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NS&I - Switching from Income Bonds to Guaranteed Income Bonds

Hi All,

I have been transferring money into an NS&I regular income bond. Once I'm done, I plan to transfer the whole lot into a guaranteed income bond.

I'd really like to have it pay out on the 1st of the month, or the next working day. What's the best way of achieving this? Anyone managed to do this before?

The 1st December is a working day, so if I fill in the form online then to transfer, would that cement the maturity date, and hence interest payment date, or are there gears that need to turn in the background, pushing the date out?

As this is within the "interest calculation" period of the income bond (20th-5th of following month), would this complicate matters?

Many Thanks,
Andy

Comments

  • ColdIron
    ColdIron Posts: 9,991 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    AP3 said:
    I'd really like to have it pay out on the 1st of the month, or the next working day. What's the best way of achieving this? Anyone managed to do this before? 
    Interest is paid on the monthly anniversary of account opening
    • We pay the interest to your nominated account each month on the same date of the month as you bought your Bond, or the next banking day if this date is not a banking day.
  • AP3
    AP3 Posts: 106 Forumite
    Ninth Anniversary 10 Posts Photogenic Combo Breaker
    Thanks, yes I'm aware of all that. My question is around how to actually set that "bought" date as the 1st, and what implications arise from the "interest calculation" period of the current bond.
  • ColdIron
    ColdIron Posts: 9,991 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    edited 8 October at 12:02PM
    You can pay for your GIBs from a Direct Saver. If you bought and paid for your GIB online in the usual manner on the first I can't see that there could be any dispute about the date and would sidestep any potential issues arising from the online form or the "interest calculation" period
    Just a thought
  • AP3
    AP3 Posts: 106 Forumite
    Ninth Anniversary 10 Posts Photogenic Combo Breaker
    Thanks. So move everything from the IB to DS, then to GIB.

    Sounds like it would work, but still wondering if a direct move is possible.
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