NS&I Direct Saver withdrawals question

allegro120

I've opened this account 8 days ago.  Made a series of debit card deposits, all cleared, now trying to make a withdrawal, but it wouldn't let me. It says "available -£1".  Is there some sort of curfew not allowing to withdraw within certain period from opening the account? Some building societies have 14 days curfew, but I couldn't find anything of the kind in NS&I's T&Cs.  Did anyone else experienced this problem with NS&I? 

PloughmansLunch

NS&I debit card payments take ages to clear - Faster Payments usually show after a few hours. Payments I made by card on the 3rd of May are only just accessible today, they weren't yesterday.

Band7

You can shave off a day if you check around 22:30 the working day before you expect to be able to withdraw. If you withdraw then, you get your money sometime early afternoon the next working day. Quite unsuitable if you are after an instant-ish access account.

Worth remembering though that they pay a bit of interest on card deposits from the day of deposit, so it's not all bad. 

km1500

I always pay into my DS by faster payments from current account

Flugelhorn

I've only done faster payments and they get there very quickly - suspect the card makes it slower

allegro120

Thank you for your replies. I only use it for RBS/NW double round ups and to get a fiver from TSB, so faster payments won't be of any use for me.  The interest on this account is too low for me to use it for raison d'être. I'm not desperate for immediate withdrawal, just wanted to test if I can actually withdraw without making phone calls, sending letters and other hassle whatever it might be. I never knew that debit card deposits can take that long to arrive... I guess I'll just have to try again on Monday.

Band7

allegro120 said:

Thank you for your replies. I only use it for RBS/NW double round ups and to get a fiver from TSB, so faster payments won't be of any use for me.  The interest on this account is too low for me to use it for raison d'être. I'm not desperate for immediate withdrawal, just wanted to test if I can actually withdraw without making phone calls, sending letters and other hassle whatever it might be. I never knew that debit card deposits can take that long to arrive... I guess I'll just have to try again on Monday.

If you want faster turnaround times, you have the likes of Revolut where it can be instant. These fast boys are also likely to be a lot less tolerant of the recycling you are doing, so bite your tongue and stick with NS&I.......

allegro120

Band7 said:

allegro120 said:

Thank you for your replies. I only use it for RBS/NW double round ups and to get a fiver from TSB, so faster payments won't be of any use for me.  The interest on this account is too low for me to use it for raison d'être. I'm not desperate for immediate withdrawal, just wanted to test if I can actually withdraw without making phone calls, sending letters and other hassle whatever it might be. I never knew that debit card deposits can take that long to arrive... I guess I'll just have to try again on Monday.

If you want faster turnaround times, you have the likes of Revolut where it can be instant. These fast boys are also likely to be a lot less tolerant of the recycling you are doing, so bite your tongue and stick with NS&I.......

Yes, I will do.  The speed of withdrawals is not very important in this case.  Similarly with low interest Moneybox and Ecology which I use for DDs, I don't mind once a month or twice per year limitations for small sums involved.

ForumUser7

Band7 said:

You can shave off a day if you check around 22:30 the working day before you expect to be able to withdraw. If you withdraw then, you get your money sometime early afternoon the next working day. Quite unsuitable if you are after an instant-ish access account.

Worth remembering though that they pay a bit of interest on card deposits from the day of deposit, so it's not all bad. 

Genius - thank you! I had a card deposit due to be available for withdrawal tomorrow. I’ve just logged on and have been able to request it today, and it says it should arrive tomorrow