Premium Bond cash-in timing after next draw

intalex

I'm sensing fixed rates are dropping and I have a "pot" pending a ~3-month notice with Paragon.

I am holding onto 2 decent fixed rate options in the form of accounts opened at decent rates with a deposit window valid up to 9th November.

I'm therefore considering cashing in some premium bonds equivalent to the funds currently tied up with Paragon, and using these to take up one of the 2 fixed rate options.

If I were to cash in with the "after 2nd December draw" option, any idea when the funds will actually be received in my linked current account?

I was hoping by 7th November at the latest, to make sure I have enough time to transfer funds across, amidst daily limits, security hold-ups, etc.

Thanks in advance!

Flugelhorn

Can't really give you a definitive answer but I did the whole "fill in the piece of paper, post it, receive a warrant back in the post" 

8 days beginning to end

intalex

My linked account is already set up so it'll be an electronic transfer that I'll be doing, hope someone can share their experience of the same.

refluxer

NS&I have an online 'payment time calculator' which might help...

https://www.nsandi.com/help/manage-your-savings/make-withdrawal-from-savings

It looks like if you give your instruction on 2nd Dec before 8pm, it should be with you by the 6th (in theory)

Swipe

3 working days unless you have a direct saver account where you can transfer PBs immediately to that and then next working day to your nominated account

lohr500

In October, we put in the online request to cash out both my own and my wife's premium bonds automatically after the November draw. Both payments were received into our nominated a/c on the 3rd November.
Based on this, if they take the same time in December, you should be OK.

intalex

lohr500 said:

In October, we put in the online request to cash out both my own and my wife's premium bonds automatically after the November draw. Both payments were received into our nominated a/c on the 3rd November.
Based on this, if they take the same time in December, you should be OK.

Perfect, seems advance cash-in request is faster.

MX5huggy

It is, September 2021 I got it in my account on the 3rd. April 2022 it was not till the 6th, but the 1st was a Friday. 

intalex

6th December indeed for advance cash-in notice (it's showing as pending today, meaning it'll clear tomorrow).