NS&I ILSC Matured - How long until payment?

Stompa

I have a NS&I ILSC that has matured, and have received a text message saying:

Hi, your Index-linked Savings Certificates account No. xxxxxxx has matured. We've carried out your instructions and you'll receive confirmation within 5 working days.

Now, the certificate has disappeared from my online account, but no sign so far of a payment into my nominated account. Does anybody know how long this typically takes?

It feels a bit like the money has disappeared!

ChesterDog

I think mine was one working day.

Stompa

https://forums.moneysavingexpert.com/discussion/comment/82018834#Comment_82018834

Thanks, so you received it the day after the text message?

Having just checked, it seems it's sent as a BACS payment so may take a while.

GeoffTF

I had one mature recently. NS&I sent me a message saying that it had matured and that my instructions had been actioned a few days before the maturity date. I did not receive the funds until one day after the actual maturity date. It is possible that there would be a further delay if a weekend had intervened,

Stompa

https://forums.moneysavingexpert.com/discussion/comment/82018852#Comment_82018852

OK, thanks.

badger09

Not sure if the same process is applied, but I decided to renew part of my ILC into a 3 year, rather than 5 and the balance was in my nominated account by 08.00 ish this morning.

Shedman

What's the latest point before the renewal date that you can select which option you want for maturing ILCs (and can you chose an option and then change it again up to that last point like a lot of providers allow for maturing fixed savers)? Just that ours mature on 12th and 14th July and we won't be back from hols until around 11th (and we may not have internet for a couple of days before that) and we're still undecided as to what to do with them.

cc123mm456

@Shedman

Yes you can change the maturity option up to the deadline. The online maturity option will first become available 30 days before maturity.

I can advise the dates for my recent maturity:

• My maturity date was 25th May, which was the bank holiday Monday.
• I received the maturity notice (via the online account) on 24th April
• The deadline for changing my maturity options was 3pm on Thursday 21st May
• I chose to Cash In and close, and the payment arrived in my bank on Tuesday 26th May
• My current account is First Direct, and it shows pending BACS transfers. In this case the pending transfer was visible in FD from Friday 22nd May.

As the weekend and bank holiday were involved here, I suspect that NS&I will usually set the deadline to 2 working days before the maturity date (at 3pm on that day).

Stompa

FWIW I had 2 ILSCs, one maturing on 2nd June, the other on 3rd June. Both payments arrived in my account on 2nd June (one in the morning, the other in the evening).