NS&I Income Bonds

brendanhemming

Warning: if you set up a new NS&I Income Bond account (one of the best easy-access accounts recommended on this site), and transfer money to it using a debit card, then if the transaction takes place between the 20th of one month and the 5th of the following month, the funds will not appear in your NS&I account! I was forced to call NS&I (and wait nearly 40 minutes on the phone!) to confirm that they had actually received the money which had left my bank account - apparently they do not show it because they are "calculating the interest during that period". Seems strange to me!

colsten

I think there is a misunderstanding. According to the Income Bonds brochure, and as you would reasonably expect, you get interest for every day after the money has cleared into your Income Bond account, and it clears quite quickly. You just might get the first interest payment on some deposits a bit later than subsequent ones, but you will get interest for every day the money is in your account. So you don't lose out.


Making your deposit by bank transfer seems to ensure fastest clearing.

eskbanker

Seems some way beyond strange to me and well into 'implausible' territory - the idea that a savings account would be incapable of accepting deposits for more than half of each month due to maintenance is simply not credible!  Sounds like a misunderstanding somewhere along the line....

Edit: after seeing the above reference to 7 working days for debit card payments to 'clear', that seems a very odd constraint!

bowlhead99

eskbanker said:

Seems some way beyond strange to me and well into 'implausible' territory - the idea that a savings account would be incapable of accepting deposits for more than half of each month due to maintenance is simply not credible!  Sounds like a misunderstanding somewhere along the line....

Nobody is suggesting that the account was incapable of accepting the deposits for any time at all. The customer had deposited money with NS&I and experienced a delay in it displaying in the online account.

eskbanker

bowlhead99 said:

eskbanker said:

Seems some way beyond strange to me and well into 'implausible' territory - the idea that a savings account would be incapable of accepting deposits for more than half of each month due to maintenance is simply not credible!  Sounds like a misunderstanding somewhere along the line....

Nobody is suggesting that the account was incapable of accepting the deposits for any time at all. The customer had deposited money with NS&I and experienced a delay in it displaying in the online account.

I was probably taking "the funds will not appear in your NS&I account" a bit too literally!  To be fair, there was also clearer reference to 'not showing it' after that though....

RG2015

I opened an NS&I Income Bond account on Tue 5th May and the deposit was visible immediately. Strangely, my NatWest bank account shows the debit card transaction date as 5th May but the posting date as 6th May.

PS. I have just checked on the NS&I site and my deposit is dated 5th and it also has the value date as 5th May.

allison445

Just opened an account a few minutes ago and the deposit is showing in my pending transactions moving my money from the nationwide loyalty saver
stupid question but is there a maximum amount you can send via debit card ? 

colsten

allison445 said:

Just opened an account a few minutes ago and the deposit is showing in my pending transactions moving my money from the nationwide loyalty saver
stupid question but is there a maximum amount you can send via debit card ? 

The minimum you can deposit, with any method, is £500, at any time.

colsten

RG2015 said:

I opened an NS&I Income Bond account on Tue 5th May and the deposit was visible immediately. Strangely, my NatWest bank account shows the debit card transaction date as 5th May but the posting date as 6th May.

PS. I have just checked on the NS&I site and my deposit is dated 5th and it also has the value date as 5th May.

I made my 1st deposit by debit card, late in the evening of May 13. For some reason, it shows a date of the 14th, but the value date is the 13th. So all is perfect, AFAICS.

RG2015

allison445 said:

Just opened an account a few minutes ago and the deposit is showing in my pending transactions moving my money from the nationwide loyalty saver
stupid question but is there a maximum amount you can send via debit card ? 

You may find the thread below useful although I am not sure if the comments are all still valid two and a half years on.

https://forums.moneysavingexpert.com/discussion/5761402/nat-west-debit-card-limit-for-ns-i

RG2015

colsten said:

allison445 said:

Just opened an account a few minutes ago and the deposit is showing in my pending transactions moving my money from the nationwide loyalty saver
stupid question but is there a maximum amount you can send via debit card ? 

The minimum you can deposit, with any method, is £500, at any time.

@allison445 was asking about the maximum amount not the minimum amount.