5 year fixed rate ISA at 5% - Newcastle BS!

MarkyMarkD

There is no way that Newcastle have deliberately failed to take Sedge's money. They have allowed funding on this offer long after most financial institutions would have done so.

They may have made a mistake, but they haven't done it deliberately.

It is simple to see whether they have set up the DD, using your Barclays online banking or asking Barclays in your branch. That might give an idea what went wrong. Of course it's possible that you gave them the wrong bank details or something like that.

bristolleedsfan

sly_dog_jonah wrote: »

Natwest have screwed up my transfer to Newcastle it seems.

I received a closing statement from Barclays today, transfer out reference is "Manchester Premier" :eek:

efunc

adrian2000 wrote: »

I took out the 5% account with the Newcastle Building Society and the original terms said you had to give 90 days notice if you wanted to withdrawl your money, but it looks like they mad a mistake and they have written to confirm that you only need to give 30 days notice!!!

this is remarkable! were you notified of this in a letter? Is there any link to verify this online? I haven't had anything in writing yet.

If true, I wonder if this also applies to the 5-year bond? that would make it even more attractive since i plan to keep my isa in situ for a while, whereas I have funds in the bond that I might want for a house deposit.:beer:

sly_dog_jonah

I was informed by both phone and letter that the ISA notice period was a typo in the original T&Cs as it read 90 days not 30 days. This arrived with the welcome pack.

The bond remains 90 day notice as far as I'm aware, this may explain why you didn't get a letter.

dov

I have also just received the letter for the ISA confirming the 30 days notice.

bristolleedsfan

dov wrote: »

I have also just received the letter for the ISA confirming the 30 days notice.

Snap :j Came with a confirmation of transfer in funds receipt pack. I wil be questioning date of opening and when interest was backdated to though.

rangers_fc

Sorry to re-erect this old thread, but isint it surprising how reading through it from the start the 5% rate offered by the Newcastle was thought to be reasnoble by most at the time but some thought better rates may come for a 5 year fixed rate deal back in July look at us now in November.
Looking at current deals I thank my lucky stars I struck when the timing was right.
Ok onto the reason I posted is this ISA closed to additional funding now i.e I will be unable to add next Aprils ISA allowance when the time comes this is dissapointing as I foolishly thought If you had your initial investment in on time subsequent years allowances would be accepted as a matter of course at the previous fix rate

efunc

That was a HUGE assumption you made however, because there was certainly nothing I saw to suggest that these accounts would operate counter to virtually every other fixed rate bond in the industry and allow continued deposits at the same interest rate. in almost every fixed bond I've seen on the market you fund the account with an initial deposit only, and any new money would have to be paid into a new account with new terms.

I still haven't had my letter advising me to a 30-day notice period on the ISA so I assume mine is still set at 90-days. However I may write to them for confirmation.

kar999

I enquired about topping up the ISA as I'm over 50 but was told, as I had expected, that this ISA was closed and could only invest the extra £1500 in another ISA with them at 3. something or other percent.

MarkyMarkD

efunc wrote: »

That was a HUGE assumption you made however, because there was certainly nothing I saw to suggest that these accounts would operate counter to virtually every other fixed rate bond in the industry and allow continued deposits at the same interest rate. in almost every fixed bond I've seen on the market you fund the account with an initial deposit only, and any new money would have to be paid into a new account with new terms.

I still haven't had my letter advising me to a 30-day notice period on the ISA so I assume mine is still set at 90-days. However I may write to them for confirmation.

Kent Reliance ISAs are the exception to your universal rule ... they always allow top-ups at the original rate for the whole length of the original term. It gives some good flexibility - effectively it's an option on the rate as you can always go elsewhere at the start of the new tax year if you want to.

So some people opened 4.5% fixed rate ISAs last December, and could then top them up in April and again in October (if they are over 50).