is for multiple amount of £2000 but with say £50k you will have to set up 25 separate NS&I saving accounts!
I have spoken to NS&I and they are going to send some forms out but it will take at least a week. Meanwhile the cash is sitting in a Natwest CA earning zero interest!

Surely they ought to have a system where the customer could authorise them to pay more on a debit card?

Update, spoken to Natwest again, apparently the lady I spoke to this morning gave me the wrong information the £2000 limit is only applied when attempting to use a debit card to pay off a credit card.

westv

£2k? Is that all? HSBC let me do £25k into premium bonds.

NotSkint

2k is a ridiculous limit!
My joint Halifax current account let me pay 2 x £50k in one day to NS&I (on my & OH debit cards). Usual limit for our account, according to T&Cs is £25k per debit card per day and that limit definitely is in place for payments to Hargreaves Lansdown because I remember having to stagger payments.For some reason it did not apply to NS&I.
I couldn't operate a current account with such a small limit!
Have you requested a cap?

CatLady13

I'm with Lloyds and was able to pay £40k into my Premium Bonds via debit card. Can you setup a NS&I direct saver account, pay the money into there (a pain having to do separate transactions) and then transfer into the account you want? Or check their bank transfer details - I also paid some of mine via bank transfer until I realised I could pay that much on debit card.

nilrem_2

This is what NS&I say in their conditions

These Issues of our Guaranteed Income Bonds are only available to buy through our website, which will give customers a simple and straightforward way to invest. They are only suitable for customers who are happy to apply for their investment online.

and

Where an applicant applies online, the Bonds must be
purchased using a personal debit card in the name of the
proposed Bond holder (or in the case of joint applicants, in
the name of either or both of the proposed Bond holders)
issued by a UK bank or building society

Natwest say it is their policy to restrict debit card payments to financial institutions to £2000, no way would they move all they said was you can make a complaint! FWIW they did not even know who NS&I was. I understand they have to be careful about fraud but surely they could have a system where the customer gives proof that they wish to use a debit card for a higher amount!

So much for online transactions, I now have to wait up to a week for a form from NS&I then send a cheque. It was quicker before, at least you could download a form to save time. Also NS&I will only allow postal applications in exceptional cases such as this.

TBH I thought a debit card was basically the same as a cheque with less hassle for all concerned.

ColdIron

Have you not got another account you could use? Probably too late for this but a second account with a different organisation is good protection for unforeseen events such as IT glitches, loss or theft of your card etc. Same with credit cards. Not to mention the good rates available from some banks.

nilrem_2

I do have another account (smile bank) but do not have sufficient funds in there, I could transfer but how do I know whether they will not do the same i.e. limit the amount I can pay using a debit card?

I don't want to move the cash there only to find the same happening!
Also I haven't used the account for a while

nilrem_2

I have just remembered that in Jan 2017 I bought £15000 of Premium bonds and paid by my debit card so why do they impose a £2000 limit on saving bonds with the same NS&I?

Neil_Jones

Always remember payments to NS&I from my Santander account were almost always declined regardless of how much I was trying to pay, and I'd have to phone Santander to get any payments through after the first payment was declined.

Never quite sure why NS&I insist on debit card payments, presumably it costs them more to do it that way than a simple BACS transfer?

RG2015

nilrem wrote: »

Natwest say it is their policy to restrict debit card payments to financial institutions to £2000

Does anyone know if this restriction applies to all customers?

I used my Santander debit card when I bought my NS&I bonds as I limit amounts held in my 0% NatWest account.

Kim_13

Neil_Jones wrote: »

Always remember payments to NS&I from my Santander account were almost always declined regardless of how much I was trying to pay, and I'd have to phone Santander to get any payments through after the first payment was declined.

Never quite sure why NS&I insist on debit card payments, presumably it costs them more to do it that way than a simple BACS transfer?

Do you mean Faster Payment? Private customers can't send a BACS payment.

Existing customers buying more bonds for themselves can buy via electronic transfer. It would need a holder's number as a payment reference, hence new customers not being able to use it.

I've never bought from a Natwest debit card but I was able to buy more than £2,000 with my Nationwide one, so it definitely seems that NatWest/RBS are the exception and not the rule.