NS&I withdrawal "could take several weeks to complete"

ColdIron

clive0510 said:

uhm, not sure whether to withdraw premiun bonds or not. not many good places to put it anyway. out of frying pan into the fire?

PBs can still be attractive, especially if you pay tax on your savings interest

greatcrested

Requested funds and income bond account closure last Thursday online.

Money arrived early on Friday without problem.

colsten

London7766551 said:

I requested money on Friday and have not received it thus far. But I always assume three working days.

Withdrawals >£50k get processed as BACS payments and take at least 2, probs 3 working days

wiseonesomeofthetime

clive0510 said:

is it just the isa and income bonds they are cutting rates on, or premium bonds as well?

Prize Draw rate cuts next week, if I recall correctly.

It's never a guaranteed rate anyway, as I am sure you already know.

Leaving mine there.

refluxer

clive0510 said:

uhm, not sure whether to withdraw premiun bonds or not. not many good places to put it anyway. out of frying pan into the fire?

It'll be interesting to see what effect the drop in the prize rate from 1.4% to 1% will actually have. What kind of return have you been getting from your PBs in the past ?

If you're a 'big' PB holder then my take on it is that, as big holders with average luck have been expected to get just below the prize rate in the past, then PBs may still be competitive compared with the best easy access savings account (currently 0.7%) for those with big holdings, with the added attraction of prizes being tax-free for any big savers who would normally pay tax on their interest.

If you're a big saver, looking to change and don't need easy access to the money, then a fixed rate for 2 years or more may be the only way you'll do better, but even those best fixed rates have been steadily dropping over the last few months.

clive0510

refluxer said:

clive0510 said:

uhm, not sure whether to withdraw premiun bonds or not. not many good places to put it anyway. out of frying pan into the fire?

It'll be interesting to see what effect the drop in the prize rate from 1.4% to 1% will actually have. What kind of return have you been getting from your PBs in the past ?

If you're a 'big' PB holder then my take on it is that, as big holders with average luck have been expected to get just below the prize rate in the past, then PBs may still be competitive compared with the best easy access savings account (currently 0.7%) for those with big holdings, with the added attraction of prizes being tax-free for any big savers who would normally pay tax on their interest.

If you're a big saver, looking to change and don't need easy access to the money, then a fixed rate for 2 years or more may be the only way you'll do better, but even those best fixed rates have been steadily dropping over the last few months.

its some money my dad left me. I once had 1k win. lately been getting £25 every 2 or 3 months. dont need the money right now. so I think I'll probably leave it where it is, I know its not exactly a top of the table earner, but its tax free and fairly low risk.

csgohan4

tried withdrawing less than 50k from PB, says will take 6 days, seems everyone is withdrawing and hitting the efficiency

DresD

I withdrew money yesterday afternoon from Income Bonds. The transfer is listed under transactions as "Next Day Pyts Out payment" but it's not in my bank account yet. At what point should I worry?  The website says that online transfers should take one day. Nothing about 3 workings days. I imagine a lot of people are doing the same but they should update the website if there are delays.

coyrls

It usually appears late afternoon on the expected day.

garmeg

csgohan4 said:

tried withdrawing less than 50k from PB, says will take 6 days, seems everyone is withdrawing and hitting the efficiency

They are probably keeping the numbers for you in for the December draw?