Update on NS&I interest payments

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Update on NS&I interest payments

Mon 18th Jan 2010

Consumers who have bonds with NS&I Income Bonds will receive their interest payments as usual on February 5th.

The announcement follows many investors not receiving their first payments of 2010 on January 5th.

For affected customers, they will receive both of their payments on February 5th, plus a rate of eight per cent on their January instalment.

Around three per cent of NS&I clients have been hit by the delay, with the average payment being £20, although some customers are expecting payments upward of £100.

Any customers who had received a bank charge on account of the delayed payment will receive a refund from NS&I. Customers who rely on their payments to supplement their income will be prioritised.

The delayed payments were due to a technical glitch, which affected individuals who purchased their bonds between 24th and 28th November each year until 2009.

Other holders of the Income Bond who did not purchase during this five-day timeframe and any other bond holders are not affected.

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