Cash ISA transfer ex NS&I

GrubbyGirl_2

eskbanker said:

GrubbyGirl_2 said:

It takes NS&I 8 days to pay premium bond winnings into their own direct saver account.  They are the slowest provider ever

They're the only provider of premium bonds!

It's not a particularly meaningful comparison - the fact that they distribute PB winnings on the sixth working day of the month doesn't really mean that it 'takes 8 days' as such, it's a scheduled monthly activity for the 3m prizes regardless of where the money's going.

Having said that, it's undoubtedly hard to defend the timeliness of some of NS&I's practices, but citing PB winnings distribution doesn't seem a particularly relevant stick to beat them with in the context of a thread about ISA transfer timescales....

You had a bad day?

TheWoodler

It was very reassuring to hear from previous posters that my experience of slow payment by NS&I isn’t unusual, but depressing at the same time! 

I am very pleased to report that the money has finally landed with my new provider. 

It seems that the cheque literally got held up in the post! I can see that a cheque payment for the correct sum is recorded now, so just have to wait for it to clear. I know the interest will be backdated, so that’s OK. 

I must say I fairly boggled at a transfer by cheque when BACS is not even a new-fangled idea and it does seem both slow and insecure. 

There are other ways that NS&I could up their game - e.g. in the accessibility stakes (a special interest of mine) and so they do give a somewhat antiquated impression all round. About time they joined the 21st century. 

Bigwheels1111

The issue I have found is all the banks,  building societies and savings accounts have their own procedures and no 2 are the same.
Over the last 6 weeks I’ve moved 2 very large Money transfers from Marcus to Ford Money, Nationwide to First Direct and onto Tandem and Chase etc.
Chasing higher interest rates.
Nationwide is £9999.99p a time, as many as you want in a day.
First Direct £49999.00 a day.
Chase £25k.