NS&I How long do transfers take nowadays?

peter021072

NS&I have closed my Guaranteed Growth Bond, and I gave them instructions to transfer to my current account when it matured, that was just over a few week ago, does anyone know how long they take to transfer nowadays?  I'm assuming it earns no interest whilst in limbo, something to consider when swapping back and forth between savings banks trying to find the best rates. 

ColdIron

Most (all?) of mine arrive on the day of maturity. My last one, 31/08/2025 (a Sunday) arrived the day before 30/08/2025 (Saturday)

Swipe

I'd get on the phone to them.

ColdIron

peter021072 said:

NS&I have closed my Guaranteed Growth Bond, and I gave them instructions to transfer to my current account when it matured, that was just over a few week ago, does anyone know how long they take to transfer nowadays?  I'm assuming it earns no interest whilst in limbo, something to consider when swapping back and forth between savings banks trying to find the best rates. 

Did you set your maturity instruction 'just over a few week ago' or did it actually mature then? If the latter that sounds wrong, they are usually very timely for withdrawals. I'd give them a bell

refluxer

Have you logged in to your online account to see what the status of your GGB is ?

Mine officially matures tomorrow (6th) but I received a text this morning stating that it had matured today so I logged in to online banking and it's showing a £0 balance, with a BACs payment to my current account dated yesterday listed under 'transactions' so, as it didn't arrive yesterday, I'm expecting the money to arrive by the end of today at the latest.

Kim_13

Mine was due to mature on Sunday (7th) but I received a text this morning saying they’d carried out my instructions and I’d receive confirmation within 5 working days. I requested to cash in and upon logging in, the bond is still showing at £0 and in the transaction history, it shows a BACS payment dated yesterday. I believe that’s a 3 working day process, so I expect it to land on Monday.

I’m not aware of a BACS payment arriving at any time other than the early hours.

refluxer

Kim_13 said:

it shows a BACS payment dated yesterday. I believe that’s a 3 working day process, so I expect it to land on Monday.

I’m not aware of a BACS payment arriving at any time other than the early hours.

That's a good point. I'm so used to the other banks I deal with using faster payments (presumably, due to receiving payments on the morning of the maturity date), that I'd forgotten that BACs payments can take longer.

ColdIron

NS&I are one of the few that use BACS for payments these days (though they do use FP for some adhoc withdrawals). With things like GGBs and GIBS where the dates are known in advance this makes sense and they can set up the payments in advance. All of my withdrawals from memory are on the day expected or, recently, ahead of time (presumably intentionally)

peter021072

It was due to mature on Sunday 7th. However, the NS&I site informed me that the Guaranteed Growth Bond had matured and was now closed, I also received a text confirming this.  However, the NS&I helpline now tell me it actually matures on the 9th in 4 days time, they say it was sent out to my bank on the 4th, to make sure it gets through either on or before the 9th.  It's all very strange, but hopefully there's no loss of interest. 

ColdIron

If you go to your Closing Statement (Profile->Documents) you can see the interest there

Kim_13

Payment hasn’t landed today as I expected, despite being sent on Thursday. So those of us with maturities over the weekend are receiving payment late due to their choice to use BACS. I asked them to send it to Chase, from which I could have moved it onwards despite the weekend. I won’t raise a complaint as it is heading to Monmouthshire who don’t credit until the next working day so I haven’t actually lost anything, but if they paid by conventional means the customer would be able to see the payment on maturity day even if they couldn’t access it (happened to me with maturities at Principality and Saffron sent to Halifax and Nationwide.) Government don’t make people wait for their pensions/benefits if the due date isn’t a working day and make payment working day before instead, but NS&I obviously work differently.