NS&I Fixed 1 Year Bond @ 6.2%

codename112

I am wondering if someone has noticed about this, unless I am missing something.

I tried to open NS&I Fixed 1 year bond account which is giving currently 6.2%, all went fine until it comes to make a payment and transfer money to them. They only take payment via Debit Card, and I have few UK bank accounts but none of their debit card have daily payment limit more than £10,000.

Now this account allows up to £1 million, but do not allow bank transfer. it has to be through debit card, and obviously you allow to make payment to the account once. 

I do not get it, how can I invest more than £10,000 with this fixed 1 year bond with NS&I? I think it is not correct what they are saying to allow us to invest up to £1 million. Unless I have completely missed something.

Any thoughts on this? 🙏

Ozzig

Have a read here, pretty sure it's covered in one of the eighteen pages in the thread.

https://forums.moneysavingexpert.com/discussion/6469721/ns-i-1-year-guaranteed-growth-bonds-and-guaranteed-income-bonds-at-6-20/p1

Swipe

Open multiple £10K bonds instead.

ColdIron

You could open multiple bonds. You could open a Direct Saver and build up the total in there and use that as the source of funds

Swipe

The only problem with funding a direct saver via debit card is you will be waiting 10 days (NS&I anomaly) for your funds to clear before you can open the bond.

PloughmansLunch

You can open a Direct Saver with £1 on a debit card, that will then give you the account details to transfer in from your bank (much faster). Just bear in mind that the total you can transfer in will be -£1 (account minimum) until the card payment clears in 7-10 days, so I'd transfer in £xxxx1 if you'd prefer an even amount in your bond.

codename112

Thanks a lot everyone! I clearly missed all those information and did not read properly! Appreciate your quick responses and guideline! 🙏