Premium Bonds Available balance

MadMolo

Apologies if this has already been covered but I can't find anything definitive. 
I have invested £50000 into Premium Bonds but my available balance is still showing £0. I have also tried to do a test cash in but it won't allow me to do so due to no funds available. 
Any advice or comments please?

Clive_Woody

Calling from the UK

Call us on 08085 007 007

https://www.nsandi.com/contact-us

flaneurs_lobster

When did you make your deposit? All in one go?

Was it to an existing NS&I account or was it new for this deposit?

I'll usually make a small deposit to a new account, even to one as venerable as NS&I, just to make sure I've got the details right, before moving large amounts.

MadMolo

Did it all in one go on Christmas Day. Payment is showing cleared with my Bank on 29/12.

flaneurs_lobster

MadMolo said:

Did it all in one go on Christmas Day. Payment is showing cleared with my Bank on 29/12.

New NS&I account? Their website says they may ask for ID info before crediting your new account.

Any chance you've missed an email from them? Junk email?

As @Clive_Woody says, give them a call.

molerat

MrsM made a purchase on 30 Dec and it is not showing as available yet.  Is the amount showing as a balance and in the transaction history and bond record ?

DRS1

I might be misunderstanding but £50k is the most one person can invest in premium bonds isn't it?  So maybe available balance means you can't pay any more in (which would explain what happened when you tried to add more).  I am thinking it is a bit like the ISA information which tells you how much you can still contribute in this tax year rather than like a bank account where it is showing you how much you can withdraw.

molerat

Available is how much is available to withdraw, MrsM's available is that £5K new purchase less than her balance.  Amount available to purchase is not shown on the main account screen.

eskbanker

MadMolo said:

Did it all in one go on Christmas Day. Payment is showing cleared with my Bank on 29/12.

Did you pay by debit card, as these are processed ridiculously slowly by NS&I:

How long deposits take to clear

You can only take money out if you have enough cleared funds in your account. An electronic transfer deposit received by 18:30 on a banking day will normally clear no later than the next banking day. Debit card and cheque deposits will clear no later than the seventh banking day after being received. 

https://www.nsandi.com/files/asset/pdf/premium-bonds-brochure.pdf

i.e. a debit card deposit on Christmas Day may not 'clear' (for NS&I) until later this week....

MadMolo

Thanks all. Sounds like I may need to be a bit more patient! Will try to call them by end of the week if not resolved....if I can get beyond the AI assistant!!!!

HedgehogRulez

I bought £20k on 30th dec and it was showing cleared and eligible for Feb draw next day. This was by using open banking rather than debit card however