NSI Guaranteed Income Bonds - payment problem

kantblue

Hi - having finally decided to invest in NSI Guaranteed Income Bonds - I go to the NSI website and register for a new account, I'm asked how much I want to invest during this process. At the end of the setup I'm asked to pay by DEBIT card (which is the only payment option) but my debit card has a daily transfer value which is lower than the cost of the bonds so the payment is declined.

NSI can't help as they can only take a single payment in one go for the whole amount - at least that is what they told me?

My bank won't help as they say they can't increase the transfer value (money laundering regs etc).

The only solution is to split the purchase of the bonds into smaller chunks which is not ideal.

This seems crazy to me - I am unable to move my own money?

Anyone come across this before with NSandI Guaranteed Income Bonds?

I'm wondering if this is because I am opening/setting up a new account from scratch?

kantblue

auser99

You say splitting into separate bonds isn't ideal.
But as a workaround it gets you the same result?  £xxx, guaranteeing £xx interest?

Thumbs_Up

See that as a blessing, I think you are diving in to early at 3.90/3.97%.

I am waiting for the green savings bond to go up, currently 4.20%

The way I’m going to do it is transfer a large sum of money from my income bond I have currently @ 2.89% to the green savings bond. I can wait a bit for them to get their  *rses in gear.

Band7

Can you open a Direct Saver, make multiple deposits into it until you have reached your desired amount, then transfer it into the green bond?

BTW, what attracts you to the green bond?

Thumbs_Up

Band7 said:

BTW, what attracts you to the green bond?

Is that a question for me?

Swipe

Band7 said:

Can you open a Direct Saver, make multiple deposits into it until you have reached your desired amount, then transfer it into the green bond?

This is the best solution for opening a single bond, but the only downside is NSandI takes about 7 days to clear your debit card transaction so it may take a while. However, you'll still get 2.85% in the direct saver from the minute you make the transaction while you wait for your funds to clear.

Band7

Swipe said:

Band7 said:

Can you open a Direct Saver, make multiple deposits into it until you have reached your desired amount, then transfer it into the green bond?

This is the best solution for opening a single bond, but the only downside is NSandI takes about 7 days to clear your debit card transaction so it may take a while. However, you'll still get 2.85% in the direct saver from the minute you make the transaction while you wait for your funds to clear.

If you want a faster clearance, deposit by bank transfer.

Band7

Thumbs_Up said:

Band7 said:

BTW, what attracts you to the green bond?

Is that a question for me?

It is a Q for the OP. But if you are also attracted by it, please share if you can.

BooJewels

I think the best method is going through a Direct Saver as has been suggested and just take your time over it  - it seems to be the only direct method of transferring funds into a G I B from within NS&I.  

I had money in an ordinary Income Bond I wanted to move to the one year GIB and the only method of doing that is to fill in and post a paper form to them.  Very long and preposterous story short, in the end it took 6 weeks, but thankfully they paid me interest from the day I expected the original form to reach them.

They're supposedly charged with attracting more investment, but as an organisation, they're hard to like and get on with. My unmarried sister got snagged up in a security issue when they wanted her spouse's mothers maiden name, which they claimed she'd given when opening the account (she had noted what she'd given).  They just couldn't comprehend how she didn't know it. "I've never even had a spouse" was unfathomable to them.

Swipe

Band7 said:

Swipe said:

Band7 said:

Can you open a Direct Saver, make multiple deposits into it until you have reached your desired amount, then transfer it into the green bond?

This is the best solution for opening a single bond, but the only downside is NSandI takes about 7 days to clear your debit card transaction so it may take a while. However, you'll still get 2.85% in the direct saver from the minute you make the transaction while you wait for your funds to clear.

If you want a faster clearance, deposit by bank transfer.

I'd never recommend a deposit by bank transfer to NSandI. If something goes wrong it's not worth the hassle over 7 days clearance wait time 

Band7

Swipe said:

Band7 said:

Swipe said:

Band7 said:

Can you open a Direct Saver, make multiple deposits into it until you have reached your desired amount, then transfer it into the green bond?

This is the best solution for opening a single bond, but the only downside is NSandI takes about 7 days to clear your debit card transaction so it may take a while. However, you'll still get 2.85% in the direct saver from the minute you make the transaction while you wait for your funds to clear.

If you want a faster clearance, deposit by bank transfer.

I'd never recommend a deposit by bank transfer to NSandI. If something goes wrong it's not worth the hassle over 7 days clearance wait time 

Bank transfers don't take 7 days to clear, and there is no reason to believe anything would go wrong. The instructions are clear, and the usual initial belt & braces £1 deposit removes any reason for misdirected payments.