NS&I Income Bonds

Mosler

RG2015 said:

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. 

So when paying money in, it's better to do it via debit card because a 'faster payment' takes two to three banking days to arrive, and you don't start earning interest until it has arrived?

RG2015

Mosler said:

RG2015 said:

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. 

So when paying money in, it's better to do it via debit card because a 'faster payment' takes two to three banking days to arrive, and you don't start earning interest until it has arrived?

I would say yes. I experimented with the direct saver and found that faster payments did get a correct value date and a later statement date. However many banks do not allow/date faster payment with a weekend date. NS&I does accept debit card payments at the weekend and records a weekend value date.

It is even possible to pay by debit card and get value 2 or 3 days before the paying bank account transaction is dated.

klanky

Does deposits have to be in round hundreds ? I deposited 539.00 by bank transfer and after a few days it was put back into My linked account.

Speedbird676

klanky said:

Does deposits have to be in round hundreds ? I deposited 539.00 by bank transfer and after a few days it was put back into My linked account.

No - I have paid in plenty of odd figures.

RG2015

klanky said:

Does deposits have to be in round hundreds ? I deposited 539.00 by bank transfer and after a few days it was put back into My linked account.

This should not have been a problem as the only condition is that a minimum of £500 is transacted. There will be some other reason for the rejection.

steve_IOW

Bank transfer details are the most likely reason your money was repaid to your linked account, please double check  the points below.

Hope this Helps.

You must enter your Income Bonds account number (not your NS&I number) as the reference when you instruct your bank

Payee name:	NS&I
Account number:	11994808
Sort code:	60 89 78