Devoted savers are deserting NS&I as its customer care breakdown continues.
National Savings and Investments yesterday slashed rates for its 25 million consumers
However those attempting to move their cash are having to wait weeks as they have a hard time to browse the bank’s new website or to talk to anyone about it on the telephone.
Rates cut: National Cost savings and Investments the other day slashed rates for its 25m customers.
Even savers who are eager to stick with the bank are being left baffled by ask for passwords they have no memory of ever setting up.
Money Mail last week reported how NS&I’s decision to stop sending out Premium Bond cheques in the post had caused turmoil as older clients struggled to set up online accounts or register bank information.
Now readers have actually written to us in droves to experience poor service from the Government-backed bank.
Retired customer support supervisor Michael Pont has actually now quit on NS&I– in spite of holding a five‑figure amount in Premium Bonds since 2008
The bank’s site instructed Michael, 78, to enter his Premium Bond holder’s number when he tried to establish an online account so he could handle his prize payments. Nevertheless, it did not recognise the number.
Michael then tried to call NS&I, however quit after he was alerted he might need to wait approximately an hour to talk to anybody there.
He has actually because downloaded a form from the bank’s website to cash in all of his bonds.
Escape bid: Saver Michael Pont has now given up on NS&I – regardless of holding a five‑figure amount in Premium Bonds given that 2008.
Michael, from Gillingham in Kent, states: ‘As somebody who used to operate in customer service, I will never return to NS&I after it used me no aid whatsoever.’
On The Other Hand, Veronica Howell, who has held ₤ 1,500 in Premium Bonds for 40 years, is also planning to cash in her cost savings.
The retired city government worker, from Aylburton, Gloucestershire, does not feel comfortable giving out her bank details and wishes to keep receiving prize cheques in the post.
Veronica, 75, says: ‘I’m not going to be forced to do something that I do not want to do even if it’s convenient for NS&I.’
The decision to stop sending out Premium Bond rewards out by post was made to conserve paper. Nevertheless, the bank’s Direct Isa customers are now finding they can not move their cash online – ironically forcing them to fill in a kind and put it in the post in a process that can take weeks.
Retired sales executive Ivor Moore, 86, was eager to move his money quickly ahead of yesterday’s rate of interest cut on NS&I Direct Isas from 0.9 per cent to 0.1 per cent.
The bank states it can take 5 working days to complete an Isa transfer from the time it gets the demand.
NS&I’s decision to stop sending Premium Bond cheques in the post had caused chaos as older consumers struggled to set up online accounts or register bank information
Ivor, from Surrey, says: ‘If there is too much of a delay then the current rate for the account I wish to move to may no longer be offered. It’s a disgrace.’
It comes as a survey by financial investment firm Hargreaves Lansdown found 60 percent of savers would stick with the bank regardless of the rate cuts.
Widow Susan Morgan, 76, holds the maximum Premium Bond investment of ₤ 50,000, after purchasing her first in 2005.
However she spent a whole afternoon attempting to set up an online account into which she might have her cash prize paid.
The retired secretary, from Tonbridge, Kent, ended up being puzzled when she was requested for a password. She was then informed to call customer service, just to be cut off. She states: ‘I am so frustrated with NS&I. Most other websites enable you to reset a password quickly by means of email.’
Earnings Bond saver Lesley Steel, 73, was obstructed from her account after stopping working a security concern.
Lesley had about ₤ 32,000 in it, but wished to withdraw her money ahead of the interest-rate cut from 1.15 per cent to just 0.01 per cent.
Yet she endured a 75-minute telephone call and ended up needing to wait 3 days for a letter to verify that her account had been suspended.
Lesley, from New Malden, South-West London, says: ‘I am so mad that the entire process took me so long.’
NS&I clients are now able to register their bank details online without creating a new account at nsandi.com/prize-options.
An NS&I spokesperson apologised to savers, stating: ‘In some instances where consumers can not visit to the NS&I website, we need them to call us. ‘They may have to wait longer than typical, as we are currently experiencing exceptionally high call levels.’