How do you close NS&I income bond account?

slapPCM

I can't find the option? Still have 500 in there....

update: I've closed it now, thanks guys

colsten

I seem to remember there is a 'close account' option in the withdrawal dialogue. Otherwise, there is https://www.nsandi.com/help/leaving-nsandi/closing-account

Alter_ego

Yes, I started to withdraw the last £500 and they asked do you want to close?

wiseonesomeofthetime

Withdraw all funds and it automatically closes.

At least mine did.

slapPCM

thanks guys

Shedman

I think it's always useful to keep an account with NS&I in case they up the rates again for some reason (or to use as an easy way to do card debits for accounts like Halifax Rewards), so why not pay in £501, open a Direct Saver with a £1 from the Income Bonds and then close the Income Bonds account as an alternative strategy.

Ectophile

It's a bit confusing.  You go through the withdrawal process.  It tells you the "available balance", which is always £500 less than you have in the account.  You have to ignore that, and type in the full amount in your account.  At that point, it realises that you are actually trying to close the account.

Dorian1958

When you close the account, is there an immediate calculation of the interest earned up to that point in the month and is it then paid out on closure?  And is there any limit on the amount of withdrawal at any one time? (apart from the amount that triggers closure, £500).
Thanks, Dorian

Camster

I've just closed my account and it did calculate a final balance up to the date of closure and transferred the whole amount to my nominated bank account.

JGB1955

If the payment is more than £50K it will take a few days longer than if it's less than £50K.

Dorian1958

Thank you both I'll make sure I time the withdrawal appropriately.