NS&I Income Bonds

polymaff

Mosler said:

To clarify does the interest start being paid when the amount is shown in balance or available balance?
Thanks

"Your money will earn interest from the day you make your deposit. "

RG2015

Mosler said:

To clarify does the interest start being paid when the amount is shown in balance or available balance?
Thanks

If you drill down into your transaction history it will show each deposit with two dates under the headings "date" and "Value Date".

Interest will accrue from the value date.

colsten

I am positively surprised with the speed of a withdrawal I requested on Saturday. It being a bank holiday weekend, I had not expected the money to arrive in my current account until sometime tomorrow. The 'value date' in my Income Bonds transaction list does indeed show as 01/09/2020, but the money has already arrived in my current account sometime this afternoon. Nice work by NS&I.

typistretired

Anyone know how long their payments into your current account take?  Made a withdrawal over 3 hours ago and it has still not arrived in my current account.

JGB1955

If the amount is under £50K and from an Income Bond, it will be in your account tomorrow.... quite likely after 4:00 p.m.... see https://www.nsandi.com/how-long-does-it-take-receive-withdrawal-payment

typistretired

So not really fast payment more like Post Office and Coventry BS

Mosler

RG2015 said:

Mosler said:

To clarify does the interest start being paid when the amount is shown in balance or available balance?
Thanks

If you drill down into your transaction history it will show each deposit with two dates under the headings "date" and "Value Date".

Interest will accrue from the value date.

Where does it say that on the NS&I website?
Thanks

RG2015

Mosler said:

RG2015 said:

Mosler said:

To clarify does the interest start being paid when the amount is shown in balance or available balance?
Thanks

If you drill down into your transaction history it will show each deposit with two dates under the headings "date" and "Value Date".

Interest will accrue from the value date.

Where does it say that on the NS&I website?
Thanks

1. Click View Account
2. Click the + sign to the right of Transaction history
3. In the Description column, click on the transaction you wish to view, for example, Debit card online deposit.
This will give you the full transaction details for that particular transaction including the Value Date.

Mosler

RG2015 said:

Mosler said:

RG2015 said:

Mosler said:

To clarify does the interest start being paid when the amount is shown in balance or available balance?
Thanks

If you drill down into your transaction history it will show each deposit with two dates under the headings "date" and "Value Date".

Interest will accrue from the value date.

Where does it say that on the NS&I website?
Thanks

1. Click View Account
2. Click the + sign to the right of Transaction history
3. In the Description column, click on the transaction you wish to view, for example, Debit card online deposit.
This will give you the full transaction details for that particular transaction including the Value Date.

I mean where does it say that interest will accrue from the value date?

RG2015

Mosler said:

RG2015 said:

Mosler said:

RG2015 said:

Mosler said:

To clarify does the interest start being paid when the amount is shown in balance or available balance?
Thanks

If you drill down into your transaction history it will show each deposit with two dates under the headings "date" and "Value Date".

Interest will accrue from the value date.

Where does it say that on the NS&I website?
Thanks

1. Click View Account
2. Click the + sign to the right of Transaction history
3. In the Description column, click on the transaction you wish to view, for example, Debit card online deposit.
This will give you the full transaction details for that particular transaction including the Value Date.

I mean where does it say that interest will accrue from the value date?

It does not mention the value date but this is an accepted term in banking denoting cleared funds. I accept that this may not be helpful for those not familiar with banking terminology. 

There is a notification on the homepage after you have logged in there in which says:

Income Bonds: debit card deposits may not show on your balance straight away - please check your 'Pending transactions'. More info

Don't worry - you'll still earn interest from the date you make your debit card deposit.

Bank transfers can take two to three banking days to reach your Income Bonds account. You'll earn interest from the date we receive your money.

From my experience of NS&I the value date is when the funds are recorded in NS&I. I have observed that when the date is later than the value date, interest is always calculated from the value date. The available date is actually irrelevant since you will earn interest on a balance of £500 but it will not be available for withdrawal.