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

Steve_xx

dov wrote: »

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.

No, I'm only referring the to bond here, not the ISA.

alanq

It was possible to open the account online or by phone but the Ts&Cs state access "by post".

I assume that all that it will be possible to do online is view your balance.

bristolleedsfan

Was wondering if anyone has any recent cheque handling experiences by this North East outfit. They say they bank on day of receipt, does anyone have experiences which back or disagree with that statement as I posted a cheque today and obviously would like to move the funds from Nationwide Esaver+ to Current Account at the last possible moment.

Speculator

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.

Just seen this on emoneyfacts..

5 YEAR FIXED RATE BOND paying 5.00% will only be available online w.e.f. 14.7.09.

I guess it means you won't be able to apply for it by post from 14/7.

frames1_uk

20k left my bank account for this bond today, yet I still haven't received anything other than the direct debit confirmation, no paperwork, account number, receipt etc.... has anyone received anything?

zzzLazyDaisy

According to Martin's article, the interest rate on this account is UP TO 5%

The article gives a sliding scale depending on how long you leave your money in for - according to this, you only get 5% if you leave your money in for the full five years....

http://www.moneysavingexpert.com/news/banking/2009/07/fix-savings-at-up-to-5-without-the-

malik999

zzzLazyDaisy wrote: »

According to Martin's article, the interest rate on this account is UP TO 5%

The article gives a sliding scale depending on how long you leave your money in for - according to this, you only get 5% if you leave your money in for the full five years....

http://www.moneysavingexpert.com/news/banking/2009/07/fix-savings-at-up-to-5-without-the-

Hmm i wasnt aware of any sliding scale. Nor was i aware there would be no interest for the 3 months notice period.
!!!!!!.

frames1_uk

jeezus, I didn't know this either!!!!!

zzzLazyDaisy

Except that people on this thread have been told by the N'castle BS that there is no loss of interest providing the full 90 days notice has been given.

There is also no mention of loss of interest in the T&C's

http://www.newcastle.co.uk/savings/5yearbond

But if taking the money out early means you lose 90 days' interest, then this does in effect mean that year on year interest is on a sliding scale, as only money kept in the account for the full 5 years actually earns the full 5%.

So the 90 day's notice - loss of interest or no loss of interest - is the key.

I need to know as my bank would only let me transfer a max of £10k, so I was planning to make a second transfer tomorrow to top up the account, but since I may need to access some of the second tranche before the 5 years are up, I am now reconsidering my options.

freddysmith

Well if its going to get pulled Tues/Wed there is going to be many people disapointed including myself as my DD isn't until Mon 20th.
Along with the No interest in the notice period its turning into a To good to be true account.