NS&I warning - withdrawal delays from Income Bonds?

ColdIron

tasty_snacks said:

I think I'll get the cash out as soon as the interest rates drops on Nov 24th.

I think they will be very busy on the 24th, maybe plan around that date

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.

See the payment calculator at he bottom of the link

https://www.nsandi.com/help/manage-your-savings/make-withdrawal-from-savings

tasty_snacks

Thanks ColdIron, fair point re: being busy on 24th. 

enthusiasticsaver

We withdrew our money from N, S and I a few weeks back.  We could not get it all out at once so had to do it over several days and it took three days to show up.  They rang our landline to double check. I think there are a lot of people withdrawing due to rates decrease next week. 

SpanishBlue

I closed my IB a/c today to avoid the probable stampede in the coming days.

It all went through without any problems, assuming of course the money is in my nominated account tomorrow.

I have no reason to think that it won't be.

wizdoc

In the process of withdrawing approx. £400k of income bonds in 50k chunks (one per day) and seems to be going fine so far. I'm doing it in 50k chunks to ensure the transfers go by faster payments, as otherwise I would get uncomfortable with the 2-3 day wait whilst the funds are not cleared (at least visibly) anywhere... Each of the two transfers I've made so far have required me to enter a code in response to an automated call.

Intenso

I filled in the form to transfer my savings from income bonds to premium bonds on the 9th Nov last week and they have closed the account. 

No sign of my premium bonds yet though. 

Does it always take this long to complete the transfer?

colsten

Intenso said:

I filled in the form to transfer my savings from income bonds to premium bonds on the 9th Nov last week and they have closed the account. 

No sign of my premium bonds yet though. 

Does it always take this long to complete the transfer?

Difficult to see why you can't see the money in your PB account now, as if you had made the transfer yourself, it would all have been completed within 5 minutes (as discussed elsewhere on the forum). You should call them for an explanation, and if they haven't got one there and then, to raise a complaint. 

Intenso

colsten said:

Intenso said:

I filled in the form to transfer my savings from income bonds to premium bonds on the 9th Nov last week and they have closed the account. 

No sign of my premium bonds yet though. 

Does it always take this long to complete the transfer?

Difficult to see why you can't see the money in your PB account now, as if you had made the transfer yourself, it would all have been completed within 5 minutes (as discussed elsewhere on the forum). You should call them for an explanation, and if they haven't got one there and then, to raise a complaint. 

Thanks, its impossible to get through to their main switchboard.  I'm currently on hold to their complaints dept!

Gers

gary83 said:

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

NS&I kept giving me the error message about my security answers being wrong so waiting for a reset.  Can't understand it as the answers were correct, anyway, there's time to spare.

MoneyMan01

So ahead of taking the money out on the 23rd, how does the interest work?

Will interest be paid this month based on what was in there up until the 23rd? Or because I will be taking it all out and closing, will I get 0 interest for this month?

Basically, I want to know whether it is worth keeping it in there until the 23rd, or whether I should just move it now?