Buying less than £100 premium bonds

BruceyBonus

I was just looking at the NS&I website. It is minimum £100 investment for premium bonds, except if you pay by standing order. There is a standing order form on their website, making payments to sort code 10-20-03 (Bank of England) account number 22577157 with holders number as reference.

I was wondering if it is possible to make a one-off payment of £50 by BACS from online banking (instead of setting up a standing order?)

Toastie

BruceyBonus wrote: »

I was just looking at the NS&I website. It is minimum £100 investment for premium bonds, except if you pay by standing order. There is a standing order form on their website, making payments to sort code 10-20-03 (Bank of England) account number 22577157 with holders number as reference.

I was wondering if it is possible to make a one-off payment of £50 by BACS from online banking (instead of setting up a standing order?)

I'm guessing they would not pay you and you would be withdrawn from the offers available?

lr1277

Pure speculation on my part but wouldn't you need a reference/customer number to be sent along with your standing order? Otherwise how would NS&I know the money had come from you?

And surely the only way you get this reference/customer number is buying the minimum number of bonds?

BruceyBonus

lr1277 wrote: »

Pure speculation on my part but wouldn't you need a reference/customer number to be sent along with your standing order? Otherwise how would NS&I know the money had come from you?

And surely the only way you get this reference/customer number is buying the minimum number of bonds?

I already have premium bonds. You have to quote your holders number as reference, which I have to hand.

I want to buy more bonds but can't really afford £100 in one go.

cheerfulcat

Why not set up a standing order and then cancel it after one payment?

jimbow25

The minimum you can buy at once is £100, or £50 if you're buying them monthly by standing order.

If you could afford £50 now and £50 in each subsequent month that would be fine, and I guess there's no requirement to buy more than one month's worth either. It would have to be by standing order though judging by the way the restriction is worded.

vixenlouis

Can you set up the standing order on line - it says fill in the form and hand it into your bank?

freddykrueger

You can't setup a standing order live on their website but what I did was set up a standing order through my online banking (Nationwide) which was easy enough to do using the details on the form they provide and of course your investor number as the reference.

BruceyBonus

Thanks! I never thought of setting up a standing order then cancelling!! Looking at my online banking (HSBC) you can set it up to automatically end after a certain number of payments (one).

cheerfulcat

vixenlouis wrote: »

Can you set up the standing order on line - it says fill in the form and hand it into your bank?

The standing order is an instruction to your bank, not to NS&I. I would expect any current account which is operated online to accept instructions for standing orders online.

BB -

Looking at my online banking (HSBC) you can set it up to automatically end after a certain number of payments (one).

Perfect!

kosma1

you have to originally purchase £100 of bonds.

you can then purchase in £50 or more, so yes, if you already have £100 worth, you should be able to purchase a one off bond amount for £50

that is my understanding of it after i read up on when i bought mine, i just havent invested anything else into it