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Transferring large sum into NS&I direct saver

SG27
Posts: 2,773 Forumite
Good morning!
Something I never thought I would be worrying about is having too much money in the bank :rotfl: unfortunately its only temporary between house sale and purchase.
So after looking into several "instant" access accounts I think I have settled on NS&I direct saver at 0.95% not the highest rate but no need to split my money into £85k chunks.
But... whats up with the system of transferring money in? Rather than sending it to my own account number and sort code it goes to a generic ns&i one with my account number as reference. I have done £1 to set up my new payment from my bank and the lump sum of £218,000 will follow in a few weeks when my sale completes. Has anyone got experience of depositing funds this way? Anything I should be aware of? How does it take?
Thanks
Something I never thought I would be worrying about is having too much money in the bank :rotfl: unfortunately its only temporary between house sale and purchase.
So after looking into several "instant" access accounts I think I have settled on NS&I direct saver at 0.95% not the highest rate but no need to split my money into £85k chunks.
But... whats up with the system of transferring money in? Rather than sending it to my own account number and sort code it goes to a generic ns&i one with my account number as reference. I have done £1 to set up my new payment from my bank and the lump sum of £218,000 will follow in a few weeks when my sale completes. Has anyone got experience of depositing funds this way? Anything I should be aware of? How does it take?
Thanks
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Comments
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I've used debit card for > £200K with no problems. I think bank transfer is more likely to run into problems with upper limits0
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As ColdIron say, use a debit card. That's what I use to fund NS&I accounts. If I recall correctly it's the primary option for the Direct Saver isn't it?0
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Good morning!
But... whats up with the system of transferring money in? Rather than sending it to my own account number and sort code it goes to a generic ns&i one with my account number as reference. I have done £1 to set up my new payment from my bank and the lump sum of £218,000 will follow in a few weeks when my sale completes. Has anyone got experience of depositing funds this way? Anything I should be aware of? How does it take?
Thanks0 -
[FONT=Verdana, sans-serif]If you use a debit card you will probably have to clear it with your own bank 1st as £200k+ is likely to be way over the normal limit.[/FONT]
[FONT=Verdana, sans-serif]Also I think NS&I have (or had) an upper limit on a debit card payment of £99,999.99
[/FONT]0 -
Over the course of a few days I've also been paying money from a house sale into my NS&I Direct Savings Account, as well as an easy access account at Paragon. I've been paying it across in £10,000 chunks using direct bank transfers.
Both Paragon and NS&I use the system you describe: sending money to a generic account with your specific account number as the payment reference. Must admit I was dubious but it works just fine. Just double, triple and quadruple check the account reference (I sent a small 'tester' payment to make sure it worked before committing larger sums to the ether).
My current account only allows you to transfer up to £20,000 a day. It's a bit disconcerting as the money doesn't appear in the NS&I account until a few days later. With Paragon I can see it in my account within a couple of hours.
The NS&I Direct Saver account rate is fairly rubbish, but at least it's 100% safe in the hands of our wonderful government :rotfl::rotfl:
I figure it's an OK place to hold cash while waiting for a market correction to get back into S&S.Too chicken to stay in the rat-race...0 -
Chaps transfer - the whole lot in one go, although a charge of £25.00 - just saves the stress of split payments.0
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