NS&I available balance now more than 7 days to clear?

tel_

I deposited some money into my Direct Saver with NS&I on 1st January.  Even though the 1st was classed as a bank holiday, it is now 9th January, and that money that was paid in still isn't showing in the available balance for withdrawal.

Have they changed it from the usual 7 working days policy? I can't seem to track this info down on their website, or a post on the MSE forum.

friolento

Check after 22:30 tonight, it should be available for withdrawal then, with the money in your current account sometime tomorrow if your withdrawal is before midnight.

If you miss tonight, the earliest next day you can get your money into your current account is Monday 13th, so you might not want to put the withdrawal request in until Sunday.

tel_

I checked it after 10.30 and the funds are now showing as available to withdraw - bizarre.

Thanks friolento for you knowledge on this one.

I'm pretty sure the funds should have been available to request a withdrawal by Tuesday 7th though, not after 10.30 pm today (Thursday)?

eskbanker

tel_ said:

I deposited some money into my Direct Saver with NS&I on 1st January.  Even though the 1st was classed as a bank holiday, it is now 9th January, and that money that was paid in still isn't showing in the available balance for withdrawal.

Have they changed it from the usual 7 working days policy? I can't seem to track this info down on their website, or a post on the MSE forum.

tel_ said:

I checked it after 10.30 and the funds are now showing as available to withdraw - bizarre.

Thanks friolento for you knowledge on this one.

I'm pretty sure the funds should have been available to request a withdrawal by Tuesday 7th though, not after 10.30 pm today (Thursday)?

But Friday 10th is the seventh working (banking) day of 2025, as required by their Ts & Cs?

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

tel_

eskbanker said:

But Friday 10th is the seventh working (banking) day of 2025, as required by their Ts & Cs?

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

Ah, it used to be 5 working days in 2024 (for the Direct Saver), but they have now amended it to 7 working days - that's what's getting me confused!

Thanks eskbanker for clarification.

friolento

it’s been 7 days for my Direct Saver for a very long time

eskbanker

tel_ said:

eskbanker said:

But Friday 10th is the seventh working (banking) day of 2025, as required by their Ts & Cs?

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

Ah, it used to be 5 working days in 2024 (for the Direct Saver), but they have now amended it to 7 working days - that's what's getting me confused!

Thanks eskbanker for clarification.

There's no evidence in archived versions of their brochure that it was ever five, and you yourself asked "Have they changed it from the usual 7 working days policy?"

The seven working day timescale is mentioned on here back in 2020, for example:

https://forums.moneysavingexpert.com/discussion/6162658/clearance-of-debit-card-payments

tel_

Apologies and thanks for the clarification friolento & eskbanker.

It seemed to me to take a little longer for the funds to be available (even accounting for the 1st being a bank hol). But looking at my transaction history, I've got that wrong!

allegro120

A while ago somebody mentioned in one of the threads that at NS&I the interest accrues from the day direct debit transaction was initiated.  Is this true?
The reason I'm asking is because I've opened my third Halifax reward and trying to find the most efficient way of recycling an extra £500.  I've used NS&I Direct Saver only for reaching the RBS/Natwest "golden £5k" and getting fivers from TSB, so never had an urge to check this detail. 

Swipe

allegro120 said:

A while ago somebody mentioned in one of the threads that at NS&I the interest accrues from the day direct debit transaction was initiated.  Is this true?
The reason I'm asking is because I've opened my third Halifax reward and trying to find the most efficient way of recycling an extra £500.  I've used NS&I Direct Saver only for reaching the RBS/Natwest "golden £5k" and getting fivers from TSB, so never had an urge to check this detail. 

Yes, it is true.

friolento

allegro120 said:

A while ago somebody mentioned in one of the threads that at NS&I the interest accrues from the day direct debit transaction was initiated.  Is this true?
The reason I'm asking is because I've opened my third Halifax reward and trying to find the most efficient way of recycling an extra £500.  I've used NS&I Direct Saver only for reaching the RBS/Natwest "golden £5k" and getting fivers from TSB, so never had an urge to check this detail. 

Card deposits made on a working day show in the balance on the day of deposit; otherwise on the next working day. I don't know whether there is a daily cut-off time.

Interest is calculated based on the daily balance, and credited in April each year, on the 4th IIRC.

I never keep much money in my Direct Saver, just £2,500 each month deposited by debit cards, for the minimum amount of time. As life is too short, I have never verified that I get the correct amount of interest in that account but it seems about the right amount. For 12ish weeks of £2,500, they paid me around £25 interest last financial year.