NS&I Income Bonds

coachman12

kjmpde said:

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 . 

   This thread is truly incredible

Fat_Turtle

I know to the long term savers this thread seems silly but for me it's been helpful. I just opened with them and wasn't too worried as I could see a pending transaction but it takes me so long to save money I was thrown a little bit to see it pending. Wasn't sure if I was doing it wrong!

coachman12

Fat_Turtle said:

I know to the long term savers this thread seems silly but for me it's been helpful. I just opened with them and wasn't too worried as I could see a pending transaction but it takes me so long to save money I was thrown a little bit to see it pending. Wasn't sure if I was doing it wrong!

No probs----I can understand apprehension about something new. Don't worry.

bowlhead99

kjmpde said:

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." 

Okay, sounds fine 

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

Do you or anyone else really care a lot if the deposits take a while to 'appear' on the account? Surely what matters to your personal financial wealth is when the deposit clears and starts earning interest (as set out in the t&c), not the date when you can see it on an online account?

You are presumably investing for a long period, or at least for medium- or short-term periods which are longer than a few banking days - otherwise you're unlikely to use this type of product.

So I'm not particularly motivated to "find information in writing that states otherwise", because I can't see anything obvious that causes someone to receive income that they're not owed, or not receive income that they're owed.

RG2015

Received my monthly interest today. It appears that the important things work.

Swipe

RG2015 said:

Received my monthly interest today. It appears that the important things work.

Yep, received my 24p today

allison445

Thanks all I managed to make the deposit amount I wanted using my debit card in one go without any issues
Another question does anyone know anything about how they ask you to provide proof of id and do they ask you to provide a signature or is your id electronically verified in some way ?

RG2015

allison445 said:

Thanks all I managed to make the deposit amount I wanted using my debit card in one go without any issues
Another question does anyone know anything about how they ask you to provide proof of id and do they ask you to provide a signature or is your id electronically verified in some way ?

https://www.nsandi.com/which-documents-can-i-send-prove-my-identity-and-address

Archi_Bald

I have held PBs, IL Certificates and GG Bonds for many years. Never made any withdrawals. How long do withdrawals take at NS&I? I now wonder how feasible it is to use Income Bonds as an instant access account - how long does it take get money back to my current account? Do they use Faster Payment?

Stubod

Archi_Bald said:

I have held PBs, IL Certificates and GG Bonds for many years. Never made any withdrawals. How long do withdrawals take at NS&I? I now wonder how feasible it is to use Income Bonds as an instant access account - how long does it take get money back to my current account? Do they use Faster Payment?

..like you I have put money in but never taken it out. Best way to find out is probably just to take the minimum out and see how long it takes?....you can always put it back in again!