NS&I Income Bonds

MiserlyMartin

Hi all. I wish I had read this thread before I deposited any money. My big deposit is sitting in NS&I limboland, but the bloke on the phone at NS&I said they would pay interest from the date it was made, he gave a strange explanation about it though saying it was because the NS&I is the treasury not a bank so transfer take longer in the system and sometimes can take up to a month! If you get caught up in this even your BACs payments can too, but the majority don't. He didn't tell me anything about the 20th of the month - 5th of the month thing. Sounds misinformed advisor to me.

MiserlyMartin

I was told that the system at NS&I is very secure and thats why it takes a long time for money to clear!

The sad thing is about this is that only because interest rates have become so stupidly low have NS&I become competitive.

coyrls

eskbanker said:

Swipe said:

starwood said:

I applied for a Income Bonds on 23rd May. Amount debited from by bank account on 26th. Still in pending status on NS&I as at 28th. Can I make a transfer via bank transfer now, or do I have to wait until pending transaction is completed.

Did you pay via bank transfer or debit card? Debit card is pretty fast.

Reassuring to know that debit card deposits are pretty fast, but this simply makes it all the more puzzling that they include the previously-mentioned proviso in their terms that these might take a week and a half!

Debit card and cheque deposits will clear no later than the seventh banking day after being received

It's not consistent across NS&I products; with a debit card payment for Premium Bonds, the bonds are purchased instantly.

coachman12

Unlike those who now turn to NS&I because they are the best game in town, I have had different types of Bonds etc with NS&I for quite a few years ( some of which are still thriving at an ongoing 2.5% interest rate which still do not expire for quite a while). So, for those who are new to NS&I, perhaps I can put minds at rest on issues raised on this thread by newcomers. Times for transferring funds can vary ( as with most savings accounts from time to time ) but I have been perfectly satisfied over many years ( though I believe Covid-19 has caused delays in recent weeks , especially as demand is at a very high level ). Security has always been exemplary. All my savings are covered from loss up to any level , rather than all others' FSCS £85,000 limit----a factor which has made me a longstanding NS&I customer with many of their accounts and Bonds. And there have been many special deals offered over the years which have been most attractive compared to other savings banks etc. As about 30 million other folk use NS&I, I am not a lone fan of our state-owned savings bank.
I hope the above helps newcomers to NS&I now that it has been thrown into the limelight lately. 

SeanLucas

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 ? 

It took me a while to find the info to do the same transfer but the maximum from Nationwide Debit card is "the available funds" with no limit.  Also wish I'd found this thread before sending my Loyalty Savings into th NS&I ether, hardly instant access.

[Deleted User]

Swipe said:

starwood said:

I applied for a Income Bonds on 23rd May. Amount debited from by bank account on 26th. Still in pending status on NS&I as at 28th. Can I make a transfer via bank transfer now, or do I have to wait until pending transaction is completed.

Did you pay via bank transfer or debit card? Debit card is pretty fast.

My initial deposit was by debit card on 23rd. Still in pending.
Have now transferred minimum amount by bank transfer. Still waiting for it to appear anywhere on the NS&I account.

caveman38

starwood said:

Swipe said:

starwood said:

I applied for a Income Bonds on 23rd May. Amount debited from by bank account on 26th. Still in pending status on NS&I as at 28th. Can I make a transfer via bank transfer now, or do I have to wait until pending transaction is completed.

Did you pay via bank transfer or debit card? Debit card is pretty fast.

My initial deposit was by debit card on 23rd. Still in pending.
Have now transferred minimum amount by bank transfer. Still waiting for it to appear anywhere on the NS&I account.

My opening deposit by debit card appeared on the same day. But I added a further amount on 27th. which is still pending although the money has been debited from my bank account. They must be snowed under.

Swipe

Yep, I opened one and deposited £500 about a week or so ago and it was pending for just a day or so. I think they have had a big influx of money with Marcus and others dropping their rates.

polymaff

This thead, to me, is an echo of the Personal Tax Account thread.  Everyone with their own experiences and devised methodology - which others find doesn't work for them!

Don't expect accuracy or consistency in your dealings with illiterate, innumerate, incompetent NS&I.  If you can, work online and take prints of acknowledgements of instructions given or transactions made.  Easily done if you install a PDF printer driver. You'll need them to counter subsequent denials of responsibility from NS&I.

Don't expect NS&I to provide you with accurate certificates/statements of interest paid in a particular tax year.  The fact that their "add it to your bank account" [sic] date for IBs is the fifth of the month doesn't help - but that is the least of their problems with dealing competently with payment dates.

Hils0912

The maximum NS&I can do on a debit card is £99,999 and they can do as many transactions as you like at this amount. If you need to do a big amount. they ask that you contact your bank first, so that they don't put a stop on the account.  I worked for them for a while, and did quite a few of these.