how can I buy premium bonds?

clive0510

Hi. i've come into some money with my mothers death 9 months ago. so one thing I want to do is to take my premium bond holding to maximum £50,000. so after answering numerous security questions on the phone to ns&i, and also on the net to my bank, (virgin money), I was eventually told the transfer (£20,550) could not go ahead as I can only withdraw £500 a day from my current account. 
I dont recall having this difficulty in purchasing the bonds I currently hold. 
so my question is how do I give ns&i £20,550? any suggestions welcome.

El_Torro

The issue is your Virgin Money current account. Is all this £20,550 currently sitting there? If so then I guess you're going to have move £500 a day. A pretty repetitive task, and also a bit of a nightmare if you have to do it by phone each time. 

Do you have an online account with NS&I? And with Virgin Money? You can do the transfer by BACS or debit card. Either way I think Virgin's £500 a day limit still applies.

Robin9

Ring Virgin and get a Token which generates codes.

Virgin are a pain with withdrawal.


PS Have you get a second bank account ?

[Deleted User]

Hi,

you could try online, HERE.

masonic

Since when did Virgin Money have a £500 per day limit on faster payments or debit card transactions? This must be a recent thing as I had no issue transferring 5 figure sums in and out when I held an account with them a year ago.

Pay UK have the VM faster payment limit recorded as £100k: https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

la531983

Is the OP going to a cash machine and withdrawing 500 a day here?
If its a 500 limit for online then that is nonsensical. 

El_Torro

masonic said:

Since when did Virgin Money have a £500 per day limit on faster payments or debit card transactions? This must be a recent thing as I had no issue transferring 5 figure sums in and out when I held an account with them a year ago.

Pay UK have the VM faster payment limit recorded as £100k: https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

I have 3 M Plus Accounts (current accounts) with Virgin Money. I emptied them a year ago and had to abide by the £500 a day limit. 

Their other current accounts may or may not have the same limitation.

masonic

El_Torro said:

masonic said:

Since when did Virgin Money have a £500 per day limit on faster payments or debit card transactions? This must be a recent thing as I had no issue transferring 5 figure sums in and out when I held an account with them a year ago.

Pay UK have the VM faster payment limit recorded as £100k: https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

I have 3 M Plus Accounts (current accounts) with Virgin Money. I emptied them a year ago and had to abide by the £500 a day limit. 

Their other current accounts may or may not have the same limitation.

That's insane. When I was using an M Plus account and M Plus saver, I was able to empty a 5-figure sum into the current account, then FP it across to my main current account in minutes. I wonder why they enforced that ridiculous limit with you but not me. I'd never even heard of that limit, beyond making cash withdrawals at ATM/branch.

Sg28

El_Torro said:

masonic said:

Since when did Virgin Money have a £500 per day limit on faster payments or debit card transactions? This must be a recent thing as I had no issue transferring 5 figure sums in and out when I held an account with them a year ago.

Pay UK have the VM faster payment limit recorded as £100k: https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

I have 3 M Plus Accounts (current accounts) with Virgin Money. I emptied them a year ago and had to abide by the £500 a day limit. 

Their other current accounts may or may not have the same limitation.

What if you wanted to pay for a holiday or pay a few k to a builder? 

Surely as a current account that makes it next to useless?

masonic

Sg28 said:

El_Torro said:

masonic said:

Since when did Virgin Money have a £500 per day limit on faster payments or debit card transactions? This must be a recent thing as I had no issue transferring 5 figure sums in and out when I held an account with them a year ago.

Pay UK have the VM faster payment limit recorded as £100k: https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/transaction-limits/

I have 3 M Plus Accounts (current accounts) with Virgin Money. I emptied them a year ago and had to abide by the £500 a day limit. 

Their other current accounts may or may not have the same limitation.

What if you wanted to pay for a holiday or pay a few k to a builder? 

Surely as a current account that makes it next to useless?

Indeed, I'd imagine many people have a monthly mortgage payment or rent exceeding the £500 limit.

El_Torro

I don't disagree, that's the way it was though, at least for me. 

I got all 3 M Plus accounts back when 2.02% interest was a good interest rate to have. It only pays interest on the first £1,000 in the account though, so not very practical for someone to use as their main current account. I just used them as savings accounts.