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

agsnu

Innys wrote: »

90 days notice means the interest for that year is, effectively, 3.75%.

90 days' notice is not the same thing as 90 days' loss of interest.

agsnu

edinburgher wrote: »

So bloody sick of the banks and their stupid conniving ways. Even with reading through the terms and conditions *twice* I managed to miss this. Keeping my money in the mattress.

What? This is extremely common in fixed rate products - they have no obligation to take your funds at that rate for ever more. It's clearly stated in the T&C: After placing your Investment in the account you may make further deposits while the account is a current issue and subject to ISA limits. The account is limited issue and may be withdrawn at any time.

Also, Newcastle Building Society isn't a bank.

Some people really have a victim attitude, it's stupid. Yes, taht's right, the banks are out to get you, THEY WILL EAT YOUR CHILDREN etc.

Jonbvn

You are late on this one guys!

Been discussed for some time already here.

It does seem like the best around at the moment. However, it does seem like the banks and BS are starting to compete for savers money. Therefore, I am keeping my powder dry ATM.

Things seem to be looking up for us savers!

edinburgher

What? This is extremely common in fixed rate products - they have no obligation to take your funds at that rate for ever more.

Well, I'm obviously not up to your level of fiscal brilliance, as to me '5 years fixed rate' means 'we'll honour a rate for 5 years', not 'if you give us a whacking great lump sum we'll not stiff you over the course of 5 years'.

If the terms and conditions were so self explanatory, how come the four people I mentioned this offer to who checked it out thought the wording was ambiguous? All were educated to degree standard or higher and one works in corporate banking, so it's not as if I took this to my local dunce.

Also, Newcastle Building Society isn't a bank.

I knew that some person was going to say this. How is this even vaguely productive or helpful?

Some people really have a victim attitude, it's stupid. Yes, taht's right, the banks are out to get you, THEY WILL EAT YOUR CHILDREN etc.

I don't have a victim attitude, I'm a frustrated saver trying to get a reasonable return on my savings. Anyway, it's a 'victim complex'. Take your bones and lump of stale bread and get back under your bridge you troll :rotfl:

Also, what's with your need to try and belittle someone who's expressing a little frustration? Last time I checked these forums were a bit more supportive than that.

You are late on this one guys!

I suspected that I might have been, but it did seem to be a good offer. I will read through the thread you've linked to thanks Jonbvn. Go, go, search function

whist

Can someone please explain to me whether this interest is 5% annually or one has to keep money in the account for 5 years to get the the 5%.

I have 7K on Norwich and Pet at 3.2% and want to invest 3600 for this year so in total around 10K. If this means 5% each year then I'm happy to go for this and if anything better comes along I can move my money.

edinburgher

It means 5% each year, assuming you get your 10k paid in/transferred in before they close the issue.

malc1603

I got this in an email after applying online regarding transfers:

Please note it will typically take your current provider(s) at least 30 days to complete all the checks that are required to transfer your Cash ISA(s) to us, however during peak times it can take longer.

....then this in a letter after posting the transfer form :

In accordance with HMRC guidelines your ISA Manager has 30 calendar days in which to send the ISA funds to us. If they have not transferred the ISA funds to us after 30 days then your transfer request will be cancelled.

Hope they are going to be a bit flexible about these transfer times!

MarkyMarkD

I'm transferring a 45 day notice account to them, so they certainly are not going to get the money within 30 days of requesting it. They know about the notice period too as I've written it on the transfer form.

We shall see what happens!

Reaper

And I'm transferring from Nat West who, on the few occasions they didn't lose the transfer forms, took over 6 weeks to organise each transfer in. I dread to think how long it will take them to process passing the money out when there is even less incentive for them to get a move on.

sly_dog_jonah

Reaper wrote: »

And I'm transferring from Nat West who, on the few occasions they didn't lose the transfer forms, took over 6 weeks to organise each transfer in. I dread to think how long it will take them to process passing the money out when there is even less incentive for them to get a move on.

I'm making the same move from Natwest (4.05% dropping to 2% in November), so I'll join the cross-yer-fingers club.