NS&I Overwhelmed!

khbrough

Eight days ago I applied online for a substantial number of Premium Bonds funded by closing my Income Bond account. This has still not been actioned and as it is now December I assume that I will miss out on the January draw.  NS&I have my money, but I am not getting the benefit.  It appears that the website does not action any transactions and we have to wait for busy staff to get round to it.  Furthermore, it is almost impossible to get through on the phone and the website messaging service does not facilitate clients to send secure messages.  Has anyone had similar issues or have I missed a trick?

colsten

It sounds as if you have filled in a form to instruct NS&I to transfer funds from your IB to your PB. Whilst this is an option they support, the faster way would have been to transfer the money yourself online. I believe this would have moved your money instantly. Too late now though, you'll just have to wait now until they action your request.

jsmith9

When I did it I signed in, clicked 'buy more' under premium bonds - where do you want to fund the purchase - selected income bonds - transfer complete.

Shankers

colsten said:

It sounds as if you have filled in a form to instruct NS&I to transfer funds from your IB to your PB. Whilst this is an option they support, the faster way would have been to transfer the money yourself online. I believe this would have moved your money instantly. Too late now though, you'll just have to wait now until they action your request.

It's not necessarily too late. I made this mistake, too. What I ended up doing was opening a PB account, then manually switching my IB to my PB account. I then used the 'live chat' function to inform the operative that I had done this and so they should ignore my previous instructions from the form I had filled out to switch and they said that was fine. Of course, I ensured I got a copy of the chat transcript. This seems to have worked.

Shankers

khbrough said:

Eight days ago I applied online for a substantial number of Premium Bonds funded by closing my Income Bond account. This has still not been actioned and as it is now December I assume that I will miss out on the January draw.  NS&I have my money, but I am not getting the benefit.  It appears that the website does not action any transactions and we have to wait for busy staff to get round to it.  Furthermore, it is almost impossible to get through on the phone and the website messaging service does not facilitate clients to send secure messages.  Has anyone had similar issues or have I missed a trick?

See this thread from when I was asking basically the same question as you a couple of weeks ago:
https://forums.moneysavingexpert.com/discussion/comment/77789718#Comment_77789718

redpete

Just went to buy more PBs but no option to fund from Income Bonds, but when I went into Income Bonds there is an option to withdraw to PBs.  It wouldn't accept me entering the full amount to close the account though.

[Deleted User]

Hi,

if you do an internal transfer from IB to PB it's instant.