NS&I Guaranteed Growth Bond

123monty

Hi ColdIron, I understand and have now given up. I wait for the current one to mature and see what is in the market at that time. 

howryoo

Has anyone applied for this recently and is an existing customer?

I assume there are no further checks if you are an existing customer, but how long does it take for the account to be set up and viewable online?

I appreciate it says they expect to get the account up & running around 7 - 10 days.

Also, if paying by debit card, when do they take the funds - is it immediate?  Obviously would not want to have an amount sitting in the current account unnecessarily.

Thanks.

ColdIron

howryoo said:

Has anyone applied for this recently and is an existing customer?

I assume there are no further checks if you are an existing customer, but how long does it take for the account to be set up and viewable online?

Instant for me

Also, if paying by debit card, when do they take the funds - is it immediate?  Obviously would not want to have an amount sitting in the current account unnecessarily.

The funds are in your GGB account immediately. Like any debit card payment the money will be removed from your available balance but won't be debited for a day or so. But it's irrelevant as it'll be earning interest straight away

kjs31

howryoo said:

I appreciate it says they expect to get the account up & running around 7 - 10 days.

I could view all of my bonds as soon as the debit card transaction completed but it took another 8 hours to receive the email saying that the bond was accepted / open. 

howryoo

Thanks both for confirming.

Maybe I've missed it, but it's not clear what happens at maturity.  How long do funds take to transfer to your nominated account?  I can't see it rolling into an easy access type account either.

Assuming still available Wed 4th, if I apply and deposit funds via debit card, I assume it will mature on 3rd October 2024, but maybe funds with interest being available on Friday 4th Oct 2024.

Will funds sit in limbo over the weekend of 5th and 6th?

Anyone with past GGB's maturing?

ColdIron

howryoo said:

Maybe I've missed it, but it's not clear what happens at maturity.  How long do funds take to transfer to your nominated account?  I can't see it rolling into an easy access type account either.

You will be asked for your maturity instructions a month in advance

I opened a Guaranteed Growth Bond 11/12/2017 and mine were received 11/11/2020 08:40

• Your 3-year Guaranteed Growth Bond, account number xxxxxxxxx, is due to mature on 11 December 2020.
• You'll need to give us your instructions no later than 3pm on 9 December 2020. This is to allow us time to process your instructions.

Assuming still available Wed 4th, if I apply and deposit funds via debit card, I assume it will mature on 3rd October 2024, but maybe funds with interest being available on Friday 4th Oct 2024.

NS&I use BACS which takes 3 days but they will have your instruction with enough time to process them

My records show that I received my funds 11/12/2020

howryoo

Thanks ColdIron for confirming what happens at maturity.

allegro120

howryoo said:

Has anyone applied for this recently and is an existing customer?

I assume there are no further checks if you are an existing customer, but how long does it take for the account to be set up and viewable online?

I appreciate it says they expect to get the account up & running around 7 - 10 days.

Also, if paying by debit card, when do they take the funds - is it immediate?  Obviously would not want to have an amount sitting in the current account unnecessarily.

Thanks.

It was instant for me. Logged in, applied, funded and the account with funds credited was shown immediately. As with all debit card payments, the money is taken from your current account a day or two later (as with all debit card payments), but I think (correct me if I'm wrong) NS&I credit the money on the day you make the payment so there is cash drag.

eskbanker

heronbommie said:

Forgive me if this has been asked before but is there a time period available to add money to this bond, or is it a case of purchasing and that’s it?

It's the latter, although you can buy multiple bonds for as long as they're still available....

howryoo

Out of curiosity, I wonder what their cut-off would be if one was to apply in the evening between 10pm - 12 midnight?

Would it be considered an investment that evening or the following day?

Just for future reference.