NS&I - buying premium bonds using funds from income bonds, and timing

intalex

I happened to speak to an NS&I agent a few weeks ago who advised there should be an option in online banking to buy premium bonds using funds from income bonds, but having tried online the only option I can see to buy premium bonds is to pay using a debit card. Anyone else managed to do this, and if so, how so and how long did it take for the premium bonds to be active? Trying to get it done by the end of the month (Wednesday) for obvious reasons. Thanks in advance!

isasmurf

There's a form on the main website to move from another nsi account to premium bonds
https://forms.nsandi.com/gateway/online-forms/index#/form/switch-premium-bonds-myself

intalex

Very useful spot, thanks. Just tried this form, but it doesn't provide an option to specify a nominated account. Any idea if it would simply inherit the same nominated account as the source (i.e. income bonds in my case) or will the application get stuck until this is communicated separately (presumably via letters/forms by post)?

Swipe

intalex said:

Very useful spot, thanks. Just tried this form, but it doesn't provide an option to specify a nominated account. Any idea if it would simply inherit the same nominated account as the source (i.e. income bonds in my case) or will the application get stuck until this is communicated separately (presumably via letters/forms by post)?

It should default to payment by post if maxed out, if not winnings should reinvest. You can update your nominated account for the premium bonds online as soon as they have been transferred.

intalex

Thanks, there was an option to reinvest on the switch form but I didn't select it, so I guess the default will be cheque-link warrant by post as you say. I've filled out the switch form today, hopefully they process it by Wednesday to make the early October draw, then I can check and add nominated account details via online banking if indeed it hasn't already inherited these from the income bonds.

intalex

Nothing actioned so far today. Anyone know how quickly they process these online switch requests?

intalex

Switch got completed in the last couple of hours, hopefully that means it'll make the October draw.