NS&I - More problems?

castle96

It MUST be the IB then. That ref was the last payment received in July (G). I only had £1k in at the time. Doesnt explain why I am missing a payment for Aug. (8p on £1k ??)

RG2015

Hmm, does look like Income Bonds payment for 6th July and by my reckoning that would be a capital sum of £1,000 and the interest would be 94 or 95p for the full month. I have changed my interest destination to the NS&I Direct Saver and the reference is different to the one I had in my bank account.

RG2015

castle96 said:

It MUST be the IB then. That ref was the last payment received in July (G). I only had £1k in at the time. Doesnt explain why I am missing a payment for Aug. (8p on £1k ??)

It should have been there on the 5th August

Frozen_up_north

I opened an NS&I Income Bond last month and it currently shows a BACS payment on 3rd September, as of noon on 4th September it hasn’t appeared in my bank.

Do NS&I only transfer money on 6th of the month?

Thanks

RG2015

Frozen_up_north said:

I opened an NS&I Income Bond last month and it currently shows a BACS payment on 3rd September, as of noon on 4th September it hasn’t appeared in my bank.

Do NS&I only transfer money on 6th of the month?

Thanks

If this is the monthly interest, it will appear in NS&I about the 3rd and be in your bank on the 5th. However, as the 5th is a Saturday this month, you may not see it in your bank until Monday 7th September. The interest will be calculated up to 4th September.

Frozen_up_north

Yes, it is the monthly interest. Thanks for the quick reply, much quicker and easier than contacting NS&I, who seem totally incapable of responding to customer queries... after several attempts at “chat”, I gave up.

colsten

Frozen_up_north said:

I opened an NS&I Income Bond last month and it currently shows a BACS payment on 3rd September, as of noon on 4th September it hasn’t appeared in my bank.

Frozen_up_north said:

Yes, it is the monthly interest. Thanks for the quick reply, much quicker and easier than contacting NS&I, who seem totally incapable of responding to customer queries... after several attempts at “chat”, I gave up.

BACS payments have been taking 3 banking days for decades. Why would you even want to clog up their help lines with a query if the 3 banking days aren't up yet?

RG2015

colsten said:

Frozen_up_north said:

I opened an NS&I Income Bond last month and it currently shows a BACS payment on 3rd September, as of noon on 4th September it hasn’t appeared in my bank.

Frozen_up_north said:

Yes, it is the monthly interest. Thanks for the quick reply, much quicker and easier than contacting NS&I, who seem totally incapable of responding to customer queries... after several attempts at “chat”, I gave up.

BACS payments have been taking 3 banking days for decades. Why would you even want to clog up their help lines with a query if the 3 banking days aren't up yet?

Not everyone knows that. A note on their website about the timing discrepancy for interest payments would be very useful.

In fact, it would be better if it did not appear at all on the NS&I transaction list before the actual payment day.

Frozen_up_north

colsten said:

BACS payments have been taking 3 banking days for decades. Why would you even want to clog up their help lines with a query if the 3 banking days aren't up yet?

Except that salary and pension payments appear overnight on the day they are paid. Why should NS&I differ?

Also, why is it that banks and building societies respond to queries and NS&I do everything possible to put off customers? No wonder there are so many negative responses to their customer service on Trustpilot, rating them “bad”.

RG2015

Frozen_up_north said:

colsten said:

BACS payments have been taking 3 banking days for decades. Why would you even want to clog up their help lines with a query if the 3 banking days aren't up yet?

Except that salary and pension payments appear overnight on the day they are paid. Why should NS&I differ?

NS&I clearly state the following.

We calculate the interest daily and add it to your bank account on the 5th of each month or the next working day if the 5th is a weekend or bank holiday

https://www.nsandi.com/files/asset/pdf/income-bonds-summary.pdf

I believe that they muddy the waters by having entries in their transaction lists as early as the 3rd of the month.