help to save payments

chocolatefireguard

Hello.

First time poster here. About 2 weeks ago, I noticed that myself and the missus were each eligible to open a help to save account at gov.uk. I duly opened one for myself and one for the missus without difficulty, and then set a pair of standing orders up from our current account for £50 to be paid today (30/4) to each of the help to save accounts. Upon looking at my current account, the standing order has kicked in and the money has gone, but when I logged into each of our help to save accounts, the money hasn't turned up. I have checked the standing order details, sort codes and account numbers, and they all look ok.

Has anyone encountered this problem before? Do the HMRC systems just take a long time to record payments etc? I am a veteran of using internet banking, and most money transfers that I have engaged have been pretty much instantaneous.

Thanks for taking the time to read this!

AnotherJoe

As it's government I certainly wouldn't expect anything to be updated same day.

Ed-1

chocolatefireguard wrote: »

Hello.

First time poster here. About 2 weeks ago, I noticed that myself and the missus were each eligible to open a help to save account at gov.uk. I duly opened one for myself and one for the missus without difficulty, and then set a pair of standing orders up from our current account for £50 to be paid today (30/4) to each of the help to save accounts. Upon looking at my current account, the standing order has kicked in and the money has gone, but when I logged into each of our help to save accounts, the money hasn't turned up. I have checked the standing order details, sort codes and account numbers, and they all look ok.

Has anyone encountered this problem before? Do the HMRC systems just take a long time to record payments etc? I am a veteran of using internet banking, and most money transfers that I have engaged have been pretty much instantaneous.

Thanks for taking the time to read this!

Takes at least 24 hours for them to credit the payments from NS&I to your Help to Save accounts (using the reference number you provided).

chocolatefireguard

Hi!

Thanks for the prompt replies! I dont have an NS&I account. The payments were made from another UK bank. I guess I will just have to wait and see if they turn up then. I just didn't want to miss April's contribution to these accounts. Should I log in to gov.uk and make a £50 payment by debit card (today being the last day of april) and let the direct debits mentioned above form the May payment instead?

I might also change the standing order to pay out on the 1st of the month next time (from june onwards).

Cheers

AnotherJoe

I dont know the Ts&Cs but presumably theres no harm in making an extra payment ?

AirlieBird

chocolatefireguard wrote: »

Hi!

Thanks for the prompt replies! I dont have an NS&I account. The payments were made from another UK bank. I guess I will just have to wait and see if they turn up then. I just didn't want to miss April's contribution to these accounts. Should I log in to gov.uk and make a £50 payment by debit card (today being the last day of april) and let the direct debits mentioned above form the May payment instead?

I might also change the standing order to pay out on the 1st of the month next time (from june onwards).

Cheers

NS&I administer the accounts. I don't know about the Help to Save accounts as the T&C aren't available online, but they tend to operate by all deposits going into a central account and allocated to you by your reference number. For other NS&I products interest is accrued from the day it is received in NS&I's account (the day the SO is paid) but is not cleared and available for you to withdraw until the next working day.

Is there not a helpline you can call?

Ed-1

chocolatefireguard wrote: »

Hi!

Thanks for the prompt replies! I dont have an NS&I account. The payments were made from another UK bank. I guess I will just have to wait and see if they turn up then. I just didn't want to miss April's contribution to these accounts. Should I log in to gov.uk and make a £50 payment by debit card (today being the last day of april) and let the direct debits mentioned above form the May payment instead?

I might also change the standing order to pay out on the 1st of the month next time (from june onwards).

Cheers

The following bank account is where you send Help to Save payments to which is held by NS&I:

- Help to Save sort code 60-89-77
- Help to Save account number 10028471

This is then allocated to your Help to Save account by a reference number:

- Your payment reference XXXXXXXXXXXXX

If the payment is received into the NS&I account in April then it will be backdated to your Help to Save account on the same date, and count as April's payment, but you won't see it for at least 24 working hours.

chocolatefireguard

That makes a lot more sense. I haven't used NS&I before, so I got a bit confused as to what is going on. When I looked on the gov.uk website, and also when I logged into my account, I couldn't see any sign of a phone number to ring. I will just give it a day or two, and see if the money appears. Its not a princely sum, but small acorns and all that.

Thanks for the help anyway.

shafiq

I set up a standing order for the 26th of the month (that way if it falls on a weekend or holiday, it still gets paid before month end, including month of February, where I checked until 2023) and the Payee name is HMRC.
I wasn't sure if it would be "Help To Save", NS&I or HMRC so called the Helpdesk and the person said to put in HMRC.
Hope this helps.