Closing NS&I Income Bond account

tigerspill

I am in the process of moving my cash out of NSI IB.  Does the account automatically close when all the funds are withdrawn?  If not, can anyone advise on the closure process?  
Thanks

someone

I'm curious on closing do you still have access to the transactions online. I tend to keep accounts open just so I have them in online banking if I need to reconcile anything at a later date but Income Bonds require minimum balance of £500 which is more than I would like to leave in the account.

refluxer

tigerspill said:

I am in the process of moving my cash out of NSI IB.  Does the account automatically close when all the funds are withdrawn?  If not, can anyone advise on the closure process?  

I closed my account online when the rate dropped back in November without any issues. From memory, I think I simply requested the final balance and it arrived in my nominated bank account the following day, with the final interest payment added. There may have even been a message on the withdrawal request screen to say that would happen, so you could always take a look.

refluxer

someone said:

I'm curious on closing do you still have access to the transactions online. I tend to keep accounts open just so I have them in online banking if I need to reconcile anything at a later date but Income Bonds require minimum balance of £500 which is more than I would like to leave in the account.

No, you no longer have access to the Income Bond account details or transactions once the account is closed. I also used to receive statements in the post following any transaction, so have access to those if they've ever needed.

StephenM_2

refluxer said:

someone said:

I'm curious on closing do you still have access to the transactions online. I tend to keep accounts open just so I have them in online banking if I need to reconcile anything at a later date but Income Bonds require minimum balance of £500 which is more than I would like to leave in the account.

No, you no longer have access to the Income Bond account details or transactions once the account is closed. I also used to receive statements in the post following any transaction, so have access to those if they've ever needed.

I had a Guaranteed Income Bonds account which I closed in May 2020.
In July 2020 I opened an Income Bonds account which I closed at the start of October 2020.
In November 2020 I opened a Direct Saver account for the purpose of shuffling £500 back and forth for Halifax rewards.
I can still see the statements of the 2 closed accounts despite the gaps when I didn't have any accounts.

refluxer

StephenM_2 said:

I had a Guaranteed Income Bonds account which I closed in May 2020.
In July 2020 I opened an Income Bonds account which I closed at the start of October 2020.
In November 2020 I opened a Direct Saver account for the purpose of shuffling £500 back and forth for Halifax rewards.
I can still see the statements of the 2 closed accounts despite the gaps when I didn't have any accounts.

That's odd. I don't have any experience of the guaranteed growth bonds, but I've just checked and there is definitely no trace of my Income Bond account which I don't find too surprising, as I don't think I've ever had an online account where I've been able to access details after it's been closed and that one requires a minimum of £500 to stay open.

StephenM_2

The statements are under "Your Profile", then "Your Document".
Also under "You Messages", there are messages that say the statements will be available for up to 24 months.

refluxer

StephenM_2 said:

The statements are under "Your Profile", then "Your Document".
Also under "You Messages", there are messages that say the statements will be available for up to 24 months.

Ah - I've not spotted that section before, so was just looking at the main account summary page. Thanks for the heads-up on that.

I don't actually have any online documents for my old Income Bonds because I'd never moved to the 'paperless' option for that account, due to the number of transactions (and therefore paperwork) being fairly minimal. I guess, therefore, that my statement above about not being able to access the IB transaction details after closure only applies to those others who also hadn't selected the paperless option for that account