NS&I - More problems?

colsten

Frozen_up_north said:

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

They appear on payday because because the employer / the pension provider has released the BACS payments 3 days before payday. 

Frozen_up_north said:

Also, why is it that banks and building societies respond to queries and NS&I do everything possible to put off customers? 

It might have something to do with the number of customers they have. 

Frozen_up_north said:

No wonder there are so many negative responses to their customer service on Trustpilot, rating them “bad”.

Without even looking at the Trustpilot reports (life is too short), but going by the few complaints I have seen on MSE, I would hazard a guess that the vast majority of complainants couldn't be bothered with reading the product brochures, or the information messages that stare in their face in online banking, or the extensive help text on their website. NS&I do have some rather peculiar ways of processing transactions but they cannot be accused of keeping the information about their processing a secret. Nobody is losing any money, and everybody who puts money into the NS&I Income Bonds gets the best interest rate for easy access. There is, IMO, no reason to rate them "bad".

colsten

RG2015 said:

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. 

But if they didn't add the interest on the 3rd, they couldn't trigger a BACS payment on the 3rd, thereby missing their stated policy to pay it into a bank account by the 5th, or next nearest working day.

RG2015

colsten said:

RG2015 said:

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. 

But if they didn't add the interest on the 3rd, they couldn't trigger a BACS payment on the 3rd, thereby missing their stated policy to pay it into a bank account by the 5th, or next nearest working day.

I had not considered this as I have no experience of any other financial institution using BACS for transfers.

Vortigern

I was surprised to see that they apparently use BACS to transfer interest from the Income Bond to the Direct Saver. 

ChewyyBacca

Login isnt working on NS&I website. Are they down for maintenance? If yes, there was no prior intimation.

SpanishBlue

ChewyyBacca said:

Login isnt working on NS&I website. Are they down for maintenance? If yes, there was no prior intimation.

ChewyyBacca

Yes, thats the ambigous web page message and they have not comitted what time systems will be back, and running.
Well its Sunday, so will stay put, hopefully it goes live tomorrow morning.

IvanOpinion

Be patient, obviously something has taken them longer than expected.  I am sure they will be doing their best to get it up and running as quickly as possible.  Sometimes things go wrong and there isn't time, or its not efficient, to contact all customers to let them know in advance.

wiseonesomeofthetime

I just logged in without any issue, so must be sorted.

John464

and after all that the rates are to drop again