Moving Premium Bonds to new NS&I 6.2% Guaranteed Growth Bonds but keep PB open?

coffee_king

Hi all
I'm struggling with the wording on NS&I website regarding moving money from Premium Bonds to the new 6.2% Guaranteed Growth Bond.
I want to move most of my money from my Premium Bonds to the new NS&I 6.2% Guaranteed Growth Bonds but keep my Premium Bonds open to continue to pay money into.
As well as mentioning moving money from an NS&I Current Account (which I don't have) it mentions SWITCHING from other NS&I accounts. But I can't work out what SWITCHING means exactly? Does it mean it would then close the Premium Bonds account?
Otherwise I guess I'm going to be better off moving the money from my Premium Bonds BACK to my (none NS&I) current account, then opening the NS&I 6.2% Guaranteed Growth Bonds with the money thats been TF'd to my (none NS&I) current account. So that the Premium Bonds account stays open.

Anyone done/doing this that can advise please?
Thanks in advance. 

refluxer

NS&I don't have a current account, but they do have a Direct Saver (savings account) so one option would be to open one of those, cash in some (but not all) of your Premium Bonds to that account and then transfer from there to a GGB. 

If you sell all of your Premium Bonds, they'll presumably disappear from your account (it's not like a savings account that'll remain open with £0) but there's nothing to stop you buying more via your NS&I account in the future.

coffee_king

Again though the word SWITCH is used here on the NS&I website. The word to me means INSTEAD of, not AS WELL AS.

Can I move money from another NS&I account to a Direct Saver?

Yes! Just fill out a quick online form and we’ll get it sorted for you. Be sure to have the details of the account you want to switch from to hand.

Switch to a Direct Saver

Only use if switching from another NS&I account or Investment

refluxer

I suspect it may be just clumsy wording and they actually mean transfer - I'd be surprised if it's an all-or-nothing approach, although you never know with NS&I ! Hopefully someone who has actually done this procedure can help.

Personally, I would avoid opening a Direct Saver anyway as the rate is poor. If you were to cash in some Premium Bonds before 8pm tonight, then you'd get the money in your nominated account next Tuesday and you'd be able to buy the GGBs immediately. I guess the only risk is whether NS&I withdraw the current GGB issue in the meantime, though.

Eco_Miser

The rate in the Direct Saver is irrelevant, as there will rarely be any money in it. However, using the Direct Saver as intermediary between Premium Bonds and GGB, rather than an external current account, avoids any limits on payments, and  potentially having the purchase blocked for fraud checks by the external bank.

coffee_king

Thanks for the answers. Does anyone know if when applying for the NS&I 6.2% Guaranteed Growth Bonds and you have to input the amount and a bank account if the amount has to actually be in that account at that EXACT second? Surely if you're APPLYING for a new bond account it'll take some time to be accepted/rejected then you'd be asked about the exact amount of money and when to move it?

ColdIron

It needs to be a debit card and not a bank account so the funds must be available, there is no later window for funding

Ayr_Rage

A friend paid £80,000 into a bond around 2000 last night, the payment was debited within seconds (Virgin card payment) and the confirmation email arrived within a minute or two.

EthicsGradient

refluxer said:

NS&I don't have a current account, but they do have a Direct Saver (savings account) so one option would be to open one of those, cash in some (but not all) of your Premium Bonds to that account and then transfer from there to a GGB. 

If you sell all of your Premium Bonds, they'll presumably disappear from your account (it's not like a savings account that'll remain open with £0) but there's nothing to stop you buying more via your NS&I account in the future.

I just checked - it's nearly 2 years since I had any Premium Bonds (or any NS&I product), and I can still log in, and it shows me the same old PB account number, and a balance of £0; and a link for "buy more bonds", and it still shows my old prize history. So it looks like a PB account never closes.

So if the OP just wants it to be easy to buy more PBs in the future, they could, if they want, transfer the whole PB amount, and still be able to easily buy more later.

refluxer

EthicsGradient said:

refluxer said:

NS&I don't have a current account, but they do have a Direct Saver (savings account) so one option would be to open one of those, cash in some (but not all) of your Premium Bonds to that account and then transfer from there to a GGB. 

If you sell all of your Premium Bonds, they'll presumably disappear from your account (it's not like a savings account that'll remain open with £0) but there's nothing to stop you buying more via your NS&I account in the future.

I just checked - it's nearly 2 years since I had any Premium Bonds (or any NS&I product), and I can still log in, and it shows me the same old PB account number, and a balance of £0; and a link for "buy more bonds", and it still shows my old prize history. So it looks like a PB account never closes.

So if the OP just wants it to be easy to buy more PBs in the future, they could, if they want, transfer the whole PB amount, and still be able to easily buy more later.

Ah - OK, thanks for the correction - I'd obviously made the wrong assumption. It does seem odd being able to have a Premium Bond account without actually owning any but, thinking about it now, I guess it cuts down on the admin if people sell all of their holding and then subsequently buy some more. 

coffee_king

Thanks for everyones help. This is what I did:

1) Applied for new NS&I Direct Saver Account
2) Moved my money from my NS&I Premium Bonds to the new NS&I Direct Savers Account.
3) Applied for NS&I Guaranteed Growth Bond 1-year stating it should take the money from my NS&I Direct Savers Account

Done. Sorted.
I still have my Premium Bonds account open so I can move money into it and now I have an NS&I Direct Savers Account in case I ever need to move money around again.
As stated I think the term SWITCHING is wrong. it should read "Transfer without closing"

Again thanks everyone. I hope this helps someone else.