Who gets NS&I interest during 3 day BACS transfer out of NS&I?

I'm curious :)

NS&I large payment transfer out was requested online on the 27th, BACS payment left my NS&I account on the 28th, and was credited at the receiving bank on the 30th.


Who gets the interest on the missing days?

«13

Replies

  • eskbankereskbanker Forumite
    24.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    What makes you think that money in transit earns interest?
  • FlugelhornFlugelhorn Forumite
    4.2K Posts
    Tenth Anniversary 1,000 Posts Name Dropper
    Forumite
    the money isn't "anywhere" to earn interest
  • km1500km1500 Forumite
    660 Posts
    500 Posts Name Dropper
    Forumite
    Well it is "somewhere", but not in an interest-bearing place.

    Now if the OP had asked 'who gets the financial benefit' then that would be different.
  • SwipeSwipe Forumite
    4K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    Depending on how large the sum, it might have been better to do it in £50K chunks for next working day arrival.
  • edited 30 November 2022 at 7:36PM
    Mutton_GeoffMutton_Geoff Forumite
    3.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Forumite
    edited 30 November 2022 at 7:36PM
    How large an amount? Even on £100k, you've only "lost" £10 (£5 a day).

    Try Premium Bonds, you get burned on the way in and again on the way out!
    Still puzzled after 17 years on MSE why people sign up and post to find solutions to problems they could have easily avoided by searching the forums in the first place.WD40 is not a panacea or lubricant. Stop spraying it everywhere!
  • SwipeSwipe Forumite
    4K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    How large an amount? Even on £100k, you've only "lost" £10 (£5 a day).

    Try Premium Bonds, you get burned on the way in and again on the way out!
    Not if you cash them to a direct saver and then withdraw them for arrival next working day
  • EconommeEconomme Forumite
    2 Posts
    First Post
    Newbie
    Thanks all - your answers (/interest) brought a smile to my day.


    'financial benefit' would have been a better term,

    and the opening post was not asking really for my one transaction, but for the aggregate of many NS&I customers who transfer their own money out of NS&I,
    and also out of curiosity for the Gus Gorman/Superman III, top/salami slicing, coin clipping implications that those missing days could represent, in this modern age of instantaneous transactions and ethical banking.
    :)

    (and please don't mention non-transferable road tax)

  • edited 3 December 2022 at 7:34AM
    masonicmasonic Forumite
    20K Posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Forumite
    edited 3 December 2022 at 7:34AM
    With overnight SONIA rates up near 3%, NS&I probably is able to make some money from the balance of their holding account, although only for 2 days, probably a little under £2/£10,000. More if spanning a weekend.
    I don't think there would be any practical reason why NS&I could not use Faster Payments for these transactions, so their continued use of BACS will be driven by inertia. Then again, their revamping of their logon process has left a lot to be desired, so perhaps some things are best left alone.
Sign In or Register to comment.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 in bonus points

MSE News

Ask an Expert: Scams

Watch MSE Katie's answers to your questions

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals