NS&I Green Savings Bond

DoneWorking

I missed out on setting up a one year Income Bond
Is it worth going with the Green Saver which is fixed for three years at 5.7%

Albermarle

DoneWorking said:

I missed out on setting up a one year Income Bond
Is it worth going with the Green Saver which is fixed for three years at 5.7%

It depends on 
1) How long you want to tie the money up
2) Your tax position, as the interest from these bonds is potentially taxable

ColdIron

Hard to say. It's a different term and rate, just because you liked one doesn't make the other a good choice for you

I have 4 GGBs but wouldn't use the GSB

Only you can decide

BooJewels

DoneWorking said:

I missed out on setting up a one year Income Bond
Is it worth going with the Green Saver which is fixed for three years at 5.7%

One big factor is the clue in the name - the Guaranteed Income Bond you missed out on paid out interest monthly, as an 'income' - but from memory, the green bonds don't pay interest until the end if the term - so might not be suitable if you need access to interest payments as you go along.

DoneWorking

I feel really aggrieved with NS&I
I transferred a large sum last Tuesday  by debit card into my Direct Saver ready to open a fixed income bond
The money shows up in my Direct Saver Account but is still not available for use
While waiting for this to clear the Income Bond was closed 
I feel really angry about this 

wmb194

DoneWorking said:

I feel really aggrieved with NS&I
I transferred a large sum last Tuesday  by debit card into my Direct Saver ready to open a fixed income bond
The money shows up in my Direct Saver Account but is still not available for use
While waiting for this to clear the Income Bond was closed 
I feel really angry about this 

Why didn't you open the bond directly by debit card?

DoneWorking

wmb194 said:

DoneWorking said:

I feel really aggrieved with NS&I
I transferred a large sum last Tuesday  by debit card into my Direct Saver ready to open a fixed income bond
The money shows up in my Direct Saver Account but is still not available for use
While waiting for this to clear the Income Bond was closed 
I feel really angry about this 

Why didn't you open the bond directly by debit card?

I wanted to buy one bond using the debit card money plus money already in my Direct Saver

eskbanker

DoneWorking said:

I feel really aggrieved with NS&I
I transferred a large sum last Tuesday  by debit card into my Direct Saver ready to open a fixed income bond
The money shows up in my Direct Saver Account but is still not available for use
While waiting for this to clear the Income Bond was closed 
I feel really angry about this 

The target of your anger should perhaps be a little closer to home, as they make it clear in the product terms that debit card deposits take up to seven working days to be cleared for subsequent use:

How long deposits take to clear

You can only take money out if you have enough cleared funds in your account. An electronic transfer deposit received by 18:30 on a banking day will normally clear no later than the next banking day. Debit card and cheque deposits will clear no later than the seventh banking day after being received. 

https://www.nsandi.com/files/asset/pdf/direct-saver-brochure.pdf

wmb194

DoneWorking said:

wmb194 said:

DoneWorking said:

I feel really aggrieved with NS&I
I transferred a large sum last Tuesday  by debit card into my Direct Saver ready to open a fixed income bond
The money shows up in my Direct Saver Account but is still not available for use
While waiting for this to clear the Income Bond was closed 
I feel really angry about this 

Why didn't you open the bond directly by debit card?

I wanted to buy one bond using the debit card money plus money already in my Direct Saver

For next time, when the clock's ticking on the best offering on the market and everyone's expecting it to be pulled at any moment it's better to take what you can and open multiple.

Albermarle

eskbanker said:

DoneWorking said:

I feel really aggrieved with NS&I
I transferred a large sum last Tuesday  by debit card into my Direct Saver ready to open a fixed income bond
The money shows up in my Direct Saver Account but is still not available for use
While waiting for this to clear the Income Bond was closed 
I feel really angry about this 

The target of your anger should perhaps be a little closer to home, as they make it clear in the product terms that debit card deposits take up to seven working days to be cleared for subsequent use:

How long deposits take to clear

You can only take money out if you have enough cleared funds in your account. An electronic transfer deposit received by 18:30 on a banking day will normally clear no later than the next banking day. Debit card and cheque deposits will clear no later than the seventh banking day after being received. 

https://www.nsandi.com/files/asset/pdf/direct-saver-brochure.pdf

Although 7 days to clear a debit card transaction seems a bit from the dark ages !

eskbanker

Albermarle said:

eskbanker said:

DoneWorking said:

I feel really aggrieved with NS&I
I transferred a large sum last Tuesday  by debit card into my Direct Saver ready to open a fixed income bond
The money shows up in my Direct Saver Account but is still not available for use
While waiting for this to clear the Income Bond was closed 
I feel really angry about this 

The target of your anger should perhaps be a little closer to home, as they make it clear in the product terms that debit card deposits take up to seven working days to be cleared for subsequent use:

How long deposits take to clear

You can only take money out if you have enough cleared funds in your account. An electronic transfer deposit received by 18:30 on a banking day will normally clear no later than the next banking day. Debit card and cheque deposits will clear no later than the seventh banking day after being received. 

https://www.nsandi.com/files/asset/pdf/direct-saver-brochure.pdf

Although 7 days to clear a debit card transaction seems a bit from the dark ages !

Absolutely - I wouldn't even attempt to justify it, and am not even sure that NS&I have reached the dark ages yet, but was simply highlighting that they publish the fact that it's not a quick way of funding the account!