NS&I's GGB 1 Yr - Guaranteed Growth Bond - nominated bank, maturing over w/end and cooling off?

boco803

I've several questions that I hope people with experience could share.

Firstly - could I have multiple nominated bank accounts and assign different linked accounts to GGB, Premium Bonds etc., or is it just the one nominated account?

Secondly - has anyone one had a GGB or other fixed term account mature over the weekend?  Do you just lose out on the interest until the next working day when they carry out your instructions to transfer to an external account.  Or do they pay the extra interest?

Finally, if I decided to let my GGB auto renew, I understand there's a 30 day cooling off period.  If I took advantage of this, is it easy to administer via the online account, or would one have to mess about phoning in etc?

Do they actually pay interest between start of new bond and date of cancellation?

Swipe

As far as I'm aware, you can have a different nominated account for each product and to cancel your renewed bond within the 30 day cooling off period just click on the cancel bond link on your dashboard. 

ColdIron

One of my GGBs matured Sunday 31st August, I got the exact interest I expected and it was paid Saturday 30th

You can have different nominated accounts, including a Direct Saver if you have one

I've never done it but I believe it can be cancelled online

Kim_13

I’ve had different nominated accounts for a GGB, Premium Bonds and a Direct Saver without an issue. I haven’t had multiple GGBs at once though so can’t comment on whether you can have different nominated accounts with each one. 

My GGB recently matured over a weekend and I received the money on the Monday, the first working day following the maturity date.

boco803

Thanks for your replies.

So if mine matures on a Saturday, would interest be paid up to Friday or up to Sunday (as they're going to transfer on Monday)?

And in terms of cancelling the bond, does anyone know if interest is accrued and paid to point of cancellation?

Swipe

boco803 said:

And in terms of cancelling the bond, does anyone know if interest is accrued and paid to point of cancellation?

Yes, that's correct. It's all on their website:

https://www.nsandi.com/products/guaranteed-growth-bonds

boco803

Swipe said:

boco803 said:

And in terms of cancelling the bond, does anyone know if interest is accrued and paid to point of cancellation?

Yes, that's correct. It's all on their website:

https://www.nsandi.com/products/guaranteed-growth-bonds

Great, thanks.

I see it states:

We'll refund your money, plus any interest earned, within 14 days of cancellation

So does that mean say 10 days into the new bond, you decide to cancel, they'll note your request and pay interest accrued for those 10 days, then take up to 14 days to administer and transfer your funds - meaning your funds could potentially be in limbo earning nothing?

Would be interested to hear from those with experience of cancelling an auto-renewed GBB.

Thanks.

Nova1307

Have tried to cancel a GGB online several times in the past 24 hours but keep getting an message saying there has been an error and my request could not be processed despite the fact that it is well inside the 30 day cooling off window. Has anyone else experienced this?