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NS&I have stopped accepting/making payments
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magritte said:Ouch... I too transferred in money on the 29th of May and it's still showing as pending. Hopefully I won't get it back to my bank account and lose interest. I still have a bonus rate with Marcus, I could've kept it until September with Marcus at 1.15%...0
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From my experience, bank transfer is quicker than debit card. Never had any issues.1
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RG2015 said:polymaff said:RG2015 said:Yes, I was able to proceed. I was just surprised that the NS&I bank was not part of the COP scheme.
As one of their usual excuses for paltry service is that "we are not a bank" - that fits the curve...
Someone must think they are a bank to give them a sort code.1 -
At the risk of teaching everybody to suck eggs all you have to do is 1. set up an NS&I direct Saver 2.use faster payments from your current account to send money to that direct Saver this takes one day to appear 3. once in the direct Saver use it to buy eg premium Bonds, income bonds or whatever you want
that is the way it has worked for the last 20 years and indeed I tried it yesterday and it still works
Just stop with the whinging1 -
coachman12 said:There are so many posters who seem to be struggling with every aspect of NS&I, a bank I have used for very many years with complete satisfaction. I know that part of the problems on this thread is that newcomers are finding it difficulty to adjusting to something new ( why, I don't know, but it seems to be so ). The other thing is that NS&I has made it quite clear that it is struggling with a great deal of furlough policy, with other aspects of Covid, and in I suspect giving preference to its 30m existing savers; whilst being crashed by the unexpected newcomers who have found the unlikely NS&I suddenly at the top of the list for easy access savers.
A slight hint, although it may be obvious, when you make payments into your shiny new NS&I account or Bond , go to your NS&I account and do all the work from there, transfer your money from its existing place of rest INTO your NS&I ----ie. let NS&I TAKE the money; and do not go to the place where your money exists at present and try and transfer it from there INTO NS&I. That may sound daft but it is often normal to go to , say, your current account at RBS, Barclays etc and transfer funds from there to a savings account elsewhere. This little tip is probably as obvious as Newcastle and coals; and eggs, suck and Granny. If so, sorry, just trying to help,y'all
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Archi_Bald said:RG2015 said:polymaff said:RG2015 said:Yes, I was able to proceed. I was just surprised that the NS&I bank was not part of the COP scheme.
As one of their usual excuses for paltry service is that "we are not a bank" - that fits the curve...
Someone must think they are a bank to give them a sort code.
Once again I tell those who are still struggling with NS&I , the only problem which may occur at the present time is solely due to a strong NS&I furlough policy and the fact that our state savings bank is being inundated by newcomers who do not have a clue how to use NS&I ( which is incredibly simple). Why does this thread go on and on ?????-2 -
coachman12 said:Archi_Bald said:RG2015 said:polymaff said:RG2015 said:Yes, I was able to proceed. I was just surprised that the NS&I bank was not part of the COP scheme.
As one of their usual excuses for paltry service is that "we are not a bank" - that fits the curve...
Someone must think they are a bank to give them a sort code.We're not a bank
We simply offer cash savings and investments. That's all.
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I am grateful for the input as to whether or not NS&I is a bank. However, this is missing the main point of my post that it is not (yet) participating in the COP system.
My un-researched suggestion that it was a bank stemmed merely from the sort code checker identifying the “bank” as NS&I.0 -
This is what I found.
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As Coachman wrote, NS&I is* a savings bank. The original model of the Trustee Savings Banks was to accept deposits and buy gilts with them and this was all they did. Obviously, NS&I is essentially the same.
The same as the smaller building societies which use collection accounts, COP won't work with accounts that rely on using the reference field to get the deposit to the right place.
*Is, not, "are." Organisations are singular entities.1
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