Paying into NS&I 6.2% Fixed rate bond.

peter021072

Has anyone applied and opened an account yet?  The final step on the application form requires the entire deposit to be paid in one transaction from a debit card.  My Santander card has a limit of 25k on transactions so is that the maximum I can place in the account?  With most other fixed rate bonds, the bank allows you to trickle in amounts using multiple transactions over the day, or even several weeks whilst the issue is open.

refluxer

Yes - you buy Guaranteed Growth Bonds with a single debit card payment. There's nothing to stop you buying multiple bonds in £25k chunks though, if you wanted to.

I had to approve my purchase via the banking app for the card I used so be prepared for the potential for large payments to get held up, especially with Santander's reputation.

peter021072

refluxer said:

Yes - you buy Guaranteed Growth Bonds with a single debit card payment. There's nothing to stop you buying multiple bonds in £25k chunks though, if you wanted to.

It isn't obvious to me if multiple deposits or bonds are allowed.  Has anyone succeeded in doing this yet?

ColdIron

peter021072 said:

refluxer said:

Yes - you buy Guaranteed Growth Bonds with a single debit card payment. There's nothing to stop you buying multiple bonds in £25k chunks though, if you wanted to.

It isn't obvious to me if multiple deposits or bonds are allowed.  Has anyone succeeded in doing this yet?

• You can buy more Bonds though if they are still on sale, up to a total value of £1 million per person in the current Issue.
• Each Bond you buy is a separate investment with its own maturity date.

https://www.nsandi.com/products/guaranteed-growth-bonds

CaveBird

We’re with Santander, we couldn’t get card payments of more than £25k to go through per day, so we ended up buying 4x£25k bonds. No issues doing it that way.

quirkydeptless

peter021072 said:

refluxer said:

Yes - you buy Guaranteed Growth Bonds with a single debit card payment. There's nothing to stop you buying multiple bonds in £25k chunks though, if you wanted to.

It isn't obvious to me if multiple deposits or bonds are allowed.  Has anyone succeeded in doing this yet?

Yes. I currently have eight

friolento

You can also make your deposits from the NS&I Direct Saver. You can make as many deposits as you like into this account, by Faster Payment, Pay By Bank, or with debit card.

The alternative is multiple NS&I bonds, as mentioned.

KITTYKAT8_2

Set up a direct saver and then fr the money from there.

friolento

peter021072 said:

Has anyone applied and opened an account yet?  The final step on the application form requires the entire deposit to be paid in one transaction from a debit card.  My Santander card has a limit of 25k on transactions so is that the maximum I can place in the account?  With most other fixed rate bonds, the bank allows you to trickle in amounts using multiple transactions over the day, or even several weeks whilst the issue is open.

Santander allow up to £100k payments per day on the phone or in Branch.

CaveBird

Apparently the issue with paying from Santander is actually a Mastercard issue, not the bank itself. You can only open a Bond by direct debit, cheque or by moving funds from an existing NS&I account. In the end we just opted for 4x£25k bonds, we bought two on one day (using my card and then my husbands card, both payments came out of the same account), and then repeated it again the next day.

Retired_Saver

I struggled on two occasions having to wait long periods (30 minutes the first time and 40 minutes the second time) before my telephone calls were answered.  My on line application had received no acknowledgement (although I had used the verification code on my mobile 'phone) and, during the first telephone call, I was told by the lady that she could help me by doing it by telephone.  I had an appointment to go to and agreed to telephone later.

When I 'phoned later I was advised that it was "On line only"  and, since there was no trace of my application on 05 September, I should try to apply on line again. I did not want to do this and I was offered the option to receive a form for postal application.

When I later read this on NS&I website:  "When you invest with NS&I online, you may not see your new savings balance straight away. Don’t worry if this happens – there are sometimes a few things we need to do behind the scenes before we update your balance" I was reluctant to consider a second attempt at on line application.  

Update Thursday morning 07 September 2023 - there is still nothing pending on my Bank Account for NS&I - paid by Debit Card on 05 September.  It is such a good offer - the 6.2% for one year. I decided to try telephoning again and, just minutes ago, there is a 40 minute wait for my call to be answered.  I'm giving up now.