NS&I Income Bonds

2010

A bit baffled why anyone would want to open an account, send an amount of money and then within a week want to transfer some of it back.
Unlike Marcus, this is not an easy access account, where money can be sent either way within two hours, usually instantly.
For the sake of 0.11% it`s not worth the hassle.
BTW, Marcus is closed now for new applicants for the 1.05% easy access.
No doubt both account`s interest rate will be cut again. 

polymaff

2010 said:

A bit baffled why anyone would want to open an account, send an amount of money and then within a week want to transfer some of it back.
Unlike Marcus, this is not an easy access account, where money can be sent either way within two hours, usually instantly.
For the sake of 0.11% it`s not worth the hassle.
BTW, Marcus is closed now for new applicants for the 1.05% easy access.
No doubt both account`s interest rate will be cut again. 

Like just about all the strategies discussed in this part of MSE - to satisfy the T&Cs of some offer

Archi_Bald

2010 said:

Unlike Marcus, this is not an easy access account, where money can be sent either way within two hours, usually instantly.

Many of us know this now but the account is still billed in many places, and misunderstood by many, as instant access.

polymaff said:

Like just about all the strategies discussed in this part of MSE - to satisfy the T&Cs of some offer

Sometimes the best laid out plans come a cropper. 

polymaff

Archi_Bald said:

Sometimes the best laid out plans come a cropper. 

Indeed - although I'm cautiously optimistic.  A month will tell ...

SFindlay

....I foolishly didn't go through the full T's&C's but fully read the account ‘summary box’ 

Having admitted you failed to read the terms and conditions of the account you opened I cant see how you have any right to complain, either in your long winded post here or to them!! The reason phone queues are so long is people like you are wasting everyone's time phoning up to complain about something that they would have known if they had actually read the T&C!!! That way if the account doesn't suit you wont open it and therefore not have to complain!!  

Laurence_Harvey

2010 said:

A bit baffled why anyone would want to open an account, send an amount of money and then within a week want to transfer some of it back.
Unlike Marcus, this is not an easy access account, where money can be sent either way within two hours, usually instantly.
For the sake of 0.11% it`s not worth the hassle.
BTW, Marcus is closed now for new applicants for the 1.05% easy access.
No doubt both account`s interest rate will be cut again. 

Why baffled?___personal financial circumstances can sometimes change quickly and unexpectedly for any number of reasons.

Regarding your comment “this is not an easy access account” I’d certainly agree with you!___in practice it’s anything but easy to access all your funds if they’ve been recently added to. Depending on the date when additional funds are deposited it could be 15 days before all your funds become available for withdrawal.

NSandI say this in their advertising blurb___(as posted elsewhere on this thread)___

 “Who are Income Bonds for? Suitable for savers who: want a monthly income at a variable rate and want easy access to their money”

 

Biggus_Dickus

I made a formal complaint by phone to NS&i yesterday  about the time lags when it comes it to transferring money out of the account at certain times of the month.

I had a call back this morning to say they’d passed my concerns on to the relevant depts for attention. They also offered me £25 for ‘any inconvenience’.

Can’t see much changing at NS&I but at least it’s another £25 for my favourite charity, Barnardos.

 

 

hoc

Can anyone definitively confirm this account, or for that matter NS&I accounts in general, continue in perpetuity without having new issues corresponding to interest rate changes? So if I open today and interest rate goes down to 0.75% in September and then goes back up to 1.5% by December it would be applied without having to open a new issue, with separate account number details, and use their transfer application form or otherwise close the first account.

RG2015

hoc said:

Can anyone definitively confirm this account, or for that matter NS&I accounts in general, continue in perpetuity without having new issues corresponding to interest rate changes? So if I open today and interest rate goes down to 0.75% in September and then goes back up to 1.5% by December it would be applied without having to open a new issue, with separate account number details, and use their transfer application form or otherwise close the first account.

They can do what they like but I would expect rate increases and decreases to be applied to an existing account.

NS&I accounts in general are a different matter. Have a look at the information on the link below if you are really interested. Suffice to say here that they probably invented the concept of issue numbers.

https://www.nsandi.com/historical-interest-rates

PS The information on this link does strongly indicate that the Income Bond account will remain a single issue account with variable rates applied as and when they are changed. 

PS2 It is currently 1.15% not 1.5%

harsh_but_fair

Income bonds and indeed the direct saver just have any changes in interest rate applied to them from the date announced - there are no different 'issues'