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Ulster Bank Pathway Account (3.6% variable interest rate for 6 months)
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Underthemattress wrote: »Is it the case that if you shut this account as soon as the beneficial six months of bonus interest expires you are paid back all of your cash and the interest it has earned immediately with no penalties or problems - so you don't have to wait nearly a year from now to profit ?
If you close the account after 6 months, all accrued interest will be paid to you on closure.0 -
I applied online & their paperwork arrived fairly quickly. I didn't have to send any proof of ID or address. I posted them a cheque & I can now see that it was credited 2 days later which I think is very good.
It was about a week between receiving the account number and receiving the activation code to be able to access the account online, so in the interim I "pushed" money to the account by doing a payment from natwest. It arrived at Ulsterbank the same day via faster payments.
An ATM card arrived about the same time as the account number. VISA/ VISA PLUS network, £500/day limit.
The first time you log in, with the activation code they post you, you get a wordy page offering you a card reader, so you may as well get it then as it's free & you probably need it to make an online withdrawal. (They have an identical online system to NatWest - both are RBS group - and I daresay a NatWest card reader might also do for this account.) I'm guessing they might send via faster payments, but I can't confirm that yet.
I'm pleased it's gone smoothly & efficiently, & I thought I'd share that. (& no I don't work for/ profit from them in any way!) Much easier than some other places I've dealt with in the past.0 -
I applied online & their paperwork arrived fairly quickly. I didn't have to send any proof of ID or address. I posted them a cheque & I can now see that it was credited 2 days later which I think is very good.
It was about a week between receiving the account number and receiving the activation code to be able to access the account online, so in the interim I "pushed" money to the account by doing a payment from natwest. It arrived at Ulsterbank the same day via faster payments.
An ATM card arrived about the same time as the account number. VISA/ VISA PLUS network, £500/day limit.
The first time you log in, with the activation code they post you, you get a wordy page offering you a card reader, so you may as well get it then as it's free & you probably need it to make an online withdrawal. (They have an identical online system to NatWest - both are RBS group - and I daresay a NatWest card reader might also do for this account.) I'm guessing they might send via faster payments, but I can't confirm that yet.
I'm pleased it's gone smoothly & efficiently, & I thought I'd share that. (& no I don't work for/ profit from them in any way!) Much easier than some other places I've dealt with in the past.
i'm just sending mine off now, as above i didn't have provide any ID, just sign the application form. i just put my cheque in for £1 and fingers crossed it will be nice and smooth as above.:j0 -
Would agree with that. Did that it through OK? It says the opening cheque has to be for £10K in the FAQs but for just £1 somewhere else. Could the £10K opening balance be a condition for the bonus?MarkyMarkD wrote: »My wife applied and said she would initially deposit £1. The online site accepted this. But the website says the initial cheque has to be £10,000.
It makes no sense to transfer the £10,000 from a savings account to the current account to earn no interest for a random number of days till the cheque clears, and they shouldn't expect you to do that.0 -
If you close the account after 6 months, all accrued interest will be paid to you on closure.
That sounds good. Usually when an account stops being competitive I leave a pound in it. Would I be better off shutting them ?
Does closing an account allow you to become a "New Customer" ever again ?0 -
Yes, you then get the interest to invest and get interest on that - compound interest.Underthemattress wrote: »Usually when an account stops being competitive I leave a pound in it. Would I be better off shutting them ?
Seems to depend on the institution. Your details will normally remain with them even after closing an account.Underthemattress wrote: »Does closing an account allow you to become a "New Customer" ever again ?0 -
Rollinghome wrote: »Would agree with that. Did that it through OK? It says the opening cheque has to be for £10K in the FAQs but for just £1 somewhere else. Could the £10K opening balance be a condition for the bonus?
I sent them a cheque for £1. Heard nothing back. I eventually noticed that the 'lodgement' needed to be £10K. So I phoned them and they advised sending another cheque for £10K. I did this and am waiting for the accounts docs to be sent to me.0 -
My wife's account is fully open, using a £1 initial cheque and then £10k by BACS after we got the account operating details.
It's not reasonable to expect you to send £10k up front, with no means of getting it out and no assurance as to when the funds will actually get credited.0 -
MarkyMarkD wrote: »My wife's account is fully open, using a £1 initial cheque and then £10k by BACS after we got the account operating details.
It's not reasonable to expect you to send £10k up front, with no means of getting it out and no assurance as to when the funds will actually get credited.
Your wife did well. Mine had her £1 cheque returned (by snail mail) with a request for a new cheque for £10k. She got round the "dosh hanging around in non-interest paying current account" issue by writing two cheques (each for £5k) on two of her LTSB Classic with Vantage 4% accounts - and replacing those funds by FP from decent-rate savings on the day the cheques were presented. :T0 -
Maybe, that's what she told you ...MarkyMarkD wrote: »My wife's account is fully open, using a £1 initial cheque and then £10k by BACS after we got the account operating details.
Probably spent the 10K on shoes and can't face telling you - alternatively, she spent it on your Christmas present!
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