Newcastle Building Soc - New 5 year-5% BOND (Not an ISA) NOW CLOSED

Steve_xx

geoffky wrote: »

has anyone any idea how safe this company is..or is it wise to keep to 50k limits

There was a rumour that Skipton may take them over, but it seems quiet on that front at the moment.

Yes of course it is wise not to exceed the 50k limit. In fact, given that it's a 5 year bond you may reasonably consider that 40k is enough to deposit in order to allow for the accrual of interest. On the other hand, it may be the case that within the next five years the FSCS limits could be raised.

dov

Steve_xx wrote: »

Yes of course it is wise not to exceed the 50k limit. In fact, given that it's a 5 year bond you may reasonably consider that 40k is enough to deposit in order to allow for the accrual of interest. On the other hand, it may be the case that within the next five years the FSCS limits could be raised.

The interest can be paid into an external account, so you can have around £47500 and stay in limit. (Amount assumes annual interest.)

Steve_xx

dov wrote: »

The interest can be payed into an external account, so you can have around £47500 and stay in limit. (Amount assumes annual interest.)

Yes point taken, and useful if you rely on interest as income.

Steve_xx

This bond will only be available online from 14 July.

dov

Steve_xx wrote: »

This bond will only be available online from 14 July.

What do you mean? Currently available only by post. Are they changing it to online?

Steve_xx

dov wrote: »

What do you mean? Currently available only by post. Are they changing it to online?

Yes that's right.

evenasus

Steve_xx wrote: »

This bond will only be available online from 14 July.

I don't understand your statement. I applied for mine online last week & was accepted.
Just had another look at their website and it is available online.

zzzLazyDaisy

Steve_xx wrote: »

This bond will only be available online from 14 July.

According to the telephone announcement, when I phoned N'castle BS today, this account was previously available to open by phone and on-line, but now it is only available on-line.

Steve_xx

evenasus wrote: »

I don't understand your statement. I applied for mine online last week & was accepted.
Just had another look at their website and it is available online.

At the moment it says it is operated by post. From tomorrow you should be able to operate it online. I can only assume from this that from tomorrow you will be able to invoke withdrawals online as opposed to having to write to them.

Also it may not be possible to see the state of the account online at the moment whereas from tomorrow it may be that you will be able to see it online.

dov

Steve_xx wrote: »

At the moment it says it is operated by post. From tomorrow you should be able to operate it online. I can only assume from this that from tomorrow you will be able to invoke withdrawals online as opposed to having to write to them.

Also it may not be possible to see the state of the account online at the moment whereas from tomorrow it may be that you will be able to see it online.

Is this the same for the 5 year ISA bond?

It means that you don't have to apply for an online saver to get online access which is good.