Debit card payments to NS&I not clearing

Straightbat

My daughter thinks a debit card deposit into her national savings and investment income bond took 2 weeks to clear.

I made a deposit myself by debit card four days ago into my own NS&I income bond.  Although the balance shows very quickly the amount available to withdrawn is still zero.

Is this normal?  They don't seem to give an option for anything other than the use of a debit card for the initial deposit either.

eskbanker

It's normal for NS&I, but not for anyone else, they specify that debit card deposits take up to seven working days to clear, as per https://www.nsandi.com/files/asset/pdf/income-bonds-brochure.pdf

Debit card and cheque deposits will clear no later than the seventh banking day after being received

[Deleted User]

Hi,

from NS&I:

• Why has my balance not updated?

  Your debit card deposit may not show in your balance straight away. Don't worry if this happens - you can still see your deposit by logging in, clicking on 'View account' then scrolling down to 'Pending transactions' and clicking the plus sign.

  Your money will earn interest from the day you make your deposit.

  If you invest on or after the 20th of any month, we may not be able to make the first interest payment on the 5th of the following month. But don't worry, you'll receive it the month after that.

Speedbird676

The Available Balance will always be £500 less than the Balance, so assuming you paid in the minimum £500 by debit card this is correct.

The minimum balance of the account has to be £500, so the Available Balance is £500 less than your actual balance as by withdrawing into the final £500 will close the account. If you hover over the question mark next to Available Balance it does explain this.