Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Hattie625
    • By Hattie625 22nd Jun 17, 11:12 AM
    • 617Posts
    • 480Thanks
    Hattie625
    Ulster Bank: Easy Access Savings Account at 1.25% pa
    • #1
    • 22nd Jun 17, 11:12 AM
    Ulster Bank: Easy Access Savings Account at 1.25% pa 22nd Jun 17 at 11:12 AM
    Ulster Bank are now offering an Easy Access savings account paying 1.25% per annum, which easily beats all other offerings for accounts of this type. Funds can be withdrawn anytime with no penalty.

    Opened and operated online. Minimum balance £1, maximum £5 million.

    Available to UK residents of 18 or above (edited to correct age limit; previously incorrectly stated to be 16)

    This would be useful to hold short-term money which is to be drip-fed into a regular saver account (or accounts).



    (This has been mentioned on the Instant Access Savings Account Discussion thread, but I thought a separate thread would be useful to highlight this account).

    EDITED TO ADD (28 JULY, FURTHER EDITED 6 AUGUST)


    Before applying online to open this account, please be aware that the online opening process can be slow and it may be several weeks before you are in a position to fully operate the account (That said, my account was up and running within 2-3 weeks of initial application; while this is certainly slower than other savings account offerings, it was not undue and worth the wait).

    PLEASE ALSO BE AWARE OF THE FOLLOWING:-

    To withdraw funds from the account to another (non Ulster Bank) account, you require an Ulster Bank Anytime Banking card, a PIN for that card and a card reader. You need to apply for a card reader online (it will not be automatically sent). You should apply as soon as you have online access to the account. According to the Ulster Bank information for this account, an Anytime Banking card and PIN will automatically be sent to you when you apply for a card reader. However some people on this thread are reporting unacceptable delays in receiving the card, PIN or card reader, or UB denying that an online order was made. (Note:- if you have the card and PIN, it has been reported on this thread that a card reader issued by another bank will work to enable you to withdraw funds from this account). It has also been reported that you can use the Ulster Bank mobile phone app to withdraw (up to) £250 per day to another account without requiring the card, card reader and PIN. It is suggested that you do not rely on this but follow the commonsense rule which follows in bold lettering DO NOT LODGE FUNDS INTO THIS ACCOUNT UNTIL YOU ARE IN POSSESSION OF THE CARD, PIN AND A CARD READER AS IT WILL NOT BE POSSIBLE TO WITHDRAW FUNDS (BEYOND £250 PER DAY AFTER THE INCONVENIENCE OF DOWNLOADING AND USING THE MOBILE PHONE APP) UNTIL YOU HAVE THESE.
    Last edited by Hattie625; 06-08-2017 at 9:54 AM. Reason: Correction
Page 5
    • eskbanker
    • By eskbanker 12th Jul 17, 1:23 PM
    • 5,804 Posts
    • 5,687 Thanks
    eskbanker
    I can't find an interest date in the t&cs, do we then assume it will be on the anniversary of opening or funding?
    Originally posted by talexuser
    It's in the summary box:
    Interest is calculated daily and paid on the last business day of the month and at account closure.
    Edit: it is in the Ts & Cs too, clause 22.10:
    Interest is calculated on a daily basis on the amount you have in your account at close of business of each day and will be paid into your account on the last business day of the month.
    Last edited by eskbanker; 12-07-2017 at 1:26 PM. Reason: Found info in Ts & Cs as well as summary box
    • talexuser
    • By talexuser 12th Jul 17, 2:43 PM
    • 2,284 Posts
    • 1,763 Thanks
    talexuser
    I assumed it was annual interest since the example of interest accrued does not include interest on interest, and there are not two different rates for monthly or annual interest, but the summary box says interest is paid at the end of each month - without compounding? How does that work if interest is paid into the account?
    • eskbanker
    • By eskbanker 12th Jul 17, 3:01 PM
    • 5,804 Posts
    • 5,687 Thanks
    eskbanker
    I see what you mean - by quoting 1.25% AER and gross, it can't be both if interest is paid monthly!

    Since AER has to include compounding, the quoted rates should presumably be 1.25% AER and 1.2429% gross, or 1.25% gross and 1.2572% AER! Not sure what the rules are on rounding in collateral material though....

    Edit: there are at least two other clear references to interest being paid monthly on their site so it looks like they haven't got this right!
    http://digital.ulsterbank.co.uk/personal/savings.html
    http://digital.ulsterbank.co.uk/personal/savings/manage-your-savings/Interest-Rates-FCA.html#personalsavings
    Last edited by eskbanker; 12-07-2017 at 3:16 PM. Reason: Added other references to monthly interest
    • antrobus
    • By antrobus 12th Jul 17, 7:56 PM
    • 15,275 Posts
    • 21,789 Thanks
    antrobus
    Ref the card reader issue. What Ulster Bank says is that;

    If you don't have a suitable card to use with your card reader don't worry, we will provide you with an Anytime Banking card which is designed specifically for use with the reader. We will send this card out automatically when you order a card reader through online banking.

    I'll see what happens.
    • miller
    • By miller 13th Jul 17, 9:25 AM
    • 1,204 Posts
    • 402 Thanks
    miller
    My 2nd transfer out was blocked by their security team as suspicious even though I was logged in and used the card reader.
    Originally posted by Wheres My Cashback
    Was the 2nd transfer significantly larger and to the same account or to a different account than the first one?
    • Frannie B
    • By Frannie B 13th Jul 17, 10:27 AM
    • 2 Posts
    • 0 Thanks
    Frannie B
    When I opened the eSavings account, I was hard searched which made my credit score drop so be careful..it's in the clause below...

    "Credit reference and fraud prevention agencies 1.10.1 We may access and use information from credit reference agencies when you open your account and periodically to: (a) manage and take decisions about your accounts; (b) prevent fraud and money laundering; (c) check your identity; and (d) trace debtors and recover debts."
    • antrobus
    • By antrobus 13th Jul 17, 12:06 PM
    • 15,275 Posts
    • 21,789 Thanks
    antrobus
    When I opened the eSavings account, I was hard searched which made my credit score drop so be careful..it's in the clause below...
    Originally posted by Frannie B
    Your credit score is only of limited significance. Your credit record is far more important.
    • miller
    • By miller 13th Jul 17, 2:36 PM
    • 1,204 Posts
    • 402 Thanks
    miller
    They shouldn't really need a hard search for a savings account though, despite mentioning it in the terms? Have they got a "one-size-fits-all" application process which they share with current accounts I wonder.
    • buffman
    • By buffman 13th Jul 17, 4:06 PM
    • 362 Posts
    • 186 Thanks
    buffman
    Finally my card arrived today, three weeks after first funding the account. Unfortunately the PIN that was sent out is not changeable. Either have to memorize yet another number or write it down!
    • roddydogs
    • By roddydogs 13th Jul 17, 4:13 PM
    • 5,927 Posts
    • 2,467 Thanks
    roddydogs
    ? I've changed my pin via the card reader menu!
    • amibovvered
    • By amibovvered 13th Jul 17, 4:59 PM
    • 443 Posts
    • 616 Thanks
    amibovvered
    I applied nearly 3 weeks ago, have had the letter to return a signature (about 2 weeks ago) then nothing, no account number so I cannot pay anything in or order a card reader, totally in limbo. I'm deaf so cannot phone them but did query this via Facebook last week, told that it was proceeding, but still not had anything back!
    I want my sun-drenched, wind-swept Ingrid Bergman kiss, Not in the next life, I want it in this, I want it in this

    Use your imagination, or you can borrow mine!
    • miller
    • By miller 13th Jul 17, 5:36 PM
    • 1,204 Posts
    • 402 Thanks
    miller
    I applied nearly 3 weeks ago, have had the letter to return a signature (about 2 weeks ago) then nothing, no account number so I cannot pay anything in or order a card reader, totally in limbo. I'm deaf so cannot phone them but did query this via Facebook last week, told that it was proceeding, but still not had anything back!
    Originally posted by amibovvered
    That's odd. The first page of the letter with the signature form had all the account details on (and I was able to log on to internet banking with the details I supplied at sign-up before that).
    • buffman
    • By buffman 13th Jul 17, 5:58 PM
    • 362 Posts
    • 186 Thanks
    buffman
    I've changed my pin via the card reader menu!
    Originally posted by roddydogs
    Thanks. I phoned their customer service department who told me that it was not possible!
    • amibovvered
    • By amibovvered 13th Jul 17, 6:00 PM
    • 443 Posts
    • 616 Thanks
    amibovvered
    That's odd. The first page of the letter with the signature form had all the account details on (and I was able to log on to internet banking with the details I supplied at sign-up before that).
    Originally posted by miller
    Can't find any details on the letter - however, I've just realised that 6 minutes after I posted this I got an email from Ulster Bank saying my account is now open, I will receive a Welcome Pack in the post in the next few days with my account details. Why is it that practically every person posting in this thread has had slightly different information regarding their account? Several seem to have been able to log on immediately whereas I still have to wait until I get this Welcome Pack? Very odd.
    I want my sun-drenched, wind-swept Ingrid Bergman kiss, Not in the next life, I want it in this, I want it in this

    Use your imagination, or you can borrow mine!
    • miller
    • By miller 13th Jul 17, 7:47 PM
    • 1,204 Posts
    • 402 Thanks
    miller
    Why is it that practically every person posting in this thread has had slightly different information regarding their account? Several seem to have been able to log on immediately whereas I still have to wait until I get this Welcome Pack? Very odd.
    Originally posted by amibovvered
    TBH, everyone has had a long wait for the card reader etc. and I'd be reluctant to put money in before that arrives in any case.

    I think it's just being made up on the fly!
    • Tom_Jones
    • By Tom_Jones 13th Jul 17, 7:50 PM
    • 1,489 Posts
    • 2,334 Thanks
    Tom_Jones
    From the main screen, it's under "Security" (8th down on the left hand side); then under "Using a card-reader" (2nd heading from the top) there is a link "Order a card-reader".
    Originally posted by miller

    Thanks for that I thought I'd ordered a card reader but obviously not until I read your post, you think they'd send one out automatically, and now finding out you have to write a letter to close the account is laughable nowadays.
    A shambolic bank !!!!
    • Hattie625
    • By Hattie625 13th Jul 17, 8:27 PM
    • 617 Posts
    • 480 Thanks
    Hattie625
    Thanks for that I thought I'd ordered a card reader but obviously not until I read your post, you think they'd send one out automatically, and now finding out you have to write a letter to close the account is laughable nowadays.
    A shambolic bank !!!!
    Originally posted by Tom_Jones
    Once you're set up, it really works fine. Once you get your anytime banking card and your PIN, you can use another bank's card reader (I'm using my Nationwide one but it also works with my Co-op Bank card reader and an old RBS one which I've had for at least 10 years). I got my card and PIN within 7 days of ordering them online (still waiting for an Ulster Bank card reader but not a problem if you have another bank card reader).

    The only real difficulty is if you want to change the PIN to a more memorable one. You can't do this at an ATM. You need a card reader (the instructions are on the letter sending the PIN). I found that I couldn't change the PIN with my Nationwide or Co-op Bank card reader but I could with my old RBS one (presumably because Ulster Bank is part of RBS group). If you can cope with using the PIN supplied for your new anytime banking card (which you shouldn't need to take out of the house), this is not a big problem.
    • colsten
    • By colsten 13th Jul 17, 9:29 PM
    • 8,788 Posts
    • 7,466 Thanks
    colsten
    Thanks for that I thought I'd ordered a card reader but obviously not until I read your post, you think they'd send one out automatically, and now finding out you have to write a letter to close the account is laughable nowadays.
    A shambolic bank !!!!
    Originally posted by Tom_Jones
    As has been discussed in this thread already, you do not have to write a letter to close an Ulster Bank savings account.
    • colsten
    • By colsten 13th Jul 17, 9:36 PM
    • 8,788 Posts
    • 7,466 Thanks
    colsten

    The only real difficulty is if you want to change the PIN to a more memorable one. You can't do this at an ATM. You need a card reader (the instructions are on the letter sending the PIN). I found that I couldn't change the PIN with my Nationwide or Co-op Bank card reader but I could with my old RBS one (presumably because Ulster Bank is part of RBS group). If you can cope with using the PIN supplied for your new anytime banking card (which you shouldn't need to take out of the house), this is not a big problem.
    Originally posted by Hattie625
    I have changed the PIN on my Ulster Anytime Banking Card. I have had it for years, so I can't remember exactly where I changed the PIN - though it must have been at a UK ATM as I have yet to set foot into Northern Ireland (I know, I know, it's on my bucket list!). Might have been at a Natwest or RBS Branch
    • Jaxer
    • By Jaxer 13th Jul 17, 10:33 PM
    • 194 Posts
    • 48 Thanks
    Jaxer
    My impression so far has been pretty poor.

    I applied about 3 weeks ago too. No acknowledgement email or anything else for about 4 days, and then I got an email asking for photo ID to be uploaded to the digidocs site. I uploaded my passport, which was rejected the next day. I tried a driving licence, also rejected, and then when I called them, I was told to ignore the ID requests and send back the signed form they'd sent out.

    I sent the form back about a week and half ago, and in between have been receiving texts and emails still chasing the digidocs photo ID. Haven't heard anything back, and last time I called, I gave up after a 10 minute wait. I'll give it until Monday, otherwise it's too much hassle to keep chasing progress so I'll be asking them to cancel wherever it is in their system.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

154Posts Today

1,557Users online

Martin's Twitter