NS&I customers struggle to withdraw savings due to 'technical issue' - MSE News

garmeg

bundoran said:

dosh37 said:

I am preparing to transfer all my savings out of my NS&I Income Bond and close the account.

The info on their webpage indicates that do this I need to login, select 'Withdraw Money' and enter the full amount in the account.

However, no mention is made of how accrued interest is paid.

Is it paid immediately when the account is closed (i.e. when all the money is withdrawn) or do you have to wait for up to a month (i.e. when the interest payments are usually paid)?

The interest due gets added to the final amount on closure and they pay out the total to your nominated account.

Having done the same myself, I can confirm this is correct.

enthusiasticsaver

I was lucky in closing down our investment bonds account just over a week ago a few days after the email notifying the drop in rates from November. I took the maximum £50k out the first day and the remaining amount the following day. When you take the balance to nil they ask if you want to close so actually easier than many other banks where you have to ring up to close. 

sweetsand

We tried to call them last week trying to find out how long it takes to witdraw as we are hoping to move to the cov as a last resort but actively seeking fixed rate bonds non sheria. We did not get through and had trouble logging in

Question, say we manage to log in Wed morning about 10am, approx when will our money sow in our nominated account?
TIA

sweetsand

Btw, does anyone know approx how much is saved in the NS&! accounts that are going to almost zero percent?
TIA

garmeg

sweetsand said:

We tried to call them last week trying to find out how long it takes to witdraw as we are hoping to move to the cov as a last resort but actively seeking fixed rate bonds non sheria. We did not get through and had trouble logging in

Question, say we manage to log in Wed morning about 10am, approx when will our money sow in our nominated account?
TIA

Why not sharia? It is interest in all but name. Speaking as an infidel I have no problem with it.

HIA

Just closed mine online without a problem, now to see how long the money takes to appear in my nominated account.

Biggus_Dickus

sweetsand said:

We tried to call them last week trying to find out how long it takes to witdraw as we are hoping to move to the cov as a last resort but actively seeking fixed rate bonds non sheria. We did not get through and had trouble logging in

Question, say we manage to log in Wed morning about 10am, approx when will our money sow in our nominated account?
TIA

For what it’s worth:

Transfers from NS&I invariably appear in my NatWest account at approx 3pm next working day.

refluxer

garmeg said:

Why not sharia? It is interest in all but name. Speaking as an infidel I have no problem with it.

I'm not that familiar with these types of bank accounts but I would suspect that, while they appear to have met their expected rates in the past (those recommended by MSE at least), these are also difficult and fairly unprecedented times so it's not too surprising that those cautious enough to want to avoid the stock market would also be thinking that the 'past performance...' disclaimer might also apply here and therefore want to avoid taking any kind of risk with their cash, however small ?

Looking at the MSE table for the top one-year fixed rates, a guaranteed 1.11% would look more attractive to many than a likely / probable 1.26% I would imagine and the difference, even if you were to max out your FSCS allowance, would be very small anyway.

ratechaser

refluxer said:

garmeg said:

Why not sharia? It is interest in all but name. Speaking as an infidel I have no problem with it.

I'm not that familiar with these types of bank accounts but I would suspect that, while they appear to have met their expected rates in the past (those recommended by MSE at least), these are also difficult and fairly unprecedented times so it's not too surprising that those cautious enough to want to avoid the stock market would also be thinking that the 'past performance...' disclaimer might also apply here and therefore want to avoid taking any kind of risk with their cash, however small ?

Looking at the MSE table for the top one-year fixed rates, a guaranteed 1.11% would look more attractive to many than a likely / probable 1.26% I would imagine and the difference, even if you were to max out your FSCS allowance, would be very small anyway.

Exactly this. Mrs RC doesn't like Sharia on the basis that you're introducing an element (which, based on past performance, appears small) of risk to the return. 

Now if the spread was significant versus a conventional fixed rate deposit, it would be worth considering. But when we're only talking about a few basis points, I can hardly make the case that the reward is worth even that small additional risk, and we'll stick to our secular bonds for now...

angelamancini

I requested a week ago to move my NS & I Isas over to another provider. They have closed my account with them and the new one has been opened with no funds transferred over as all being done by cheque apparently! I have set up a complaint what an antiquated system or way for them to benefit from everyones funds in transit!?