Cashing out premium bonds to Monzo account

BalanceTransferDude

Hi all,

I’ve submitted to cash out my premium bonds online today but given the draw is so close they will be cashed out after the next draw, meaning payment in to my account on 4th Feb according the screen that confirmed that my request had been successful. The cash out calculator on the NS&I site predicts the 3rd. 

Can I ask if anyone has cashed out bonds to a Monzo account and if so, were you able to get the money a day earlier, as per how Monzo normally process payments in to accounts?

I ask because I need the money for a large purchase next Friday so just trying to avoid having any last minute funds drama!

BTD

maxsteam

It's not sensible to use NS&I for last minute funds. They have a few problems with their system. Your money is safe but it's possible that you will need to jump through a couple of hoops and wait an extra day or two to get it.

If you have doubts you should consider whether it's worth missing the next draw.

Thrugelmir

House purchase? 

BalanceTransferDude

Thrugelmir said:

House purchase? 

Yep, that’s correct 

BalanceTransferDude

maxsteam said:

If you have doubts you should consider whether it's worth missing the next draw.

Not sure I can miss the next draw. I wanted to put the request through immediately but it wouldn’t let me cash in until after the next draw because it was so close. 

wiseonesomeofthetime

It will only be available to you at 4pm the day before with Monzo, if NS&I send it via BACS

Thrugelmir

BalanceTransferDude said:

Thrugelmir said:

House purchase? 

Yep, that’s correct 

Personally I wouldn't have been concerned with the draw if exchange was imminent. As you are now in the lap of the Gods. 

BalanceTransferDude

Thrugelmir said:

BalanceTransferDude said:

Thrugelmir said:

House purchase? 

Yep, that’s correct 

Personally I wouldn't have been concerned with the draw if exchange was imminent. As you are now in the lap of the Gods. 

Thanks - I didn’t have an option to skip the draw which I thought was bizarre. I’ve rang NS&I this morning and they’ve said because the draw is so close the only option I have is to withdraw after it’s been done. 

eskbanker

BalanceTransferDude said:

Thrugelmir said:

BalanceTransferDude said:

Thrugelmir said:

House purchase? 

Yep, that’s correct 

Personally I wouldn't have been concerned with the draw if exchange was imminent. As you are now in the lap of the Gods. 

Thanks - I didn’t have an option to skip the draw which I thought was bizarre. I’ve rang NS&I this morning and they’ve said because the draw is so close the only option I have is to withdraw after it’s been done. 

They do say in the Ts & Cs that they won't "usually" sell in the last two working days of the month, i.e. yesterday and Monday this time round, but suggest that this is for their administrative purposes rather than being within the control of the holder:

If you apply to cash in your Premium Bonds in the last two working days of a month, we’ll usually delay the cashing in so your Premium Bonds are entered into the next month’s draw. We do this to allow us to finalise the numbers of eligible Bonds for the draw.