NS&I warning - withdrawal delays from Income Bonds?

RG2015

TheDarkKnight93 said:

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?

I closed my account at about 11pm on Tuesday 17th and the interest up to date (12 days from 6th Nov to 17th Nov) was added immediately. The money was in my bank account at 14:06 on Wednesday.

SpanishBlue

TheDarkKnight93 said:

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?

Interest is worked out daily, so will be paid for every day right up till you withdraw the funds.

On and around the 23rd it's expected there will be many people withdrawing funds and/or closing their accounts. Whilst it may all go smoothly, just be prepared for things like struggling to get on to the website or other problems as has happened before with NS&I. Lots of us have already shut our accounts a few days early for that very reason.

Stubod

Just finished closing ours today, no problems with getting the money transferred, each "lot" took just under 12 hrs to appear in the linked account. When you withdraw the "last" £500 it asks if if you want to close your account. If you say "yes" then it adds up all the interest due and pays it out on top of your last £500..

tasty_snacks

Just to update on this, in case anyone else is wondering.

I selected the option to transfer the remium bond balance to the linked income bond after the next premium bond draw was made, which was today (albeit results tomorrow). The funds showed in the income bond account today and I've transferred to my bank account. These should be arriving tomorrow (I haven't experience delays like some when withdrawing from income bond - have kept it to max 50k as suggested). 

So all in all hassle free, and if you are waiting for the premium bond draw like me and up against a bit of a deadline, it seems that the second working day of the month is the soonest you can get your money into your bank account from premium bonds, via an NS&I income bond.

paulypost

Interested to know how you got on, please. We closed an income bond by post on 22/11 as we got snarled up in security on-line and we're still waiting SEVEN weeks later after many loooong waits and calls. Even told at one point that the transaction "seems to have got itself stuck". That's what the CSR actually said.

Chunks

paulypost said:

Interested to know how you got on, please. We closed an income bond by post on 22/11 as we got snarled up in security on-line and we're still waiting SEVEN weeks later after many loooong waits and calls. Even told at one point that the transaction "seems to have got itself stuck". That's what the CSR actually said.

Feel your pain. My SIPP provider has been trying to close my NS&I income bond since November. Due to a previous bad experience, the request was sent recorded delivery. So, they had the instruction on 25 November and to date, still no money. The amount is over £50k so subject to additional security checks, I understand. The website provides no help. A complaint was raised, the deadline for a response is today. Not expecting anything TBH. Tried to get answers over the phone. Despite the fact I was a ‘third party’, I was told early last week that they were working on high value withdrawals dated 26 November.  Complete shambles and I, frankly speaking, cannot see how the situation will resolve. I am otherwise in a fortunate position but I feel so sorry for other depositors some of who must be desperate. 

colsten

Chunks said:

paulypost said:

Interested to know how you got on, please. We closed an income bond by post on 22/11 as we got snarled up in security on-line and we're still waiting SEVEN weeks later after many loooong waits and calls. Even told at one point that the transaction "seems to have got itself stuck". That's what the CSR actually said.

My SIPP provider has been trying to close my NS&I income bond since November.

That sounds very odd. Why did you not close your IB account yourself? 

It's even more odd that NS&I should accept a request about a person's account from a SIPP provider. 

Chunks

colsten said:

Chunks said:

paulypost said:

Interested to know how you got on, please. We closed an income bond by post on 22/11 as we got snarled up in security on-line and we're still waiting SEVEN weeks later after many loooong waits and calls. Even told at one point that the transaction "seems to have got itself stuck". That's what the CSR actually said.

My SIPP provider has been trying to close my NS&I income bond since November.

That sounds very odd. Why did you not close your IB account yourself? 

It's even more odd that NS&I should accept a request about a person's account from a SIPP provider. 

The bond forms part of my SIPP, which is administered by my provider. On my instructions, they opened the bond with NS&I. Viewed from NS&I’s point of view, the SIPP administrator is the ‘client’. 

colsten

Chunks said:

colsten said:

Chunks said:

paulypost said:

Interested to know how you got on, please. We closed an income bond by post on 22/11 as we got snarled up in security on-line and we're still waiting SEVEN weeks later after many loooong waits and calls. Even told at one point that the transaction "seems to have got itself stuck". That's what the CSR actually said.

My SIPP provider has been trying to close my NS&I income bond since November.

That sounds very odd. Why did you not close your IB account yourself? 

It's even more odd that NS&I should accept a request about a person's account from a SIPP provider. 

The bond forms part of my SIPP, which is administered by my provider. On my instructions, they opened the bond with NS&I. Viewed from NS&I’s point of view, the SIPP administrator is the ‘client’. 

In which case, your beef is with the SIPP provider. It should be transparent to you where your SIPP investments are held, and it's the responsibility of the SIPP provider to make your funds available to yourself in line with the T&Cs you agreed with them.