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Ns&i
Comments
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Sometimes, unfortunately, it's like giving a monkey a watch.
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Having recently opened an Income Bonds account, I must admit I too am rather surprised at just how long deposits take to be shown as 'available'. Currently 8 days since my (Debit Card) deposit and still not showing as available. Now I don't need to withdraw any funds so it's not of any particular importance to me, but out of curiousity how long does it typically take?kUrGaN_UK said:Just adding my recent experience of both these accounts. Initial opening Funds transfer took at least a week to show as 'available funds' in both accounts, which was slightly worrying.Stompa0 -
See their brochures - debit card deposits can take up to 7 banking days. But you get interest from the date of the debit card transaction.Stompa said:
Having recently opened an Income Bonds account, I must admit I too am rather surprised at just how long deposits take to be shown as 'available'. Currently 8 days since my (Debit Card) deposit and still not showing as available. Now I don't need to withdraw any funds so it's not of any particular importance to me, but out of curiousity how long does it typically take?kUrGaN_UK said:Just adding my recent experience of both these accounts. Initial opening Funds transfer took at least a week to show as 'available funds' in both accounts, which was slightly worrying.
EDIT: I just remembered that it can taken even longer than 7 banking days.....
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The limit is a total limit across however many accounts you have:colsten said:You don't need to worry about any £85k limit as NS&I is backed by the Treasury and has therefore unlimited guarantee.
The deposit limit for NS&I Income Bonds is £1m. You can have more than one of these accounts if one isn't enough.
"You can open as many Income Bonds accounts as you like, but there is a holding limit (see ‘How much you can deposit’)."
"Each person can hold up to £1 million in Income Bonds accounts."
"If the total balance of your Income Bonds accounts reaches your personal holding limit, you can’t deposit more money into Income Bonds. If you try to make a deposit which would take you over the limit, we’ll return the whole deposit to you."
https://www.nsandi.com/files/asset/pdf/income-bonds-brochure.pdf
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I have a Direct Saver account and would now like to open an Income Bond account. Will NSI allow me to have the monthly interest paid into my Direct Saver account or does the interest have to be paid into an external account?0
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Yes, when you apply it gives you the option to choose the Direct Saver as the destination for the monthly interest.MPN said:I have a Direct Saver account and would now like to open an Income Bond account. Will NSI allow me to have the monthly interest paid into my Direct Saver account or does the interest have to be paid into an external account?
You can also change your nominated account at a future date.1 -
Omg I'm assuming premium bonds have a similar timeline then aww well I'll have to wait longer before I can get the money back out.colsten said:
See their brochures - debit card deposits can take up to 7 banking days. But you get interest from the date of the debit card transaction.Stompa said:
Having recently opened an Income Bonds account, I must admit I too am rather surprised at just how long deposits take to be shown as 'available'. Currently 8 days since my (Debit Card) deposit and still not showing as available. Now I don't need to withdraw any funds so it's not of any particular importance to me, but out of curiousity how long does it typically take?kUrGaN_UK said:Just adding my recent experience of both these accounts. Initial opening Funds transfer took at least a week to show as 'available funds' in both accounts, which was slightly worrying.
EDIT: I just remembered that it can taken even longer than 7 banking days.....
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Getting money back is much faster than getting it in - details on https://www.nsandi.com/how-long-does-it-take-receive-withdrawal-payment. It goes without saying that you cannot withdraw money before it has cleared, though.swaledale_one said:Omg I'm assuming premium bonds have a similar timeline then aww well I'll have to wait longer before I can get the money back out.1 -
Thanks, I did the transaction on the 18th its showing in my NS&I but wont allow me to cash it in.colsten said:
Getting money back is much faster than getting it in - details on https://www.nsandi.com/how-long-does-it-take-receive-withdrawal-payment. It goes without saying that you cannot withdraw money before it has cleared, though.swaledale_one said:Omg I'm assuming premium bonds have a similar timeline then aww well I'll have to wait longer before I can get the money back out.0
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