NSANDI payment issue

kuepper

Yes I think the delays in processing payments in/out should be mentioned in MSE, not the easy access account that's implied

daveybuk

Cannot recommend NSandI. Across 3 people, we transferred all of our savings to NSandI (more than £100k) on 23rd and 27th May. We're still waiting for that money to show as anything other than a Pending transaction, even though it was debited from our old accounts on those dates. None of that money can be accessed in the meantime - it's effectively in limbo. Just spent 45 minutes waiting to speak to customer service, where they also rattled off the line about interest on payments after 20th of a month not showing until the 5th of the following month. But this is not about interest - it's about the capital itself. They claimed that this delay is in the terms and conditions - yet the information on their website specifically states: " 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". There is no mention in any of this in their Key Facts/Summary. It's now 9 days since our first payment was transferred and it's still not been cleared. Supposedly, some of our money should be available tomorrow. They are misrepresenting their product. I've never had a problem like this in 15+ years of shifting money around in a bid to get the best rates. 

kuepper

krecik said:

Same happened to me. I opened an income bonds account on 24th May and deposited a sum at the same time. The money left my current account but the transaction still shows as pending on NSandI site and account balance as £0. I called them but during the wait the recorded message said they prioritize customers wanting to withdraw and they cannot offer assistance with all transactions so I gave up. Will try again as it seems a common issue. Update: I've just sent @nsandihelp a DM on twitter and they responded with this: "Any deposits made into an Income Bond account after the 20th of the month, may not show on your account until after the 5th of the following month. This is whilst the interest is calculated. However, any Payments made during this time will start earning interest from the day that you make your payment."

how do you see what is 'pending'?

daveybuk

kuepper said:

krecik said:

Same happened to me. I opened an income bonds account on 24th May and deposited a sum at the same time. The money left my current account but the transaction still shows as pending on NSandI site and account balance as £0. I called them but during the wait the recorded message said they prioritize customers wanting to withdraw and they cannot offer assistance with all transactions so I gave up. Will try again as it seems a common issue. Update: I've just sent @nsandihelp a DM on twitter and they responded with this: "Any deposits made into an Income Bond account after the 20th of the month, may not show on your account until after the 5th of the following month. This is whilst the interest is calculated. However, any Payments made during this time will start earning interest from the day that you make your payment."

how do you see what is 'pending'?

On your home page, click 'View Account". You should then progress to a page headlined "Account Details'. 
Scroll down and it will say 'Transaction history' and below that, if you have any, 'Pending Transactions'. Click on the '+' sign to see the date of the transaction, amount and reference number. 

London7766551

Some years ago it used to say it can take up to 7 working days. I think the key part is working day (I assume banking day is the same as a working day) . As such it can take longer than 7 days if there is a bank holiday etc. The 25th of May was a bank holiday.

Archi_Bald

London7766551 said:

Some years ago it used to say it can take up to 7 working days. I think the key part is working day (I assume banking day is the same as a working day) . As such it can take longer than 7 days if there is a bank holiday etc. The 25th of May was a bank holiday.

In the brochure for the Income Bonds, they are still saying up to 7 banking days for some deposit methods

 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. 

johncpaul

All seems a bit scary, I was attracted to NSANDI because 100% of deposits are guaranteed secure, but reading some of these horror stories about deposits going missing maybe I’ll pass

wmb194

johncpaul said:

All seems a bit scary, I was attracted to NSANDI because 100% of deposits are guaranteed secure, but reading some of these horror stories about deposits going missing maybe I’ll pass

You're necro posting - this thread is from about four years ago - and most people don't have issues, I certainly never have with debit card deposits.

refluxer

johncpaul said:

All seems a bit scary, I was attracted to NSANDI because 100% of deposits are guaranteed secure, but reading some of these horror stories about deposits going missing maybe I’ll pass

Deposits don't tend to go missing - they can sometimes just take an age to show up. I used to have an Junior ISA with NS&I for one of my kids and had a standing order set up to pay into it on the 1st of every month - I think the record for it showing in the account was the 8th (so 7 days). Unacceptable, really.    

TBH, the interest rates for their savings accounts aren't competitive at the moment anyway, so you'll do a lot better by saving elsewhere.