Easier Premium Bond Top-ups With NS&I
NS&I now has a new way to top up variable rate accounts, like Premium Bonds. This method is meant to be safer and simpler for its users.
NS&I is introducing a new payment system called 'Pay by bank account.' It will give customers three options for making payments to their accounts. These options will be available in the upcoming weeks.
Right now, people who want to add money to their variable rate accounts can do it online. These accounts include Premium Bonds, Direct Saver, Direct ISA, Income Bonds and Junior ISA. To add money, customers can use bank transfers or debit card payments.
There are 22.9 million variable customers. Six million of those customers can take care of their accounts online. NS&I said this is true.
To pay through their online NS&I account, customers need to log in first. Then, they can choose 'Pay by bank account'. This will lead them to Ecospend, where they can pick a bank or building society to complete the payment process.
During the process, the customer's details are filled in automatically. To make a payment, the user must approve it before going back to nsandi.com.
Using Pay by bank account is fast, simple, and safe because it lowers the possibility of entering incorrect information. But not every bank and building society utilizes this system. Here's a list of those that do.
You can pay using your bank account for self-assessment payment with HMRC. It's also available for credit card bill payments and online charity donations.
The use of Pay by bank account is free, but there are different limits set by each firm. These limits usually range from £10,000 to £50,000.
NS&I said online customers can still pay using bank transfer or debit card. Customers who can't use the internet can call customer service to add funds with a debit card.
NS&I CEO, Dax Harkins is happy to provide up-to-date banking technology to customers. Customers can now top up their easy-access savings account. The new technology allows easy transfer from most UK banks and building societies into their NS&I variable savings account. Pay by bank account will be rolled out in the coming weeks.
These are all banks that offer online banking services to their customers. Some of the banks include Alpha FX, Bank of Scotland, Barclays, and Nationwide Building Society. There are also others like Investec and Santander. Customers are able to manage their accounts online, view transactions, pay bills, and transfer money. It's convenient for those who can't make it to a physical bank location.
