Norwich and P'borough Family Regular Saver 6% AER

[Deleted User] · 18 November 2009 at 1:27PM

Hi Guys and girls,

Quick question if I may. Me and the Wife will be looking at getting a mortgage in 2 years so at present am trying to maximise the amount we can save.

My question is re: the Norwich and P'borough Family Regular Saver 6% AER account. I already save some money in a stocks and shares isa for my daughter but wanted to know if I can save £250 per month in this account for a year, get the interest and then withdraw it as my cash towards the mortgage?

My worry is that because it's a children's account, I wont be able to get the cash for myself because it would be treated as my Daughters? I'm sure that's not the case but want my mind put at ease!

Also, how do I get my hands on the relevant form that omits tax being charged on this? Do I ask N+P when I apply for the savings account?

Regards.. Karl

anselld · 18 November 2009 at 1:38PM

It isnt a childrens account. It is an account for families with children. Hence it is in your name and no problem getting the money.

[Deleted User] · 18 November 2009 at 1:40PM

OK, that makes sense, so no saving on the tax then as I am over the tax threshold.

Thanks.

Milarky · 18 November 2009 at 8:46PM

Just seen on emoneyfacts that the fixed rates regular savers are all going down by 1% from Friday (not on N&S site yet to confirm details)

REGULAR SAVER, GOLD SAVINGS and FAMILY REGULAR SAVER regular savings accounts will be reduced by 1.00% for new accounts opened w.e.f. 20.11.09. REGULAR SAVER: 4.00%. GOLD SAVINGS: 5.00%. FAMILY REGULAR SAVER: 5.00%. All terms and conditions will remain unchanged.

Presumably existing accounts are unaffected - the Regular Saver in particular was a bit vague as to what was 'fixed'.

rb10 · 18 November 2009 at 9:30PM

Milarky wrote: »

Just seen on emoneyfacts that the fixed rates regular savers are all going down by 1% from Friday (not on N&S site yet to confirm details)

Presumably existing accounts are unaffected - the Regular Saver in particular was a bit vague as to what was 'fixed'.

Sent my form and £250 for the Regular Saver off yesterday, so hopefully they'll open the account when they receive it tomorrow. Cutting it close...

Thanks for the heads-up though, useful to know; I will have to keep an eye on my account

I think the whole rate should be fixed - under 'product info' they say

Make 12 consecutive monthly payments and no more than one withdrawal in a year and you could get 5.00% gross/AER*** fixed for 12 months - this includes a 1.5% bonus.

tasty_snacks · 21 December 2009 at 2:56PM

Milarky wrote: »

Just seen on emoneyfacts that the fixed rates regular savers are all going down by 1% from Friday (not on N&S site yet to confirm details)

Presumably existing accounts are unaffected - the Regular Saver in particular was a bit vague as to what was 'fixed'.

just seen this- i sent off my form and cheque on 16th november, and received the passbook around the 26th nov, stamped with £250 opening the account on 21st november.

however, contrary to moneyfacts stating that the acount was being opened at 4% with effect from 20th november, i have just called n and p and they have confirmed that i am receiving the 5%. assumedly they gave a few days grace.

rb10 · 21 December 2009 at 4:05PM

tasty_snacks wrote: »

just seen this- i sent off my form and cheque on 16th november, and received the passbook around the 26th nov, stamped with £250 opening the account on 21st november.

however, contrary to moneyfacts stating that the acount was being opened at 4% with effect from 20th november, i have just called n and p and they have confirmed that i am receiving the 5%. assumedly they gave a few days grace.

Ditto, but sent my form and cheque on 17th November. Mine was opened on 21st November, but they've confirmed to me that it's at 5% (I got it in writing by sending a message through online banking).

mrsbirdbath · 4 January 2010 at 11:28PM

Hi there
I would like to open a regular family saver with the N&P. However, on the website in the FAQs it states that you have to open the account by going into a branch. Is this correct? I see that the last couple of posters refer to sending off their form and cheque...how does the N&P know you have a family?! Many thanks.

Norwich and P'borough Family Regular Saver 6% AER

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