NS&I How long do transfers take nowadays?

wmb194

Kim_13 said:

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.

BACS doesn't credit at the weekend/bank holidays so depending on when the payment was actually made it'll be Monday or Tuesday.

I'm sure this has come up before and the suggestion was to have the bond's proceeds deposited into an instant access NS&I Direct Saver account as withdrawals from the DS are paid by faster payments, usually received next day. The only thing is you have to make this withdrawal manually rather than making it in your maturity instruction.

ColdIron

wmb194 said:

Kim_13 said:

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.

BACS doesn't credit at the weekend/bank holidays so depending on when the payment was actually made it'll be Monday or Tuesday.

I'm sure this has come up before and the suggestion was to have the bond's proceeds deposited into an instant access NS&I Direct Saver account as withdrawals from the DS are paid by faster payments, usually received next day. The only thing is you have to make this withdrawal manually rather than making it in your maturity instruction.

You can set your nominated account for your particular NS&I account to the Direct Saver and, erm, nominate that in your maturity instructions

wmb194

ColdIron said:

wmb194 said:

Kim_13 said:

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.

BACS doesn't credit at the weekend/bank holidays so depending on when the payment was actually made it'll be Monday or Tuesday.

I'm sure this has come up before and the suggestion was to have the bond's proceeds deposited into an instant access NS&I Direct Saver account as withdrawals from the DS are paid by faster payments, usually received next day. The only thing is you have to make this withdrawal manually rather than making it in your maturity instruction.

You can set your nominated account for your particular NS&I account to the Direct Saver and, erm, nominate that in your maturity instructions

Right, what I mean is to get it to your current account you need to make a manual withdrawal from the DS.

refluxer

My GGB was set to mature today (6th), the BACs payment was made on Thursday and I received the funds at 11.59pm last night. 

The transaction is dated as Monday 8th, but the money is available (not 'pending') - Barclays often do this with payments received at the weekend. 

Kim_13

wmb194 said:

Kim_13 said:

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.

BACS doesn't credit at the weekend/bank holidays so depending on when the payment was actually made it'll be Monday or Tuesday.

I'm sure this has come up before and the suggestion was to have the bond's proceeds deposited into an instant access NS&I Direct Saver account as withdrawals from the DS are paid by faster payments, usually received next day. The only thing is you have to make this withdrawal manually rather than making it in your maturity instruction.

Badly worded on my part - I meant I hadn’t expected it to land today. I have a Direct Saver but stupidly didn’t think to nominate it. I will do so in future, as it would’ve been a good way to clear out odd pennies that would be better moved elsewhere at the same time.