NS&I income bonds

sleepy14

I am thinking of taking out one of these income bonds but cannot find where the sort code is, I have  got the account no.  I dont want to/can't put money in without a sort code.

eskbanker

sleepy14 said:

I am thinking of taking out one of these income bonds but cannot find where the sort code is, I have  got the account no.  I dont want to/can't put money in without a sort code.

As explained at https://www.nsandi.com/income-bonds, deposits need to use a generic NS&I sort code and account number, and you have to specify your Income Bonds account number (not your NS&I number) as the reference to ensure it reaches the correct place:

Reference: You must enter your Income Bonds account number (not your NS&I number) as the reference when you instruct your bank. This will ensure your payment reaches the right account. You can find your account number on your statement or by logging into our online service.

Make sure you enter your Income Bonds account number correctly. Don't add any other information in the reference field apart from your account number.

Payee name: NS&I

Account number: 11994808

Sort code: 60 89 78

sleepy14

I have read and do understand about the no. rather than the account no., but I must be missing something because I can't find any mention of a sort code?

Yorkshire_Pud

sleepy14 said:

I have read and do understand about the no. rather than the account no., but I must be missing something because I can't find any mention of a sort code?

Well it’s in the post above your reply!

Neil_Jones

Its on the linked page.  Expand the "Pay Money In" section, or see the post above from eskbanker.

jbuchanangb

The the minimum deposit is £500 which is a lot to lose if you accidentally mistype the sort code, the NS&I account no. and your own account in the reference field. Standard advice in this situation if paying a trader for example is to transfer a small amount first. So this is what I did for NS&I. The result was that NS&I confirmed that the transaction had worked by bouncing it back to my bank account, because it was below the minimum. After that I made the transfer of the substantive amount.

wiseonesomeofthetime

The opening deposit should be made by debit card, unless you transfer funds from another NS&I account.

Once you have done that, you will receive a unique account number which shall be the number that you place in the Reference when making any future deposits via bank transfer.

As @eskbanker pointed out earlier, the details for bank transfer are:

Payee name: NS&I

Account number: 11994808

Sort code: 60 89 78

These details are the same for every Income Bond holder. It is the reference that is unique to you and which you should also make sure is accurate when making deposits (of £500 or greater).

Hope that clears it up for you 

colsten

wiseonesomeofthetime said:

The opening deposit should be made by debit card, unless you transfer funds from another NS&I account.

Once you have done that, you will receive a unique account number which shall be the number that you place in the Reference when making any future deposits via bank transfer.

You don't need to make a deposit by debit card to receive an NS&I account number. You can make your initial deposit from another NS&I account. 

Not that paying by debit card will ensure that you are using the correct data on any subsequent bank transfer.

colsten

jbuchanangb said:

The the minimum deposit is £500 which is a lot to lose if you accidentally mistype the sort code, the NS&I account no. and your own account in the reference field. Standard advice in this situation if paying a trader for example is to transfer a small amount first. So this is what I did for NS&I. The result was that NS&I confirmed that the transaction had worked by bouncing it back to my bank account, because it was below the minimum. After that I made the transfer of the substantive amount.

I am afraid, the fact that your small amount got returned does not at all confirm that you used the correct information. It could have been returned because you used incorrect information in the reference field, for instance.

With bank transfers to the Income Bond account you just have to make sure that you are using the correct sort code, acct number and reference.

If you are not able to ensure this, you could go the long-winded way via an NS&I Direct Saver (which obviously does have different details). Once the deposit has cleared (can take several banking days), you can then transfer the money to the Income Bond account.

jbuchanangb

I inferred from the fact that a notification appeared in my online NS&I account management telling me that my attempted deposit had failed, that all the details, i.e. sort code, account number and reference number, were correct. Maybe there’s another way they could have worked out that the attempt had come from me, so as to notify me.

colsten

jbuchanangb said:

I inferred from the fact that a notification appeared in my online NS&I account management telling me that my attempted deposit had failed, that all the details, i.e. sort code, account number and reference number, were correct. Maybe there’s another way they could have worked out that the attempt had come from me, so as to notify me.

LOL, you didn't mention that before