Premium bonds payment

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1

Hey all,

New to the forum but been with Monzo since 2018.

I’m withdrawing some investment I have in premium bonds. They’ve said that I should have payment by Friday 4th at the latest. Assuming that’s the case, does anyone who has withdrawn to Monzo know whether the payment arrives the day before from 4pm, like a normal payment would?

Cheers!

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I can’t remember but the payment for a win was received just after 4pm so that sounds like it was paid early

I guess a withdrawal would work the same way

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That depends on if the payment is via BACS (likely) or Faster Payments.

If BACS, you’ll see the upcoming transaction in your :monzo: feed and you’ll be able to claim it ‘early’ the working day before (after 4pm)

If Faster Payments, you’ll have no advance warning and it’ll just arrive in your account.

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I’ll see if I can find any information on their website to see how withdrawals are processed. I’m hoping BACS!

I did have a look earlier - there’s lots of info on buying bonds but not much detail on withdrawing :joy:.

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If BACS, you’ll see it in advance and get to claim it in advance (1 day early, after 4pm)

If not, you’ll still get the money! Enjoy the investment rewards :smile:

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Withdrawals are BACS. I withdrew some when I did some rejuggling of things recently and I was able to claim it a day early.

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Yep looks like it is BACS. Happy days, thank you!

Glad to be part of such a friendly community. Now I’m wondering what took me so long to join :thinking:!

:+1:

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Happy Days indeed. Incoming money is always the best :grin:

Please hang around & join in when you need to. There’s a wealth of knowledge and experience here to tap into - not necessarily just :monzo: or Premium Bond related!

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Just thought I’d give an update on this which might be useful for someone reading in the future.

As per @hdwrng the payment from NS&I for withdrawing premium bonds is via BACS. Monzo allow you to get payment 4pm the day before, but only if the payment is £20,000 or less. If higher (e.g. if withdrawing the maximum £50,000 permitted per person to hold in premium bonds in one go) then you have to wait until the payment date and can’t get payment early.

Hopefully this helps someone in the future :+1:

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