NS&I Premium Bonds Transfer Time to ISA?

MoneyMan01

I moved £50,000 from my ISA late last year over to NS&I Premium Bonds, If I understand it correctly, to keep my tax wrapper, I need to move the £50,000 of NS&I Premium Bonds back to my ISA before the 5th of April?

I can then, on the 6th April, move them back into NS&I Premium Bonds.

Does that sound correct?

What my thinking was, is that I was hoping to still be in for the April draw, so I was going to leave the £50,000 in NS&I Premium Bonds until the 1st of April.

I've looked on the NS&I site but I couldnt'f find:

- When the draws are made?

- How long a transfer out would take?

- Do I have to leave £500 in there so I can transfer back in on the 6th April?

Has anyone transferred out of NS&I and can confirm how long it took for funds to arrive on your account?

Does all of the above make sense and is that correct?

eskbanker

Presumably your ISA is a flexible one, otherwise you can't pay £50K into it in one go?

Unfortunately you're not going to be able to participate in the April draw (on the 1st) and still get your money back into the ISA by the end of the tax year, largely because the Easter weekend interrupts that plan this year (it should normally work).

https://www.nsandi.com/help/manage-your-savings/make-withdrawal-from-savings has a calculator feature that shows the projected date on which withdrawals will reach your linked account.

ranciduk

The other week I made a small transfer out of my PB’s

took about 3 days I think...

MoneyMan01

Thanks both.

My ISA is a flexible one yes. I have checked with the bank and I was free to transfer the larger sum out and back in again, as long as it goes back in before the next tax year (so I keep the amount I've built up).

I wasn't aware of that calculator but that is saying if I withdraw on 1st April it won't be in the account until the 7th, so like you say, no good on this occasion.

Hmm. Not sure what to do then, I mean I may as well just transfer the money in Premium Bonds to my instant saver once the March draw has taken place, and then to my ISA before 5th April (so I'll be getting something on the money), as the instant saver have said the amount will show in the other account within 24 hours.

pbartlett

Yes your solution sounds like the best thing to do. Transfer after the March draw. Depending on the interest rate, tax position etc you could transfer it from the instant saver to the ISA immediately or wait until early April

pbartlett

Found this - not very helpful but the 'unless' may imply maybe if you tick the box to 'cash in after the next draw' you might get the money quicker?

How long does it take to cash in Premium Bonds?

According to NS&I, it takes up to eight working days for the money to reach your account, unless you have elected to cash in after the next draw.

MoneyMan01

Hmm, I could check with them.

Is there a live chat for NS&I? To save having to hang on the phone for ages?

eskbanker

pbartlett said:

Found this - not very helpful but the 'unless' may imply maybe if you tick the box to 'cash in after the next draw' you might get the money quicker?

How long does it take to cash in Premium Bonds?

According to NS&I, it takes up to eight working days for the money to reach your account, unless you have elected to cash in after the next draw.

I'd interpret that the other way round, i.e. that if you choose to cash in after the next draw then it'll usually take longer (deliberately).  Realistically there's no prospect of OP getting the proceeds into another account soon enough, given that the day of the draw is the last working day of the tax year this time round....

pbartlett

what the op really needs is someone in eg family who can lend 50k overnight to put in and out of the isa leaving the pb money undisturbed

MoneyMan01

Just spoken to them via Twitter. Basically cannot be done by waiting for the April draw. Has to be moved before then so it shows in the ISA before 5th April.

MoneyMan01

pbartlett said:

what the op really needs is someone in eg family who can lend 50k overnight to put in and out of the isa leaving the pb money undisturbed

Any takers?