NS&I: switch from Income Bonds to Premium Bonds

Shankers

On Monday this week I used the 'switch to premium bonds' form to make a switch from income bonds to premium bonds. The online chat said it would only take a few days (I should have known better!). I use the chat function today and they have said i) they can't check from the webchat whether my application's in the queue, and ii) it's likely to take weeks, not days. 
What are peoples' recent experiences using this 'switch' service? Please let me know if you've used it.
As it's an internal switch within NS&I, am I right in thinking there's no chance of my money being lost? 
I suppose if it does take weeks, at least I started it a couple of weeks before the Income Bonds rate changes, that's some consolation. 

Alistair31

NS&I seem to be in complete disarray at the moment but I wouldn’t worry about anything being lost, merely delayed. 

Stubod

..they are probably overloaded with people who put lots of money into income bonds earlier in the year now taking it all out again..

In the last few days we have been transferring our funds from Income bonds into alternative bank accounts and it has been taking about 24 hrs for the money to show.

As above I don't think there is any risk of you "losing" the money, just that the NSI transfer system has always been slow compared to inter bank transfers which normally take minutes?

colsten

Even if you had to first open a PB account, it should not have taken more than 5 minutes to make this transfer yourself. If your transfer is still not complete, you could still transfer it yourself now. By the time they come to process your form, they will notice it's already been done.

Speedbird676

colsten said:

Even if you had to first open a PB account, it should not have taken more than 5 minutes to make this transfer yourself. If your transfer is still not complete, you could still transfer it yourself now. By the time they come to process your form, they will notice it's already been done.

Exactly my thoughts.

I opened my Premium Bonds account and transferred funds from my Income Bond to Premium Bonds in all of about five minutes.

rothers

Speedbird676 said:

colsten said:

Even if you had to first open a PB account, it should not have taken more than 5 minutes to make this transfer yourself. If your transfer is still not complete, you could still transfer it yourself now. By the time they come to process your form, they will notice it's already been done.

Exactly my thoughts.

I opened my Premium Bonds account and transferred funds from my Income Bond to Premium Bonds in all of about five minutes.

Me too 

Stubod

..just moved some more money out of my NSI Income bond and needed to enter a code when they phoned me....I think this is the first time NSI have used this system to confirm a money transfer?

Shankers

Thanks to all with this. I've taken your advice to apply for PBs myself and then transfer across. Worked smoothly. Had to leave the £500 minimum in IBs but I'll find a way to withdraw that at some point. I don't know why the representative from NS&I suggested the convoluted method of using the 'switching form' when I first broached the subject on the Web Chat.

Rodders53

Aren't all those moving money now out of the Income Bonds losing out on interest that it could earn until the 23rd?  
I'm planning to buy PBs with swmbo's IB money on the 24th or shortly after.

Shedman

Shankers said:

Thanks to all with this. I've taken your advice to apply for PBs myself and then transfer across. Worked smoothly. Had to leave the £500 minimum in IBs but I'll find a way to withdraw that at some point. I don't know why the representative from NS&I suggested the convoluted method of using the 'switching form' when I first broached the subject on the Web Chat.

A suggestion (its what I've done anyway).  

Open a Direct Saver account and use your debit card to add a £1 to it.  Then close the Income Bonds by transferring to your nominated account (you close it by putting the whole £500 in the transfer box even though it will say nil available).  It will add any accrued interest and then transfer the whole lot to your bank.  This way you keep another NSI account open but that only has £1 minimum balance requirement and allows payments in and out for min £1 rather than the £500 that Income Bonds required.  I know Direct Saver rate is only going to be 0.15% but if they up the rates again it saves you having to reapply and/or move money from your PBS

turnerroad001

Speedbird676 said:

colsten said:

Even if you had to first open a PB account, it should not have taken more than 5 minutes to make this transfer yourself. If your transfer is still not complete, you could still transfer it yourself now. By the time they come to process your form, they will notice it's already been done.

Exactly my thoughts.

I opened my Premium Bonds account and transferred funds from my Income Bond to Premium Bonds in all of about five minutes.

How did you do it? There is no option to pay for PM via Income Bond