Nationwide CHAPS to NS&I

smuuudge

Has anyone had to do a Nationwide CHAPS to NS&I account?
Nationwide are refusing to help me determine if 'NS&I Income Bond' accounts are classed as a 'personal' or 'business' account, and NS&I are saying Nationwide should advise!? Now I cant get hold of anyone on chat or the phone due to Covid!
The fact that NS&I has stated the payee name should be 'NS&I' suggests it can only be a business account but I need to get it 100% correct as its a large sum of money.
Any advice much appreciated!

whitesmith

if it is a large amount then amount i would not rely on opinions here no matter how helpful we might be! Just a suggestion...

smuuudge

Sure appreciate that, just interested to know if anyone else has had similar problems. It would appear that Covid has stopped the ability of speech for many banks. What a farce! 

mab3000

Its NS&I that are being unhelpful in this case, maybe try contacting them again to get the answer. It wouldn’t be down to Nationwide to determine this for you. As per what you have stated I suspect that it will be the case that it is a business account you are trying to make a payment to, if you are just paying into their main account and then you are using your NS&I account number as the payment reference. But definitely needs checking 

SpanishBlue

I don't know if you are aware, but you can do unlimited faster payments from your Nationwide account if you like.

Although their limit is £10,000, you can do a transfer every minute or so. So eg to transfer £150,000 you would just repeat the process 15 times.

Also using this method it gives you the option to transfer a couple of quid first as a test payment, and it avoids having to pay the Chaps fee as well.

born_again

smuuudge said:

Has anyone had to do a Nationwide CHAPS to NS&I account?
Nationwide are refusing to help me determine if 'NS&I Income Bond' accounts are classed as a 'personal' or 'business' account, and NS&I are saying Nationwide should advise!? Now I cant get hold of anyone on chat or the phone due to Covid!
The fact that NS&I has stated the payee name should be 'NS&I' suggests it can only be a business account but I need to get it 100% correct as its a large sum of money.
Any advice much appreciated!

Is that when trying to set up a payment to them?
As some banks class them as a Major Beneficiary" (Business) as apposed to a personal transfer (another person) and will have pre filled in sort code & account details. 

If it is I can understand why NS&i can not help you are they are not in control of how Nationwide set up their systems.

whitesmith

I have definitely sent money to NS&I from my Nationwide account and all I had to do was enter the sort code, account number and the reference number and it went through perfectly happily.

colsten

smuuudge said:

Nationwide are refusing to help me determine if 'NS&I Income Bond' accounts are classed as a 'personal' or 'business' account, and NS&I are saying Nationwide should advise!?

Why does this matter?

mab3000

colsten said:

smuuudge said:

Nationwide are refusing to help me determine if 'NS&I Income Bond' accounts are classed as a 'personal' or 'business' account, and NS&I are saying Nationwide should advise!?

Why does this matter?

I have taken this as is to do with the OP getting to the confirmation of payee service stage of the payment and they are being asked if the payment is going to a business or personal account, in order to do the payee check. 

jonesMUFCforever

My main bank is with Lloyds - when I set up a new payee it asks whether I am paying a person or a business - if I chose business and then start typing Nat.....etc a white list of big corporations appears - some with different sort codes and account numbers depending on what department you wish to pay.

I really can't think how anybody making a payment to NS&I  could think they are paying a person? (I know the ultimate beneficiary is a person).

Thrugelmir

smuuudge said:

Has anyone had to do a Nationwide CHAPS to NS&I account?
Nationwide are refusing to help me determine if 'NS&I Income Bond' accounts are classed as a 'personal' or 'business' account, and NS&I are saying Nationwide should advise!? Now I cant get hold of anyone on chat or the phone due to Covid!
The fact that NS&I has stated the payee name should be 'NS&I' suggests it can only be a business account but I need to get it 100% correct as its a large sum of money.
Any advice much appreciated!

CHAPS is undertaken by the remitting bank as is a manual payment. There's no need for you to know anything other than the correct details for sending the money to the NSI.