NS&I withdrawals

tansycat

Has anyone here managed to withdraw any of their savings from NS&I Income Bonds online recently? All I get is an error message asking me to ring them but I've seen reports of it taking forever to get through on the phone. Is it worth filling out the account closure form instead or will that just get ignored now we're in lockdown again?

tiengomar

i've taken 50k out just now. There was an automated check where they rang me and asked me to key in the code that was showing up on the screen. The money 'should' be in my current account tomorrow.

whitesmith

If you are having problems you could try this long shot - open a Direct Saver account and link your bank account to it for withdrawals. Transfer everything from your IB to your DS - this will close your IB account. Once the money is in DS try transferring some to your current account.

msallen

I initiated the withdrawal of the balance of mine an hour or two ago without issue.

fletcher1985

is there a reson why people are taking the money out? im a bit worried after this. i have recentlyput 5k in

tiengomar

no problem other than they had reduced their interest rates to 0

Rodders53

tiengomar said:

no problem other than they had reduced their interest rates to 0

WILL reduce from 24th November... to 0.01% which is not quite zero   https://www.nsandi.com/interest-rates
We're waiting 'til then to get more PBs with the cash...

Ectophile

It's not even letting me transfer my money into a Direct Saver tonight.  It says "The payment date is too far into the future" and refuses to proceed.  There isn't even a box on the web site to set a date for the transfer.

Tawny_Owl_2

Yes, I once phoned them a few months ago when I opened up an income bond account. Be prepared to wait for about 30 minutes !!! :
I haven't experienced any error messages when making withdrawals-what normally happens is that they ask you 2 security questions, which you've already provided your answers to (like your father's birthplace etc.)
What I don't like about NS&I is that the withdrawals take too much time. It's not really instant access when NS&I only transfer the funds across on Monday-Friday working days, around 2:00pm. So you've got to plan ahead.
With most other banks I deal with, your funds are transferred by faster payments which means you get your money within 2 hours regardless of whether it's a working day/weekend/bank holiday. When November 24 arrives I'll be closing my account with NS&I (due to the fall in interest rates) and saving with Cynergy Bank - who use faster payments for making withdrawals, with a unique security feature which involves an app you download, and you have to take a picture of a QR code with your phone camera !!

Ectophile

Ectophile said:

It's not even letting me transfer my money into a Direct Saver tonight.  It says "The payment date is too far into the future" and refuses to proceed.  There isn't even a box on the web site to set a date for the transfer.

Logged on again this morning and got a different error message.

It seems it takes them two days to pay the interest on an Income Bond.  At the moment, they have calculated my interest for this month, but not paid it.  So they won't let me close the account until it's gone through.

tiengomar

I don't know why you are getting the delay or error msg.
My transfer went through yesterday into my HSBC current account ands ordered it Sunday.
As mentioned previously I got an automated security check.
Have you tried deleting all cookies or even using another PC?