NS&i quickest way to fund P.B and direct saver acc.

trickydicky14

Looking for a quick answer, my partner wishes to purchase £30,000 of P.B, she currently has a direct saver with NS&i.
Am I correct in saying, using a debit card or a bank transfer both will take around 5 working days to clear so no quicker way to move the money?
Second question:
Do you think Halifax or Santander would have a problem if my partner moved the £30,000 all in one go as the last thing we want is the account to be blocked.
Thanks for any help.

sparkyspark

Can I move money from another NS&I account to Premium Bonds? Premium Bonds (nsandi.com)

Yes! Just fill out a quick online form and we’ll get it sorted for you. Be sure to have the details of the account you want to switch from to hand.

Switch to Premium Bonds – for myself

Only use if switching from another NS&I account or Investment

Switch to Premium Bonds – for a child under 16

Only use if switching from another NS&I account or Investment

Prefer the post?

It will take a bit longer, but you can still download and send us a paper form in the post.

Forms for our accounts

Buying online

You can buy Premium Bonds online using our secure online system. Please have your debit card details at the ready.

Buying over the phone

You can call us all day, every day. Please have your debit card details ready. (Please note: if you’re buying Bonds for someone else’s child, you can't buy them by phone. We don't accept credit card payments.)

lr1277

Surely it doesn't matter at this time in the month. If the PB's are bought before the end of February, they will be first entered into a draw in April.

It is currently mid-February. So more than 5 working days to the end of the month, if the bonds are required for the April draw.

Am not sure about this, but somebody else might advise, I suspect, if you apply for the PB's before the end of the month and elect to pay by debit card, it doesn't matter when the money reaches NS&I. So it may be possible to apply on 28th Feb and still have the bonds in time for the April draw.

lr1277

Sorry I should have added, when apply by the 28th, I meant apply on their website and supply your debit card details as part of that applicaiton. If you use a postal application, then all timescales are off.

The other thing is, if you fund the PB's from the direct saver, it is possible the return route for the money will be back through the direct saver. You will need to check where you want any winnings paid, and also how you want the money returned as part of the application.

ChilliBob

If you're worried about moving 30k in one lump, it'll either work first time, or they'll reject it or hold it. If they do hold it they it's only a call to get it released, but this can be a pain!

£10k seems to slip under the radar better in most banks I've been moving stuff around with, so perhaps try that first, three chunks.

From memory NatWest didn't kick off when I did the whole 50k in December. 

Vortigern

If aiming for the end of February, bear in mind that 27th and 28th are not working days.

steve_IOW

I've transferred £30,000 in the past to Premium Bonds, always done it by Internet banking transfer from Nationwide,(Faster payment) in £10000 chunks ,  and never had a problem. hope this helps.

colsten

trickydicky14 said:

Do you think Halifax or Santander would have a problem if my partner moved the £30,000 all in one go as the last thing we want is the account to be blocked.

Halifax phone and online limit is below £30,000. You might be able to make 2 x £15,000 on same day, or £14,000 and £16,000 etc.

Santander does more than £30,000 over the phone, at no charge. I have done this before. It involved them having to call me back to confirm I really meant it but the payment was made on the same day. You could probably also set up a one-off standing order for £30,000.


All banks are likely to make extra checks when a one-off large payment gets made. You'd expect them to. Or may be you wouldn't, but I would 

ranciduk

TSB wouldn’t even move £5k for me yesterday without a 20 minute interrogation...

trickydicky14

Well, that was fun my partner logged into her NS&I account and started the process of getting some PB.

Each page she filled out her info and would then get logged out, she did this four times and gave up.

Then she attempted by just going to the website and clicking on PB, she was then told to log in so she did and this time it worked most odd.

As soon as she had purchased the PB she was again logged out.

Logged back in and nothing to show she had just purchased any thing and two hours later she had hoped to have received an email just to say its all in hand but nothing is this usual?

All she has is a pending message posted on her bank account.

I'm sure its all ok but its a strange way to go about things.

MX5huggy

I set up the PB account with £100 in August (6th) then funded it with £15000 on the 26th using debit card on the NS&I site. From Santander 

Yesterday I used faster payments left and arrived in moments. 

The only check I’ve had on Santander was buying a car privately they made me wait an hour to authorise the transaction, but it was done by text.