dead-money
Rocket to the Moon
Posts: 735
Likes: 645
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Post by dead-money on Sept 28, 2020 8:38:59 GMT
Yes, don't rely on NS&I to process transfer or withdrawals in a timely fashion. Get your money into a FPS member bank sooner rather than later.
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Post by Deleted on Sept 28, 2020 8:49:28 GMT
Yes, one withdrawal took an extra day but I raised a complaint and got compensation. Apparently the volume of withdrawals that day meant NS&I exceeded its daily limit with its own bank. Subsequent withdrawals have been fine so seems like it may be sorted now. Remember withdrawals up to 50k arrive next day; over 50k takes 2 banking days if requested before 8pm (3 days if after), so it can be quicker to make smaller withdrawals (eg 80k is quicker as 2x 40k withdrawals etc).
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dead-money
Rocket to the Moon
Posts: 735
Likes: 645
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Post by dead-money on Sept 28, 2020 9:00:43 GMT
Yes, one withdrawal took an extra day but I raised a complaint and got compensation. Apparently the volume of withdrawals that day meant NS&I exceeded its daily limit with its own bank. Subsequent withdrawals have been fine so seems like it may be sorted now. Remember withdrawals up to 50k arrive next day; over 50k takes 2 banking days if requested before 8pm (3 days if after), so it can be quicker to make smaller withdrawals (eg 80k is quicker as 2x 40k withdrawals etc). Ha ! one day! that's nothing. They mislaid a five figure sum of mine for 30 days! Transferred in and then not properly allocated to an account. They still haven't even acknowledged the compliant never mind offered compensation, count yourself extremely lucky. And come November I've got to contemplate trying to get money out of the buggers.
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johnt
Investing in Ratesetter, Zopa and Assetz Capital since 2013
Posts: 127
Likes: 71
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Post by johnt on Sept 28, 2020 13:12:49 GMT
NS&I attempted to take a £5000 payment from my bank account 3 times leaving my current account just about empty on the third attempt. Took a week before they released the funds back to my current account meanwhile my mortgage and some utilities bounced. Put a complaint in July and got a response 8 weeks later telling me to take the matter up with my bank and closed my complaint! I've now referred it to the ombudsman.
I imagine NS&I are going to have a lot of enquiries between now and December whilst everyone pulls their money out, only compounded by the lack of staff they have at present.
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Post by ruralres66 on Sept 29, 2020 12:21:37 GMT
2/04/2020 394035 Requests in front of you 37
So my last substantive investment is drawing to a close meaning that I have all capital out and most of the interest earned over time.
NS&I have capitulated, so a transfer over to a fixed rate 12 month bond is secured (Aldermore) while it lasts as a holding account for 12 months for the NS& I stuff.
I think I will take a year out of any further investment and see which way the wind blows.
This year before lockdown I bought a campervan (I now have 2).
I have 3 caravans, 2 old 'conversation pieces' and am being offered 50% more than I bought a newer one for in 2016.
Husband has an old kit car and a classic 1960's Lotus.
So I am stumped as to what to do.
Brother in law is collection classic and modern motorbikes!
All suggestions welcome!
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Sept 29, 2020 13:23:54 GMT
2/04/2020 394035 Requests in front of you 37
So my last substantive investment is drawing to a close meaning that I have all capital out and most of the interest earned over time.
NS&I have capitulated, so a transfer over to a fixed rate 12 month bond is secured (Aldermore) while it lasts as a holding account for 12 months for the NS& I stuff.
I think I will take a year out of any further investment and see which way the wind blows.
This year before lockdown I bought a campervan (I now have 2).
I have 3 caravans, 2 old 'conversation pieces' and am being offered 50% more than I bought a newer one for in 2016.
Husband has an old kit car and a classic 1960's Lotus.
So I am stumped as to what to do.
Brother in law is collection classic and modern motorbikes!
All suggestions welcome!
my suggestion is do what you enjoy. i am 6.1% up (circa 670k) and will be using this to work on old cars too I have an aggressive approach to investing
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coogaruk
Hello everyone! Anyone remember me?
Posts: 702
Likes: 463
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Post by coogaruk on Sept 29, 2020 14:57:16 GMT
I've been thinking about this again since NS&I's bolt from the blue last week.
Personally I feel chasing higher rates is pretty futile right now. They are likely to have long disappeared by the time NS&I's cuts kick in and there will no doubt come a point some time in the future when one might wish they hadn't locked in for quite so long as rates begin to rise again (if ever!). I still have some good fixes (>2%) both at NS&I and elsewhere to see me through for another few months.
I continue to put spare cash into NS&I's Direct Saver and will do so at least up to the point their cuts take effect and even thereafter will probably keep my 'rainy day' money in there. My RateSetter withdrawals continue to go into Premium Bonds. I see no reason to change course and that is also where my NS&I Income Bonds investment will probably end up.
It is likely that I will miss out on my one and only RYI (5y) which I inititiated (as a hedge really) on 15th September but am comfortable with run-off as I still expect it to outperform the low rates available on cash.
I also intend to eventually spend more on entertainment and experiences, in order to support both an economic recovery and the industries so badly hit by the pandemic. Live music, theatre, etc.
Boring I know.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Sept 29, 2020 17:04:04 GMT
I've been thinking about this again since NS&I's bolt from the blue last week.
Personally I feel chasing higher rates is pretty futile right now. They are likely to have long disappeared by the time NS&I's cuts kick in and there will no doubt come a point some time in the future when one might wish they hadn't locked in for quite so long as rates begin to rise again (if ever!). I still have some good fixes (>2%) both at NS&I and elsewhere to see me through for another few months.
I continue to put spare cash into NS&I's Direct Saver and will do so at least up to the point their cuts take effect and even thereafter will probably keep my 'rainy day' money in there. My RateSetter withdrawals continue to go into Premium Bonds. I see no reason to change course and that is also where my NS&I Income Bonds investment will probably end up.
It is likely that I will miss out on my one and only RYI (5y) which I inititiated (as a hedge really) on 15th September but am comfortable with run-off as I still expect it to outperform the low rates available on cash.
I also intend to eventually spend more on entertainment and experiences, in order to support both an economic recovery and the industries so badly hit by the pandemic. Live music, theatre, etc.
Boring I know.
I've maxed my NS&I limit so need to find some good homes
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gg
Posts: 83
Likes: 61
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Post by gg on Sept 30, 2020 7:14:53 GMT
In order of value 1. Personal home 2. 4 x BTL properties (yield 8% gross) 3. Premium Bonds (pathetic returns) 4. Normal savings accounts (pathetic returns) 5. Stocks and Shares (variable, some are down 10% and some are up 150% over the past 6 months. Overall, up 18% over 12 months)
gg
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mogish
Member of DD Central
Posts: 998
Likes: 487
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Post by mogish on Sept 30, 2020 19:05:26 GMT
Over the last few months I have been transferring holding account funds from RS isa to another provider. My last transfer request took 3 days.... impressive. Wish the RYI were as quick.😬
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
Posts: 129
Likes: 53
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Post by bt on Oct 1, 2020 10:08:12 GMT
Over the last few months I have been transferring holding account funds from RS isa to another provider. My last transfer request took 3 days.... impressive. Wish the RYI were as quick.😬 Are you saying you can transfer from Ratesetter ISA holding account to another ISA provider without it coming out if the ISA wrapper? How do you do that ?
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
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Post by beagle on Oct 1, 2020 10:27:05 GMT
Over the last few months I have been transferring holding account funds from RS isa to another provider. My last transfer request took 3 days.... impressive. Wish the RYI were as quick.😬 Are you saying you can transfer from Ratesetter ISA holding account to another ISA provider without it coming out if the ISA wrapper? How do you do that ? It is flexi ISA any funds in holding are also ISA wrapped
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
Posts: 129
Likes: 53
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Post by bt on Oct 1, 2020 10:33:13 GMT
Are you saying you can transfer from Ratesetter ISA holding account to another ISA provider without it coming out if the ISA wrapper? How do you do that ? It is flexi ISA any funds in holding are also ISA wrapped So do you have to initiate transfer from receiving ISA ?
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Post by Ace on Oct 1, 2020 10:57:40 GMT
It is flexi ISA any funds in holding are also ISA wrapped So do you have to initiate transfer from receiving ISA ? For all Isa transfers you need to complete the receiving organisation's ISA transfer form. Not all accept transfers from IFISAs, but many that don't seem to go through OK if you lie and tick the box that says it's coming from a cash ISA. The worse that can happen is that they'll refuse the transfer.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Oct 1, 2020 11:48:13 GMT
So do you have to initiate transfer from receiving ISA ? For all Isa transfers you need to complete the receiving organisation's ISA transfer form. Not all accept transfers from IFISAs, but many that don't seem to go through OK if you lie and tick the box that says it's coming from a cash ISA. The worse that can happen is that they'll refuse the transfer. In my experience hardly any mainstream ISA providers have ever heard of IFISAs and only ask which of cash or S&S it is on their transfer in form. However I have always said that it is a S&S ISA and have never had one fail. IMO an IFISA is more similar to S&S than cash because typically there will be investments which cannot be transferred, as well as cash which can.
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