NS&I 1 Year Guaranteed Growth Bonds and Guaranteed Income Bonds at 6.20%

ColdIron

Rudyson said:

ColdIron said:

Swipe said:

Issue 72 is not available to open yet from within my account. I'll try again tomorrow.

I got as far as the payment section when I stopped as I won't have the cash until tomorrow (Coventry)

Me too, but I think Coventry's cash will arrive the day after tomorrow

Always been next (working) day for me

southone

ColdIron said:

southone said:

ColdIron said:

southone said:

so you can only max out the faster payment limits or debit card card one? how would you get the max 1 million in or a larger figure

They provide a number of ways to pay including bank transfer and open banking

I've never tried to pay in a million

https://www.nsandi.com/help/ways-to-pay

I wasn't wanting to pay in a million (only in my dreams) but limited to 25k from what i could make out and as am selling house at moment and am looking for a account with income from it, its a fair bit over my limits, how long once opened to make transfers as i cant find that of FAQ

AFAIK you pay in at the time of opening. You can transfer from a direct saver if you have one. I've always used a debit card to fund NS&I accounts (though my provider allowed £100,000 for a direct saver many years ago)

You can open multiple bonds

Thanks opening a direct saver sounds like a option i was trying to avoid having to have multiple bonds or accounts

Rudyson

ColdIron said:

Rudyson said:

ColdIron said:

Swipe said:

Issue 72 is not available to open yet from within my account. I'll try again tomorrow.

I got as far as the payment section when I stopped as I won't have the cash until tomorrow (Coventry)

Me too, but I think Coventry's cash will arrive the day after tomorrow

Always been next (working) day for me

Mine matures tomorrow (31st) so I expect the cash on the 1st

Bazzalona13295

ColdIron said:

Bazzalona13295 said:

ColdIron said:

Swipe said:

Issue 72 is not available to open yet from within my account. I'll try again tomorrow.

I got as far as the payment section when I stopped as I won't have the cash until tomorrow (Coventry)

So can you do that?

I won't have the money available (the required amount for me at least) till 4th Sept.

Can you go so far then pause?

No, just start again. Takes about 1 minute

NS&I are not known for pulling accounts a few days after announcing them. I suspect it will be available for weeks if not longer

Thanks, I've took it from another account now, I'll lose a couple of days interest but knowing my luck they WOULD pull it early haha.

All sorted.

Bazzalona13295

And if you can do multiple I might stretch to another in a week or two.

Swipe

southone said:

ColdIron said:

southone said:

ColdIron said:

southone said:

so you can only max out the faster payment limits or debit card card one? how would you get the max 1 million in or a larger figure

They provide a number of ways to pay including bank transfer and open banking

I've never tried to pay in a million

https://www.nsandi.com/help/ways-to-pay

I wasn't wanting to pay in a million (only in my dreams) but limited to 25k from what i could make out and as am selling house at moment and am looking for a account with income from it, its a fair bit over my limits, how long once opened to make transfers as i cant find that of FAQ

AFAIK you pay in at the time of opening. You can transfer from a direct saver if you have one. I've always used a debit card to fund NS&I accounts (though my provider allowed £100,000 for a direct saver many years ago)

You can open multiple bonds

Thanks opening a direct saver sounds like a option i was trying to avoid having to have multiple bonds or accounts

The problem with the direct saver is, if funding via debit card, takes about 10 days to clear for some bizarre NS&I reason. But you will still get 3.65% (or whatever the current rate is) in the meantime

worriednoob

Just been on the phone with NS&I and I hope the following helps:-

1. The NS&I account needs to be funded instantly with your deposit at the same time of application - if this is not possible, for example the bank declines the payment, then your application to open the NS&I account will fail.

2. The transaction to pay into the bonds needs to be done in one go via debit card and you need to preferably make your bank aware if you plan to do a large transfer to avoid it being blocked or delayed.

3. You can only deposit money once and not again.  So you cannot keep topping up more money.

4. If there is an issue with transferring large amounts, there is nothing stopping you from opening another bond account.  So for example, let's say you want to transfer £50k, but due to your bank daily-limit, you can only do £25k.  In this case you would apply for 1st NS&I account, transfer £25k and then as an existing customer, apply for a 2nd NS&I account and transfer another £25k on 2nd day.  All bond accounts will earn their interest separately so you shouldn't lose any money.

5. You have upto 30 days cooling-period to change your mind. You cannot withdraw the money after this period until your one year is complete.

6. Your interest rate is calculated daily.  So if you change your mind and decide to withdraw before the 30 day cooling-period, then you will still get your interest for those days you've held your account/money..

Futuristic

As others have noted out you can just open the easy access direct saver which has a limit of £2m/unlimited deposits then can open the bond via this acc for funding. 

Any high rate tax payers doing this? Right now I have quite a bit of funds in high easy access but don't need access. Not interested in investing this atm. 

fabsaver

It'll be interesting to see how quickly the banks react to this move. Their fixed rates have been dropping back in recent weeks.

There have been a few comments on here saying that if the government wants banks to raise rates for savers they need to make their own products lead the market. Looks like they have done just that 

Section62

worriednoob said:

2. The transaction to pay into the bonds needs to be done in one go via debit card and you need to preferably make your bank aware if you plan to do a large transfer to avoid it being blocked or delayed.

The blurb on the NS&I site suggested online applications had to be funded by debit card, but within the application process on the 'payments' page there was an option to fund from another NS&I account.

I didn't use that option, so can't say it works though.