NS&I Guaranteed Income Bond

Singh23

Hi, I'm looking to open up this account today. I notice during the sign-up process that it asks to pay in an exact amount right away. Am I right in assuming that this figure cannot be topped up after signing up? I am not sure how much I wish to lock away before the offer disappears.

Also - how do you transfer in large amounts of money? I tried to use my debit card to send a five-figure sum during the sign-up process and my bank (Santander) declined the transaction twice. The amount is showing as available on my app and no follow-up text message/call was received regarding a failed transaction.

glennevis

Singh23 said:

Hi, I'm looking to open up this account today. I notice during the sign-up process that it asks to pay in an exact amount right away. Am I right in assuming that this figure cannot be topped up after signing up? I am not sure how much I wish to lock away before the offer disappears.

Also - how do you transfer in large amounts of money? I tried to use my debit card to send a five-figure sum during the sign-up process and my bank (Santander) declined the transaction twice. The amount is showing as available on my app and no follow-up text message/call was received regarding a failed transaction.

Yes you're right. But you can apply for more than one bond to reach the total you would like to deposit.

I used my Santander debit card but made sure the amount was less than the £25k online payment limit. You may have set a lower payment limit in the app which could also cause the transaction to fail. 

Dazed_and_C0nfused

glennevis said:

Singh23 said:

Hi, I'm looking to open up this account today. I notice during the sign-up process that it asks to pay in an exact amount right away. Am I right in assuming that this figure cannot be topped up after signing up? I am not sure how much I wish to lock away before the offer disappears.

Also - how do you transfer in large amounts of money? I tried to use my debit card to send a five-figure sum during the sign-up process and my bank (Santander) declined the transaction twice. The amount is showing as available on my app and no follow-up text message/call was received regarding a failed transaction.

Yes you're right. But you can apply for more than one bond to reach the total you would like to deposit.

I used my Santander debit card but made sure the amount was less than the £25k online payment limit. You may have set a lower payment limit in the app which could also cause the transaction to fail. 

I got caught by that but it's easy to amend the limit in the app, open the NS&I account and then amend the limit back to the original amount immediately after that transaction.

Swipe

Santander recently set the default limit to £5000. You will need to log in and change it.

friolento

Dazed_and_C0nfused said:

glennevis said:

Singh23 said:

Hi, I'm looking to open up this account today. I notice during the sign-up process that it asks to pay in an exact amount right away. Am I right in assuming that this figure cannot be topped up after signing up? I am not sure how much I wish to lock away before the offer disappears.

Also - how do you transfer in large amounts of money? I tried to use my debit card to send a five-figure sum during the sign-up process and my bank (Santander) declined the transaction twice. The amount is showing as available on my app and no follow-up text message/call was received regarding a failed transaction.

Yes you're right. But you can apply for more than one bond to reach the total you would like to deposit.

I used my Santander debit card but made sure the amount was less than the £25k online payment limit. You may have set a lower payment limit in the app which could also cause the transaction to fail. 

I got caught by that but it's easy to amend the limit in the app, open the NS&I account and then amend the limit back to the original amount immediately after that transaction.

It might be easier to use an NS&I Direct Saver account as an intermediary. You can fund the Guaranteed Income Bond from the Direct Saver, and you can use Pay By Bank to move money from your bank into your Direct Saver 

subjecttocontract

Raisin have a 1 year fix available worth 6.34%

boingy

Yeah, the Direct Saver method is best if you can be bothered. Build up the funds in that account over however many days then open a single bond with the total amount - it transfers instantly.

mikeisathome

subjecttocontract said:

Raisin have a 1 year fix available worth 6.34%

I could only see the 6.10% AER ?

bristolleedsfan

mikeisathome said:

subjecttocontract said:

Raisin have a 1 year fix available worth 6.34%

I could only see the 6.10% AER ?

Extra referred to is based on new Raisin customer £25 sign up bonus  https://www.raisin.co.uk/bonus-financialfitness-0923/

trickydicky14

mikeisathome said:

subjecttocontract said:

Raisin have a 1 year fix available worth 6.34%

I could only see the 6.10% AER ?

I could be wrong but I think the 6.34% rate comes from the fact that if you are a new customer, you can get a sign-up bonus which would push the rate up to the magic 6.34%. No good to me as I already use Raisin.

Hal17

mikeisathome said:

subjecttocontract said:

Raisin have a 1 year fix available worth 6.34%

I could only see the 6.10% AER ?

When I looked I think I read that you had to deposit a minimum of £10K to get the £25.00 bonus. I moved on once I read that.