NS&I income bonds

RG2015

Surely using a debit card avoids all of this uncertainty.

colsten

You can't set up an SO with a debit card.

Also, some people can't cope with the very long NS&I clearing time (up to 7 working days) for card deposits, even though these earn interest from the day of deposit. Bank transfers clear much faster, usually on the next banking day.

wiseonesomeofthetime

colsten said:

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.

Exactly what I said!😂

fifer60

Bad experience and not yet over. I used VISA debit to move money into income bonds on a Friday evening. Transaction faltered half way through, had to log in again. The bank sees the debit as made. After waiting for 50 minutes on phone was told that the failed transaction was in an overnight processing hold file, check back at 09:00 this morning. It still is not there, nor is it listed as a pending transaction. I guess I wait until Monday as next business day, but does this meet bankers' accounting standards?

colsten

fifer60 said:

Bad experience and not yet over. I used VISA debit to move money into income bonds on a Friday evening. Transaction faltered half way through, had to log in again. The bank sees the debit as made. After waiting for 50 minutes on phone was told that the failed transaction was in an overnight processing hold file, check back at 09:00 this morning. It still is not there, nor is it listed as a pending transaction. I guess I wait until Monday as next business day, but does this meet bankers' accounting standards?

I don't know what bankers' accounting standards are but I am certain that your problem will resolve itself. You have to be a bit patient with NS&I, they are not the fastest. Just keep an eye on it over the next week or so. If you are very unhappy, you can always raise a formal complaint.

tryin

colsten said:

fifer60 said:

Bad experience and not yet over. I used VISA debit to move money into income bonds on a Friday evening. Transaction faltered half way through, had to log in again. The bank sees the debit as made. After waiting for 50 minutes on phone was told that the failed transaction was in an overnight processing hold file, check back at 09:00 this morning. It still is not there, nor is it listed as a pending transaction. I guess I wait until Monday as next business day, but does this meet bankers' accounting standards?

If you are very unhappy, you can always raise a formal complaint.

Its always worth trying to complain. Lots of money to be made that way

noh

colsten said:

fifer60 said:

Bad experience and not yet over. I used VISA debit to move money into income bonds on a Friday evening. Transaction faltered half way through, had to log in again. The bank sees the debit as made. After waiting for 50 minutes on phone was told that the failed transaction was in an overnight processing hold file, check back at 09:00 this morning. It still is not there, nor is it listed as a pending transaction. I guess I wait until Monday as next business day, but does this meet bankers' accounting standards?

I don't know what bankers' accounting standards are but I am certain that your problem will resolve itself. You have to be a bit patient with NS&I, they are not the fastest. Just keep an eye on it over the next week or so. If you are very unhappy, you can always raise a formal complaint.

Similar thing happened to me with a debit card deposit. I eventually had to raise a formal complaint which resulted in the "missing" £500 being returned the next day and £40 compensation paid.