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Missed NS&I bond payment to be made in February

Missed NS&I bond payment to be made in February

Category: Savings

Updated: 15/01/2010
First Published: 15/01/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

National Savings & Investments has confirmed that the Income Bond customers who did not receive their January interest payment will receive their February payments as normal.

It has also confirmed that for the majority of the 8,000 people affected, the January payment will now be made on 5 February, alongside their interest payment for February.

A technical problem meant around 3% of all Income Bond customers, all of whom had purchased bonds during a five day period between 24 and 28 November each year until 2009, did not receive their January interest payment on the allotted date of 5 January.

The average income payment due is approximately £20, although for a large majority (62%) their payment is £10 or less. A small minority (7%) are owed over £100.

The Government-owned institution said it had also initiated manual repayments to customers who have a greater reliance on this income, meaning that they will get their payment more quickly.

A letter has been sent to all customers affected by the issue to apologise, to reassure them that their investments are safe, and to let them know when their outstanding income payment will be paid.

All the affected customers are to be paid additional interest on the amount they are owed, based on an annual rate of 8% gross, calculated daily.

In addition, customers who incur bank charges as a direct consequence of the delay will have these refunded.

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