National Savings: Repayments

(asked on 5th October 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to ensure that National Savings and Investments process repayments for investors as speedily as possible.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 13th October 2020

The time it takes for NS&I to process repayments for customers depends on which NS&I account(s) a customer has, how much the customer wants to withdraw and how the customer gives NS&I their withdrawal instruction.

The quickest way for customers to withdraw their money is online. Customers can also give their withdrawal instructions over the phone. Withdrawals by post will take longer and timescales will depend on customers’ chosen method of post.

NS&I provides a payment timeline calculator on its website for online and phone repayments to enable customers to find out when they will receive their payment. The calculator is designed to tell customers when they would receive a single withdrawal from one account, if they withdraw online or by phone.

From 29 September 2020, NS&I became aware that a small number of customers using its online services were having difficulty when trying to withdraw money from their accounts. This was due to a technical issue which was resolved on 6 October 2020 and NS&I apologies for the inconvenience caused to customers. During the period when the technical issue was ongoing, customers could still withdraw money from their accounts by phoning the NS&I customer service team.

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