Cashing out NS&I Premium Bonds - which day of the month?

Tragen

I want to cash some of premium bonds to put into a s&s ISA before the 6th April.
If I withdraw 20k from my premium bonds on the 1st April, will those bonds still be entered into the draw with the results on the 2nd April?
Is the first of month the best day to withdraw? Theres plenty of info in the NS&I product PDF about qualifying when you buy bonds, but not so much about the rules regarding selling/cashing them.
Any help or links appreciated.

eskbanker

I think when this subject came up before, it was established that there's no way to have bonds in the April draw and then the proceeds to reach an ISA before the end of the tax year, given that PB withdrawals aren't instantaneous and April 1st being the last working day of the tax year this year....

Edit: yes, https://www.nsandi.com/help/manage-your-savings/make-withdrawal-from-savings#payment-timeline-calculator confirms that even with a withdrawal instruction on 31 March, the proceeds wouldn't reach the destination account until 7 April (because of the four-day Easter holiday weekend).

Tragen

Thank you, thats good to know, I'm glad I asked as I was going to try and time it!
While it's bad news, it's also good news as I can now relax a bit and withdraw now.
How frustrating though.

Tragen

I asked Starling to clarify when they would make the money available in my account if a bacs payment is made on the 1st, and the customer rep was like mystic meg; "it depends on this" "it depends on that" ... "it could  be the 6th or 7th" ... ok, so it could be the 6th if.. what? "it depends". "it could be a day either side of the 7th" and then finally "it depends on the processing date which depends on the payee"...

jscol

I'm glad this came up. I was planning the same thing. However in some ways I'm quite relieved to hear that I can avoid the stress of trying to move cash to beat a deadline. 

eskbanker

My understanding is that BACS is a three working day process, regardless of sender and recipient, so they'll always arrive on the second working day after the one on which they're sent, i.e. send on WD 1, arrive on WD 3.  Therefore a BACS payment initiated within working hours on 1 April (2021) will arrive on the 7th, regardless of which institution it's sent to....

Tragen

eskbanker said:

My understanding is that BACS is a three working day process, regardless of sender and recipient, so they'll always arrive on the second working day after the one on which they're sent, i.e. send on WD 1, arrive on WD 3.  Therefore a BACS payment initiated within working hours on 1 April (2021) will arrive on the 7th, regardless of which institution it's sent to....

With Monzo, I get the money the next day at 4pm. Obviously this is up to monzo, butnext1 working day is better than 3. Unfortunately I dont have monzo set up with NS&I