Recent experience with NS&I?

ChilliBob

Hey guys, 
I'm fully aware NS&I have been a bit of a nightmare recently!.. I've only got premium bonds with then, but to secure some more cash their accounts would be usefull.

Just wondering if anyone has any recent experience of them and if its improved somewhat of if its still dicey!

E. G. The money I'd put on there might be for a house purchase or a tax bill etc so I may want to get to it reasonably quickly (but not like easy access quick) 

HansOndabush

Who can say? I've had bonds repaid OK but it was all online. It took my daughter about 3 months to get money out of premium bonds due to various issues with new address, phone, getting a security question wrong (according to NS&I) and having to deal by post once you get locked out of your account. If you might need money quick, put it somewhere that has a local branch where you can go in and thump the counter.

lr1277

Back in November when NS&I dropped the rates on their income bonds, my mum had no difficulty in getting her money.

Based on advice from this forum to set up the accounts, she opened a direct saver and then used most of that money to fund the income bonds.

So on getting the money out, the moved the to the direct saver in a matter of minutes. Then withdrew most of the money from the direct saver straight after. The money was in her current account 2-3 days later.

ChilliBob

Thank you both, that's given me mixed feelings now but a bit more positive. I think I'll open, fund with a bit and try moving about a hit before going in too much. 

So in essence open two accounts, 'direct saver' which I guess is basically functioning almost as a current account really, and used go accept funds, fund other products, and then draw from. So externally interface only eith this account, then when in NS&I move as appropriate. 

Thanks both

ChilliBob

Actually on reflection, the direct saver is all that's worth opening! 

colsten

I have been using NS&I online quite regularly, making both, deposits and withdrawals. I also withdrew a maturing bond recently. Apart from the well-known annoyance that debit card deposits take a week to clear (but get interest from day of deposit), there have been absolutely zero problems.

The horror stories I have seen usually involved ISA transfers, people who sent withdrawal requests by post, or people who could not remember some or all of their online credentials and security questions. In other words, anything that required the intervention of a person at the NS&I end.

I would recommend you re-confirm you have a full functional online access (incl. withdrawals) to your NS&I Direct Saver before you deposit major funds, and that you make sure you remember your password and all your security questions as these are needed for each withdrawal. I would also recommend that you never contact NS&I CS for anything that can be done online (which is just about everything you'd possibly want to do with any of your NS&I accounts).

ChilliBob

Nice, jinxing it now but I tend to be okay with that, I use LastPass as well. I have funds spread out in Lloyds, NatWest, Barclays doing nothing so I may as well move some across (other savings avenues have been mostly exhausted tbh) 

pbartlett

I also have been using NS&I for many years with zero problems. Never had to call them. I just log on, move money around accounts and withdraw if I want. I fund NS&I via faster payment from my bank to my direct saver - never been anywhere near a debit card with them

ChilliBob

Just opened the account, direct saver that is, which required debit card payment, so I put 5k on it. So I'll probably have to wait till this time next week for it to appear I guess! 

Faster payments from now on then! 

colsten

ChilliBob said:

Just opened the account, direct saver that is, which required debit card payment, so I put 5k on it. So I'll probably have to wait till this time next week for it to appear I guess! 

Faster payments from now on then! 

It should be showing as a pending payment now, and it will take an entire calendar week to clear. You will, however, get interest (the little there is) from today. If you use faster payments, your money is cleared more quickly but you don't get interest from the moment you have sent the money.

You obviously cannot withdraw any money before it has cleared. I don't suppose you are planning on withdrawing just yet, but I would suggest a small test withdrawal (£1 or so) once cleared would be a good idea, just to make sure you can withdraw without problems.

ChilliBob

Yeah, I'll be sure to have a play with my nominated account and make sure I'm comfortable with it before putting more in there. Thanks for the advice.