NS&I Income Bond question

fly-catchers

When the Income Bonds rates dropped I transferred the bulk of it to PB leaving £500.24 in IB waiting for the last interest to be added. On the 3rd of December I got three entries 
Interest adjustment £0.11
Interest capitalisation £9.83 which brought my IB up to £510.18
But them it lists Interest payment to IB minus £9.94 with my current balance standing at £500.24 again!
I thought the interest should have been added to my Direct Saver account which I left open with £2 in it. But it still stands at £2. So where has the £9.94 gone! Also when I tried to close the IB account to move that to PB hoping this missing interest would appear it told me it couldn't complete the transaction and to phone them! As its not a freephone number and when I last phoned for something else and was put into a queue for over 30 minutes don't want to have to phone unless I really have to! Any ideas what's happened  to the interest!     

noh

Interest is normally paid into your nominated account as it would have been done every month previously.

fly-catchers

noh said:

Interest is normally paid into your nominated account as it would have been done every month previously.

The nominated account is my direct saver. But its not there. And it suggests from the transaction history it has been paid into the IB! But I only have one IB account and of course it doesn't keep the interest! So where is it! Judging from all the comments on this forum am assuming they are experiencing web site glitches! 

dfchk

Same issue here. Previous months transactions show "Interest capitalisation" & "Income payment to Direct Saver".
This month it shows "Income payment to IB"
It appears to have been directed to a temporary holding account??
I had to go into "view account" for the Income Bonds, then "change details" and re-select Direct Saver as the nominated account.
It appeared straight away into the Direct Saver.

Niv

Same here. Did as dfchk suggests above and it transferred right away.

fly-catchers

Many thanks dfchk that worked straightaway. And now it allowed me to close the Income Bond as well..  

Bell98

Thanks dfchk. I was waiting for days for the bond interest to turn up as Saturday was interest day which means it might be paid sometime this week! Logged into Bonds - Change Details and my nominated account was one I'd never seen before. Changed it back to Direct Saver where it had been and the money was in there instantly. Many thanks again. Like fly-catchers I'll now close the IB as well.

Bell98

Just following this up. Other members of our family have Bond accounts and their interest hasn't been paid either. We logged into each of these accounts and everyone's Bond interest is going into a weird account "National Savings and Investments **** " then 4 numbers we can see. Strangely every Bond account we have the interest is now being paid into " **** " with exactly the same 4 last numbers. What are they up to ?

cricidmuslibale

Perhaps NS&I are all too aware of massive amounts of money being removed from them with, in particular, closure of Income Bonds accounts since (and also a lot of money before) 24th November and have thus "accidentally" devised a subtle way of temporarily holding on to some of this Income Bond money for a few days / weeks longer? It could be that the total amount presently being withdrawn from NS&I (including from maturing Guaranteed Growth and Guaranteed Income Bonds from this December onwards) is even more than they anticipated, possibly significantly more, because most NS&I savers are more 'alert' when it comes to huge interest rate cuts than NS&I expected them to be!

cricidmuslibale

As it happens, I also had exactly the same problem mentioned above with my (tiny) Premium Bond winnings this month which were also going to go the same holding National Savings and Investments account; that was until I told my Premium Bond Account for the 2nd time to send any money I'm fortunate to win each month to my nominated bank account.

slotnicki

I have had an identical issue.  I noticed that the interest from my income bond which was capitalised on 3 December had never been transferred to my direct saver.  I have just called NS&I who suggested that the payment to my direct saver was ‘pending’.  When I queried why it was still pending 11 days after capitalisation, they put me on hold and then came back saying that they would make the transfer manually.  When I queried whether an error had been made, they said no, but mentioned ‘systems problems’ at the time.  I would suggest giving them a call - it’s very concerning.