NS&I have stopped accepting/making payments

magritte

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%... 

My money appeared today, one week later, even though I paid by debit card. Weird delay.

Paul_01

From my experience, bank transfer is quicker than debit card. Never had any issues. 

Archi_Bald

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...

I did an online sort code checker and it came back as The NS&I Bank.

Someone must think they are a bank to give them a sort code.

Whilst most sort codes are allocated to banks, having a sort code doesn't make a company or organisation a bank. Nationwide has sort codes and isn't a bank. I believe some other Building Societies also have their own sort codes. Revolut, not a bank, has got their own sort code. IIRC, HMRC has got their own sort codes, too.  NS&I aren't a bank.

harsh_but_fair

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 whinging

inspectorperez

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

Sound advice and as if to prove the point, I did this very same thing earlier today to test how things were going at NS&I under COVID 19 working arrangements. A debit card payment instigated from my account portal on the NS&I site appeared instantly. QED!!

coachman12

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...

I did an online sort code checker and it came back as The NS&I Bank.

Someone must think they are a bank to give them a sort code.

Whilst most sort codes are allocated to banks, having a sort code doesn't make a company or organisation a bank. Nationwide has sort codes and isn't a bank. I believe some other Building Societies also have their own sort codes. Revolut, not a bank, has got their own sort code. IIRC, HMRC has got their own sort codes, too.  NS&I aren't a bank.

NS&I ARE a bank. They are our own state-owned savings BANK. Though they have changed their persona many times over the years, they have been established since 1861. They are literally as safe as the Bank of England. I strongly agree with the perceptive remarks of harsh_but_fair and inspectorperez and I am truly fed up with the whingers who is making this thread like a nightmare labyrinth which should not be the case with a 150 year old nationalised bank rather than newcomer interlopers such as Marcus and RCI Banks ( who give more rise to questionmarks than NS&I ).
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 ????? 

eskbanker

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...

I did an online sort code checker and it came back as The NS&I Bank.

Someone must think they are a bank to give them a sort code.

Whilst most sort codes are allocated to banks, having a sort code doesn't make a company or organisation a bank. Nationwide has sort codes and isn't a bank. I believe some other Building Societies also have their own sort codes. Revolut, not a bank, has got their own sort code. IIRC, HMRC has got their own sort codes, too.  NS&I aren't a bank.

NS&I ARE a bank. ...

Have you advised them of this, as they say they're not, at https://www.nsandi.com/why-save-with-us

We're not a bank

We simply offer cash savings and investments. That's all.

RG2015

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.

RG2015

This is what I found.

wmb194

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.