NS&I withdrawal

I tried to withdraw from NS&I Savings to my Monzo account but it failed and having spoke to NS&I they stated they are unable to verify some online banking accounts is this common and does it effect all Monzo accounts.

NS&I need to update their systems to recognise Monzo as a bank.

You can fight them on it, but it’s probably quicker and easier to transfer it to a different account.

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I’ve had no trouble withdrawing from NS&I to my Monzo account, so something’s screwy at their end I’d say.

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Same here. Withdrawals and deposits have gone absolutely fine for me.

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They said it’s something to do with a score on their internal software and it flags some online only banking accounts.
I have no issues with my other banks only Monzo so it’s flagging that as unable to verify and now have to wait 15 days for the funds to be recalled to my NS&I account.

Sounds like you’ve tripped a wire somehow. Was it money transferred in from another account and back out to Monzo?

No changed my nominated bank within NS&I to monzo and transfered some money seemed to all go through then security team phoned me day after tell me it had failed verification.
Funds come straight out of long term NS&I account only thing i can think is I’ve only just opened monzo but can’t see why that would cause an issue.
They have basically said i cant use the monzo account to transfer funds into as it will fail again.

I’ve had some trouble with the opposite. NS&I seemed unable to recognise my monzo deposit and returned it to my account. Worked fine as a standard deposit but no joy with a standing order. Haven’t tried withdrawals yet but thanks for the heads up ^^

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I had this paying in funds. I sent NS&I a message and it turned out I’d used the wrong reference on my standing order. They give you two different references and you have to get the right one. (I can’t remember which is which so give them a shout. My standing orders work fine now.)

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I have withdrawn to my Monzo account from NS&I

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I’ve had no problems withdrawing from NSandI into Monzo, after changing my nominated account from Barclays.

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We have lots of customers successfully withdraw into Monzo from NS&I, so I’d recommend speaking to them to find out exactly what the problem was.

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Thanks, I’ll take a look ^^

Yeah, I’ve done multiple withdrawals in the last couple of years just fine.

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I think it might be this is the reason:

Other people who are saying NS&I presumably have accounts of longer standing.

If so, it could be that in X months time, Monzo could eventually work for OP once they’ve been using it for long enough.

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I don’t know how NS&I would know how long their account with us has been open though :thinking:

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They do a soft credit search i think as they knew exactly what other accounts i had and exactly when they where opened.
They even knew how much of an overdraft i had so im assuming the soft credit search shows when Monzo account was opened but not sure if this would be built into their security systems.

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Interesting - that might well be the case!

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