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Don't touch NS&I with a barge pole if you think you might want your money back any time soon!

Over the years I have had quite a lot of my savings with NS&I plus Premium Bonds and believed in them as being a safe secure way to save.
That is, until the last few weeks when they were unable to pay out my maturing Savings certificate.
Despite having an NS&I number to use their online system my Saving Certificates were showing on my account! Panic ensued. After a long wait on the phone, they advised me to complete a paper form which I did in good time to meet the repayment date. I got my repayment this week, 6 weeks after the due date! I'd depended on this money being available to me at the correct date and this delay has caused considerable problems in addition to hours hanging on the phone.

Their phone system is a joke with insufficient staff to answer. The recorded message repeatedly blames covid social distancing etc & tells you not to get angry with them or they'll hang up! For goodness sake, they've had 9 months to get themselves organised to work around Covid. Instead of working longer hours they've shortened theirs. If supermarkets can extend their hours to cater for their customers why not NS&I? Perhaps because they get well paid regardless of whether or not they look after the people who ultimately pay their wages.

As a result of their apparent inability to manage themselves efficiently I decided today to withdraw my Premium Bonds (even though I've had a few wins along the way) The website boasts payment to your nominated bank account in 3 days. Should have been so easy, but not so! Their website stated there was a problem so please phone them.  So cue another hour of my life wasted, waiting for them to answer the phone. Even the person I spoke to wasn't able to access the system to arrange 3 day repayment. The end result of that call is that I will have to wait up to 10 days longer than I should to get my money back. I am very fortunate that I don't need to purchase anything vital such as food or pay a big bill with this money but that is not the point - if they set a 3 day timescale they should be able to stick to it.

I could easily become paranoid & believe they were keeping my money on purpose but I  believe they are just totally incompetent.
If any other savings organisation dealt with people like this they would have been closed down long ago.
Has anyone else had issues with NS&I?

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Comments

  • kaMelo
    kaMelo Posts: 2,627 Forumite
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    edited 3 December 2020 at 12:54AM
    Judging by posts on here like yours, yes, some people have had major problems, others have had no problems whatsoever.
      
    Only a tiny percentage of people overall will have had problems with the vast majority having none. That however won't make you feel any better if you are in that minority.
  • eskbanker
    eskbanker Posts: 33,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If supermarkets can extend their hours to cater for their customers why not NS&I?
    Supermarkets have, unsurprisingly, continued to work from the same premises, a luxury not afforded to numerous other organisations who've had to make significant adjustments to their business processes to accommodate vast numbers of people working from home in an unfamiliar way. 

    Obviously some have coped better than others though, so I'm not claiming that NS&I are a shining example of best practice by any means, and as above there have been many similar reports, but worth factoring in their massive interest rate reductions last week, that will have introduced a (largely self-inflicted) extra workload as large numbers of customers withdrew their savings. 

    I don't know for sure but would imagine that the second working day of the month (i.e. immediately after the draw) will be a regular peak of withdrawal activity for premium bonds too....
  • eskbanker said:
    If supermarkets can extend their hours to cater for their customers why not NS&I?
    Supermarkets have, unsurprisingly, continued to work from the same premises, a luxury not afforded to numerous other organisations who've had to make significant adjustments to their business processes to accommodate vast numbers of people working from home in an unfamiliar way. 
    And those heavily dependent on manual paper processes are most severely affected.
  • eskbanker said:
    If supermarkets can extend their hours to cater for their customers why not NS&I?
    Supermarkets have, unsurprisingly, continued to work from the same premises, a luxury not afforded to numerous other organisations who've had to make significant adjustments to their business processes to accommodate vast numbers of people working from home in an unfamiliar way. 
    And those heavily dependent on manual paper processes are most severely affected.
    This is a tad concerning as I was just about to put a hefty sum into premium bonds. This was on the understanding that this was as near 100% secure as is possible and unproblematic when/if needing to get the money out. Hope this is a correct assumption.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    eskbanker said:
    If supermarkets can extend their hours to cater for their customers why not NS&I?
    Supermarkets have, unsurprisingly, continued to work from the same premises, a luxury not afforded to numerous other organisations who've had to make significant adjustments to their business processes to accommodate vast numbers of people working from home in an unfamiliar way. 
    And those heavily dependent on manual paper processes are most severely affected.
    I've always operated my NSI transdactions online. Been seamless.  Other than a slight delay when the interest rate cut was first announced. 
  • jsmith9
    jsmith9 Posts: 419 Forumite
    100 Posts Name Dropper
    I have always though the best way to use NS&I is as follows:

    1. open a direct saver, put it as a payee on your current account (use NS&I generic account no / sort code and your direct saver account no as the reference).

    2. from your current account, send any money you wish via faster payment to your direct saver.

    3. once it has arrived there, logon to NS&I and move it instantly to any product you want (eg premium bonds)

    4. to get money out, move the money from eg premium bonds to your direct saver and then withdraw it from direct saver to your current account.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    put in a large amount recently via online, no issues here. Hopefully with everyone emptying their IB, things will have settled down 
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • ChesterDog
    ChesterDog Posts: 1,129 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    eskbanker said:
    If supermarkets can extend their hours to cater for their customers why not NS&I?
    Supermarkets have, unsurprisingly, continued to work from the same premises, a luxury not afforded to numerous other organisations who've had to make significant adjustments to their business processes to accommodate vast numbers of people working from home in an unfamiliar way. 
    And those heavily dependent on manual paper processes are most severely affected.
    I've always operated my NSI transdactions online. Been seamless.  Other than a slight delay when the interest rate cut was first announced. 
    Same here.

    I, of course, accept many people are having problems, but we have many NS&I accounts between us, manage it all online and have never had the slightest problem.
    I am one of the Dogs of the Index.
  • sharp910sh
    sharp910sh Posts: 523 Forumite
    Part of the Furniture 100 Posts Name Dropper
    edited 3 December 2020 at 7:18PM

    I would not touch them with the longest barge pole in existence. I have a similar issue to the OP.

    I tried to close the account and withdraw all my money from the Income Bonds account. When I try it tells me I need to put in my security questions. I try to do that, and gives me an error which I swear I did not set up, never been asked for that before. I try to reset my security questions and it locked my account. I then called NS&I but the lines are busy. After 3 days of trying to call I finally got through. I tell the guy I have been locked out my account and want to take my money out. He tells me he may be able to reset my password remotely but will need to do a credit check or something. I said no problem, go ahead. My credit check fails. He says the only way to reset my password is for him to send me a letter which will be with me within 5-7 working days, I am annoyed at this point by just go with it. A week later the letter arrived and to my shock and horror it is not new details for my password but actually a standard form which I have to complete and post back to them and only after that they will send me another letter allowing me to access my account and reset my password and security questions. WHAT A FARCE! 

    1. Why don't they just do what every bank does (yes I know they are not a bank) and allow you to just withdraw your money once you have signed in. Even if you have forgotten your security questions you should be able to reset it all online! Rather than this backwards system of having to send a letter to them to reset your password and security questions. 
    2. Why the hell did he send me a letter of a form which I could just download online rather than waiting a week to get the form in the post? And why can they just not send me a letter which allows me to reset my password. All this back and forward crap does not make any sense at all!! 

    See the link here the form to reset your security details: 
    https://www.nsandi.com/files/asset/pdf/online-and-phone-service-forgotten-security-details-form.pdf

    And see here all the people who have had the exact same issue as me: 
    https://uk.trustpilot.com/review/nsandi.com

    For those who say it is a one of it is not. Martin Lewis should be ashamed for telling all of us to save with them. Luckily, I realised NS&I were useless when it took 7 days for money to be transferred to my Income Bonds account and how you can use a debit card to transfer money. Very backward. The government is confused one minute they want your money next they do not. I would never ever save with NS&I again! 

  • eskbanker
    eskbanker Posts: 33,541 Forumite
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    Martin Lewis should be assumed for telling all of us to save with them.

    Not sure what word you had in mind there, but neither he nor this site tells anyone to save with any institution, they just share facts about rates and the decision obviously rests with the individual thereafter, hence the caveats at the foot of every page:
    This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.
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