NS&I Income Bonds

[Deleted User]

Can't understand why it takes so long to make deposits. Surely it's all computerised and doesn't need manual intervention.

RG2015

starwood said:

Can't understand why it takes so long to make deposits. Surely it's all computerised and doesn't need manual intervention.

Yes, but many systems are antiquated, creaking at the seams and occasionally crash, like NatWest and TSB.

NS&I is almost certainly the same and as @polymaff suggest does appear to suffer similar quirks to the HMRC personal tax account online.

Manual intervention may well involve scheduled batch processing to ease the load rather than civil servants operating their abacuses (or should that be abaci?) and quill pens.

caveat_emptor

brendanhemming said:

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!

Your lucky to get to know where your funds are. I made a transfer on 27th May and it still doesn't show on my account. What is more after spending 90 minutes on phone (the first call was cut off after 45 mins) the responder couldn't tell me where the funds were,. IMO nsandi are a total shambles.

Swipe

This doesn't bode well. I have a significant amount to pay in tomorrow but now I'm wondering if I should. I think I'll try £500 as a test and see how it goes. My premium bonds went straight in, no problem.

coachman12

I have to say that I am finding it quite amusing how people are now rushing to NS&I and are worrying and wobbling all the way there. As someone who has used NS&I happily for many years, instead of being one of the newcomers , I posted earlier on this thread what I hoped would be a brief user's guide to put newbies worries to rest about our state owned savings bank and all its aspects. I can't believe this thread has gone on so long when you're either going to transfer savings to NS&I Bonds or not.
There are only so many things anyone can say. Is anybody taking advantage of the relaxed lockdown and spending time in the garden or park with loved ones ?

Tidynige

I've had the same problem of transferred money showing in "Pending" rather than updating my balance. I queried it with NS&! via Messenger and got this reply....
I'm sorry for the delayed response, Nigel. If you put money into your Income Bond account between the 20th of the month and the 5th of the following month, it may not show in your account. Don’t worry, your deposit will show in your available balance from the 6th. Your interest is still calculated from the day you put the money in, but any interest earned on this deposit will be included in the following interest payment. Talia
This seems a very old-fashioned way of doing things, and for those used to instant online transfers it seems strange to say the least. I've replied to them as below, I doubt it will do much good but hopefully if enough people complain it may help....
Thanks Talia. Just some feedback you might like to pass up through your organisation - they need to make this clear in the documentation and online information. Looking at the MSE online forums etc lots of people seem confused and worried when their credits don't appear in the accounts as they would expect.

Swipe

I just paid some in. As long as it's listed under pending payments, I'm not too fussed.

Ellen07886

I made a debit card payment on 24/5/20 and it's still sat in pending, I made a deposit yesterday from my bank and that's not even showing up.  Their systems seem unnecessarily slow at depositing money into accounts.

[Deleted User]

I have made two "deposits". The first by debit card and a few days later by bank transfer.
The debit card transaction is pending, but at least is in the NS&I system and interest will start from the original deposit date.
The bank transfer made on 30th May has just arrived in my NS&I account and the transaction is dated 2nd June.
I think that depositing by debit card is by far the most re-assuring.

kjmpde

ns&I income bond brochure states "How long deposits take to clear You can only take money out if you have enough cleared funds in your account. An electronic transfer deposit received by 18:30 on a banking day will normally clear on the next banking day. Debit card and cheque deposits will clear no later than the seventh banking day after being received." the people on twitter state differently. I cannot find anywhere in writing that the deposits made after 20th of the month do not appear in the account till the 5th of the next month.  please feel free to tell me if you can find the information in writing that states otherwise .