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

Lorian

I don't know where Martin got his information, but he hasn't read the T&C's here (you might want save a copy!):

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

There is NO mention of loss of interest on the 90 days notice:

6. Withdrawals are permitted subject to 90 days notice. Withdrawal requests must be made in writing.

If they charge me loss of interest when I come to withdraw I will fight. They can't vary the T&C's after you have signed up.

Speculator

in this press release, it states NO LOSS OF INTEREST.

http://www.newcastle.co.uk/content/docs/2009-press/06-07-09.pdf

Savers looking to invest for longer than two years have a number of other options with the Newcastle which has recently launched its Five Year Fixed Rate Bond, offering 5.00% Gross/AER annually, with withdrawals permitted at 90 days notice and no loss of interest. A monthly interest version is also available at a rate of 4.75% Gross / 4.85% AER

zzzLazyDaisy

freddysmith wrote: »

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..

I would expect that anyone who has already opened the account and set up the DD for the initial funding will be okay, as the BS will have taken those funds into account when deciding to pull the offer as fully subscribed.

Steve_xx

KingL wrote: »

It isn't a sliding scale assuch. It's just that you don't receive interest for the 90 day notice period.

The shorter the time you leave the money in, the more significant is the impact of this lost interest. Martin's table is just illustrating the effect.

Where, on the Newcastle Building Society site, does it say that interest is not payable during the 90 day notice period?

frames1_uk

surely the written article will have been thoroughly checked for facts first?

alared

Having read through the entire thread before applying tonite,I`ve come to the conclusion there are too many ifs and buts and assumptions,so I wont be applying.The main reason being the following:

Yet you can withdraw your cash with three months' notice, though you won't earn any interest during that period, the society has confirmed.

As long as you're prepared to leave your cash untouched for at least one year, the account beats or comes extremely close to all the top-paying fixes.
You are allowed to leave money in for a shorter period but it makes little sense given the interest earned is low.

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

Steve_xx

alared wrote: »

Having read through the entire thread before applying tonite,I`ve come to the conclusion there are too many ifs and buts and assumptions,so I wont be applying.The main reason being the following:

Yet you can withdraw your cash with three months' notice, though you won't earn any interest during that period, the society has confirmed.

And where did you copy that from?

Their website says:

"Withdrawal arrangements: Withdrawals are permitted subject to 90 days notice."

It says nothing more and it says nothing less.

Newcastle would have a hard time of it if they deducted 90 days interest on the basis of the above statement. They simply wouldn't get away with it.

alared

Steve_xx wrote: »

And where did you copy that from?

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

Pity the article wasn`t written sooner.

zzzLazyDaisy

Steve_xx wrote: »

And where did you copy that from?.

the MSE article

Lorian

Speculator wrote: »

in this press release, it states NO LOSS OF INTEREST.

http://www.newcastle.co.uk/content/docs/2009-press/06-07-09.pdf



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I can only think maybe they are going to change the T&C's for new applications from tomorrow, or MSE have been misinformed. If not this is a coffin closer on the issue, and will be very useful in any subsequent claims to recover the witheld interest.