NS&I warning - withdrawal delays from Income Bonds?

Dunc3823

Just heads up if you're in a rush to withdraw money from NS&I Income Bonds, there's strange shenanigans going on and I would allow at least 2 weeks for things to go through.

Myself and my wife set up accounts about 6 months ago. Set up at exactly the same time and both linked to Halifax accounts. Essentially identical accounts. We need to withdraw our funds to complete a house purchase. My wife's withdrawal went through absolutely fine without any issues. However my withdrawal came up with an error saying I need to call them (great!). This is for ANY amount by the way. Can't withdraw a penny.

After spending an hour on hold I eventually managed to speak to a human. They said since I hadn't made any withdrawals on the account additional security checks needed to be completed and these would take 5 working days! They couldn't tell me what these 'security checks' are. Strange that this didn't happen for my wife's account who also hadn't made any withdrawals? I then need to try the withdrawal again. So that's minimum 8 working days for a withdrawal if you add on the normal 3 business day transfer time. I would allow a couple of weeks if you need the money for anything important (like buying a house!). Not impressed.

Call me a cynic but this looks suspiciously like random accounts have been put 'on hold' to limit how much is flooding out of NS&I due to their rate changes. Anyone else had similar issues?

csgohan4

I withdrew them all and it took 24 hours to do. It depends I guess. My PB took 2 days to come

nchunt34

For me they say they need to make a security phone call to my registered number but the call never comes through. Tried calling them but I'm not put in a queue, only told that my call cannot be taken right now. Disgraceful!

MaxiRobriguez

Dunc3823 said:

Just heads up if you're in a rush to withdraw money from NS&I Income Bonds, there's strange shenanigans going on and I would allow at least 2 weeks for things to go through.

Myself and my wife set up accounts about 6 months ago. Set up at exactly the same time and both linked to Halifax accounts. Essentially identical accounts. We need to withdraw our funds to complete a house purchase. My wife's withdrawal went through absolutely fine without any issues. However my withdrawal came up with an error saying I need to call them (great!). This is for ANY amount by the way. Can't withdraw a penny.

After spending an hour on hold I eventually managed to speak to a human. They said since I hadn't made any withdrawals on the account additional security checks needed to be completed and these would take 5 working days! They couldn't tell me what these 'security checks' are. Strange that this didn't happen for my wife's account who also hadn't made any withdrawals? I then need to try the withdrawal again. So that's minimum 8 working days for a withdrawal if you add on the normal 3 business day transfer time. I would allow a couple of weeks if you need the money for anything important (like buying a house!). Not impressed.

Call me a cynic but this looks suspiciously like random accounts have been put 'on hold' to limit how much is flooding out of NS&I due to their rate changes. Anyone else had similar issues?

My first assumption is that you tripped a red flag on NSI's security monitoring services by attempting to empty an account immediately after emptying another account, both using the same IP address.

Vortigern

nchunt34 said:

For me they say they need to make a security phone call to my registered number but the call never comes through. Tried calling them but I'm not put in a queue, only told that my call cannot be taken right now. Disgraceful!

I think somebody reported an issue with the way phone numbers are formatted. If you used international format  +44 1nnn nnnn you were OK, but if you used national format 01nnn nnnn they could not send you a text.

Stubod

???...closed one today and depleted another by 50% pending total closure sometime soon, no problems with either transactions, (have been taking money out steadily for the last few days with no issues other than the usual 18-24 hr money transfer times).

Stonesmike

Never known an institute like it, took nearly 2 weeks for a deposit to show in account, on the verge of contacting them, then it showed up.

greatcrested

No problem at all.

Withdrew £50K yesterday without trouble and money arrived today.

Just withdrew the balance and closed the account - again, no problem.

Both times they called my nominated home phone number as they always do. Good security check. No issues at all.

gary83

I withdrew from mine yesterday online, quick and easy with the money being back in my account today

castle96

Home phone number didn't work, but mobile did

tasty_snacks

Blimey, glad I came here to check this. We sold our house a few months ago and are completing on the new place Dec 11th. I think I'll get the cash out as soon as the interest rates drops on Nov 24th.

We also have some in the Premuim Bond pot. I set the withdrawal to occur after the next draw in December. Does anyone have any experience of how long this normally takes. If it's instant or even just a couple of days we should be OK.