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  • FIRST POST
    • SG27
    • By SG27 7th Jul 18, 6:22 AM
    • 2,295Posts
    • 1,565Thanks
    SG27
    Transferring large sum into NS&I direct saver
    • #1
    • 7th Jul 18, 6:22 AM
    Transferring large sum into NS&I direct saver 7th Jul 18 at 6:22 AM
    Good morning!

    Something I never thought I would be worrying about is having too much money in the bank unfortunately its only temporary between house sale and purchase.

    So after looking into several "instant" access accounts I think I have settled on NS&I direct saver at 0.95% not the highest rate but no need to split my money into 85k chunks.

    But... whats up with the system of transferring money in? Rather than sending it to my own account number and sort code it goes to a generic ns&i one with my account number as reference. I have done 1 to set up my new payment from my bank and the lump sum of 218,000 will follow in a few weeks when my sale completes. Has anyone got experience of depositing funds this way? Anything I should be aware of? How does it take?

    Thanks
Page 1
    • ColdIron
    • By ColdIron 7th Jul 18, 9:29 AM
    • 4,340 Posts
    • 5,518 Thanks
    ColdIron
    • #2
    • 7th Jul 18, 9:29 AM
    • #2
    • 7th Jul 18, 9:29 AM
    I've used debit card for > 200K with no problems. I think bank transfer is more likely to run into problems with upper limits
    • Zanderman
    • By Zanderman 7th Jul 18, 9:58 AM
    • 1,712 Posts
    • 4,313 Thanks
    Zanderman
    • #3
    • 7th Jul 18, 9:58 AM
    • #3
    • 7th Jul 18, 9:58 AM
    As ColdIron say, use a debit card. That's what I use to fund NS&I accounts. If I recall correctly it's the primary option for the Direct Saver isn't it?
    • WaywardDriver
    • By WaywardDriver 7th Jul 18, 10:48 AM
    • 118 Posts
    • 112 Thanks
    WaywardDriver
    • #4
    • 7th Jul 18, 10:48 AM
    • #4
    • 7th Jul 18, 10:48 AM
    Good morning!

    But... whats up with the system of transferring money in? Rather than sending it to my own account number and sort code it goes to a generic ns&i one with my account number as reference. I have done 1 to set up my new payment from my bank and the lump sum of 218,000 will follow in a few weeks when my sale completes. Has anyone got experience of depositing funds this way? Anything I should be aware of? How does it take?

    Thanks
    Originally posted by SG27
    Did something similar with standing order from bank account to NS&I Premium Bonds with account number as reference. Took several days to appear in Premium Bonds account but otherwise OK.
    • Tom99
    • By Tom99 7th Jul 18, 10:53 AM
    • 2,397 Posts
    • 1,617 Thanks
    Tom99
    • #5
    • 7th Jul 18, 10:53 AM
    • #5
    • 7th Jul 18, 10:53 AM
    If you use a debit card you will probably have to clear it with your own bank 1st as 200k+ is likely to be way over the normal limit.
    Also I think NS&I have (or had) an upper limit on a debit card payment of 99,999.99
    • muvvahen
    • By muvvahen 9th Jul 18, 7:59 AM
    • 13 Posts
    • 21 Thanks
    muvvahen
    • #6
    • 9th Jul 18, 7:59 AM
    • #6
    • 9th Jul 18, 7:59 AM
    Over the course of a few days I've also been paying money from a house sale into my NS&I Direct Savings Account, as well as an easy access account at Paragon. I've been paying it across in 10,000 chunks using direct bank transfers.

    Both Paragon and NS&I use the system you describe: sending money to a generic account with your specific account number as the payment reference. Must admit I was dubious but it works just fine. Just double, triple and quadruple check the account reference (I sent a small 'tester' payment to make sure it worked before committing larger sums to the ether).

    My current account only allows you to transfer up to 20,000 a day. It's a bit disconcerting as the money doesn't appear in the NS&I account until a few days later. With Paragon I can see it in my account within a couple of hours.

    The NS&I Direct Saver account rate is fairly rubbish, but at least it's 100% safe in the hands of our wonderful government

    I figure it's an OK place to hold cash while waiting for a market correction to get back into S&S.
    Last edited by muvvahen; 09-07-2018 at 4:02 PM. Reason: Grammatical errors!!
    Too chicken to stay in the rat-race...
    • vw100
    • By vw100 10th Jul 18, 9:56 AM
    • 137 Posts
    • 75 Thanks
    vw100
    • #7
    • 10th Jul 18, 9:56 AM
    • #7
    • 10th Jul 18, 9:56 AM
    Chaps transfer - the whole lot in one go, although a charge of 25.00 - just saves the stress of split payments.
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