Newcastle BS online instant 6.43% Gross

The_Fiddler wrote: »

Hmm can anyone explain the monthly and annual interest payments?

monthly interest is available on 1000.00 + balance with applied rate of 6.28% Gross which if reinvested would in theory produce an AER of 6.46% Gross

annual interest is applied rate of 6.43% Gross

The_Fiddler wrote: »

What is it saying about a loss of 0.15%?

applied monthly interest rate is 0.15% less than applied annual interest rate.

thor wrote: »

You know how bad newcastle treat their existing customers by the fact that they have brought out a 7th issue.

up till now newcastle wasnt actively offering its best rates to any of its membership, newcastle went off and offered best rates to BMW and then mini clientelle.

in both those cases and in the case of this net issue 7 funds cant be transferred from existing newcastle accounts.

chelseablue wrote: »

Was going to open an Icesave account until I spotted this one!

It says the monthly interest must be paid into your current account. After they've paid can you just transfer it back into this savings account?

Is this a good account or one to avoid?

once the interest is in your current account you can do what ever you like with it, the account is only as good as other accounts that have just hit best buy tables.

Newcastle BS are not famous for paying good interest rates over a period of time as their open issue/closed issue account rates reveal. lots of account issues as has previously been commented. :eek:


http://online.newcastle.co.uk/invest/index.htm

chelseablue wrote: »

hmmm, maybe its best to avoid this one then?

if u want a online account that has been consistently high paying u would go with sainsburys bank.

if u want the highest easy access online rate atm then u would go to newcastle online account and be prepared to move if the rate dips sharply.

personally atm i would rather hold funds that i want instant access and happy with 3 max withdrawals a year in stroud and swindon branch based account ( 6.35%)