NS&I Income Bonds

RG2015

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?

https://www.nsandi.com/how-long-does-it-take-receive-withdrawal-payment

Sea_Shell

I don't "need" this account until August.  Would you open one now with the minimum deposit in case it gets pulled to new customers?   Do they need to verify id if you're an existing customer?

RG2015

Sea_Shell said:

I don't "need" this account until August.  Would you open one now with the minimum deposit in case it gets pulled to new customers?   Do they need to verify id if you're an existing customer?

I did open one last month for that very reason. I have been a customer for a few years and did not need to provide any ID so they must have done it electronically as per the link below.

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

Archi_Bald

RG2015 said:

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?

https://www.nsandi.com/how-long-does-it-take-receive-withdrawal-payment

Thank you for that link. That's an excellent calculator. So withdrawals from the Income Bond seem to always get actioned on the next working day. I think I will take the suggestion from another poster and make a withdrawal, to try and figure out when on the next day the money arrives.

Jaspar100

I opened an ns and I income bond account recently and paid a deposit from my bank by debit card. My account shows my deposit as pending but as a minus figure. The amount shows as a debit on my bank account statement, I paid another amount earlier by the same debit card and this shows as a plus amount which is correct. Confused. 

Archi_Bald

Jaspar100 said:

I opened an ns and I income bond account recently and paid a deposit from my bank by debit card. My account shows my deposit as pending but as a minus figure. The amount shows as a debit on my bank account statement, I paid another amount earlier by the same debit card and this shows as a plus amount which is correct. Confused. 

It should come out of pending early next week, and earn interest from the day your money was debited from your current account, at the latest. NS&I do some peculiar stuff between the 22nd of a month and the 5th of the next month. Deposits can be pending for days on end in that period but you won't be losing any interest. It isn't the instant access account it's being 'sold' as by many.

Sea_Shell

Well that was painless.    Logged on early doors (before 7am) and got straight in, applied, and paid £500 by debit card.   The debit is shown as pending in my C/A so i'm confident it'll get where its going shortly.   Will log back on in a couple of days just to check, but was very straightforward.

Boa21

Mine went from pending to in the balance on Sunday, just under a week. Like others have said, the paid in date is the date I actually made the debit card transaction so no worries.

I suppose the only issue that might arise is if you suddenly needed to access the funds in less than a week after making the payment in, but unlikely I would have thought?

RG2015

Just logged into NS&I and they needed to phone me to do an automated security check. A code appeared on the screen which I had to enter on the phone. I have not seen this type of security check anywhere before.

Archi_Bald

RG2015 said:

Just logged into NS&I and they needed to phone me to do an automated security check. A code appeared on the screen which I had to enter on the phone. I have not seen this type of security check anywhere before.

Lloyds, BoS, Halifax have had this for years for confirmation of transactions. Coventry BS are about to implement it, too.