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

maisie_cat

I only put my money in income bonds in June, and withdrew money over a few weeks recently. I had one issue where there was an odd security question that I could not possibly have created, they sent me via old fashioned mail a link and I created a new password. That delayed things by a week, but not the end of the world. I suspect that people with old savings vehicles might have a problem if they cannot remember passwords but as others have said, a small minority.

sharp910sh

As I said many times before I not the only person facing this issue. Other banks either send you an email to reset your password or send you a code to your phone via text. None have ever asked me to send a form back and forth to get my password. It is lucky I do not need the money if I did I would be in trouble. 

I have had many bank accounts, loads and ever faced this issue. You may think it's trivial and safe guarding my money but it's just backward. I can right now transfer £20k from NatWest (example) to my other bank accounts with just my password or fingerprint on my mobile phone no need to waste my time and answer two security questions and if I get them wrong have to wait two weeks to reset my password using the post. 

I think people need to be aware of the pitfalls of NS&I and do not chance an extra 0.1 percent interest because Martin Lewis recommend. Whether or not his advice is advice or whether he says you should seek independent financial advice. 

 

virenque

sharp910sh said:

I hope Martin Lewis has his savings here and will see what happens when he tried to take it out.

I think Martin Lewis has circa £5m in Vanguard Lifestrategy! :-:wink:

colsten

sharp910sh said:

I hope Martin Lewis has his savings here and will see what happens when he tried to take it out.

He almost certainly doesn't but it's not really relevant anyway. It is not his responsibility where you keep your money, and it's your decision what you do with your money. As is plastered all over this website: "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."

Thrugelmir

In a few weeks this storm in a teacup will have passed. Something else will be making the news. 

colsten

Thrugelmir said:

In a few weeks this storm in a teacup will have passed. Something else will be making the news. 

Strictly Come Dancing finals.....

sharp910sh

He didn't just say save with NS&I on this website he also was saying the same thing on his ITV show. No point blindly recommending places to save your account for an extra 10p per £1000 when the customer service is not good. 

colsten

sharp910sh said:

He didn't just say save with NS&I on this website he also was saying the same thing on his ITV show. No point blindly recommending places to save your account for an extra 10p per £1000 when the customer service is not good. 

Best to complain to Martin Lewis himself if you are unhappy with him. He doesn‘t read this forum.

masonic

sharp910sh said:

He didn't just say save with NS&I on this website he also was saying the same thing on his ITV show. No point blindly recommending places to save your account for an extra 10p per £1000 when the customer service is not good.

Blindly following things you read or see in the media is not a good idea. Research the top recommended products before you leap and if they are not suitable for your personal circumstances and priorities, then choose something else.

The information about the poor customer service was out there, for example look at some of these reviews going back to early 2017: https://uk.trustpilot.com/review/nsandi.com?page=54

joe smith wrote on 15 Aug 2017: "I wanted to withdraw funds from my premium bonds to my bank account, It asked me 2 security questions, to which I know dam well 100% I gave the correct answers to, but it persisted in saying I'd given the wrong answer to 1 of the 2 questions. I made 2 attempts and contacted the customer service as I knew a 3rd wrong attempt would result in my getting my account frozen. The customer service was nothing short of utterly useless. I was told all I could do was to make a 3rd attempt, and hey presto guess what, it claimed one of my answers was wrong and froze the account. So now I've got to wait up to 5 working days for a temp password. Why the h*** couldn't they reset it over the dam phone! utterly useless. I'm sure I'm not the only person to have this problem, b****y sort your security question c*** out!"

Sounds eerily similar to your own issue.

jsmith9

"What happened to modern technology where they send you a text with a code to reset your password, to allow me to do this instantly. "

Actually, I have rather a lot of money is NS&I (premium bonds) and I don't want my password to be able to be reset by sending a text, thank you very much. The more difficult an institution makes it for me to reset security details, the happier I am with them. That is one reason why I also bank with FD who are notoriously suspicious when people call up and are unable to answer security questions that they themselves set up ....