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

bristolleedsfan

finder wrote: »

No sign of it in the application at all. Rang them and asked when the money would be taken out but they said there is a tick box in the application form to say you'd like them to take the first deposit. Done a mock application and haven't seen it at all. Either they've changed the application form or I am going nuts!

I didnt see any option about when to taking the first deposit by direct debit either, DD confirmation that I received through post merely confirms DD details that are in place. Whilst I am an existing account holder ( BMW account now a Newcastle BS account) Ive assumed that some applications havent had existing account details accepted so we fall into the category of having to give Newcastle our existing account number in writing which ive done together with a cheque.


"We will return all documents to you. If you are an existing Newcastle Building Society customer, you do not need to provide any documents. Simply send us confirmation of your Account No. "

Speculator

Are you an existing Newcastle Internet account holder? I am not certain but I think the application process is slightly different if you enter your existing Newcastle internet account number on to the application form.

I did this and did not get a date either. I panicked in case they decide to use my existing DD linked to my Newcastle internet account and take the £30K from my Halifax current a/c immediately! (I only had £400 in my Halifax a/c at the time!) (I used the same Bank account details for both Direct Debits.)

I swiftly deleted the DD via Newcastle online and Halifax online and did several faster payments to my Bond instead. I called Newcastle and they confirmed that they will not take the money by DD.

finder

alared wrote: »

The "thank you" page I printed was AFTER I submitted the application.

This is my Thank you letter

Thank you

Mr *** your online application is now complete and we recommend you print this page as you may need to refer to it later.
We will send you your 'Welcome Pack' within 10 working days, please take time to read this information as it contains important information regarding your account.
Your application reference number should you need to contact us is: ***.

If you did not fund your account during your application, you can make your initial deposit in one of the following ways, which should be made within 20 days by either:

Cheque Investment

a) Send a cheque for your initial investment, you are advised for security reasons to make the cheque payable as follows:
Newcastle Building Society, Re: Your Name, followed by your unique reference number.
E.g. Newcastle Building Society, Re: Mr ***, Re: ***.

We will bank your initial deposit upon receipt so that you earn interest as soon as possible. This option should only be used for your initial investment.

Bank Transfer
b) Make a BACS transfer using the following details:
***
c) Make a CHAPS transfer using the following details:
***

We will send you your Welcome Pack within 10 working days. If you have any queries about your application, you can contact us via email at [EMAIL="savings@newcastle.co.uk"]savings@newcastle.co.uk[/EMAIL] or call us on 0845 600 4368*. Lines
are open 8am-8pm Monday to Thursday, 8am-6.30pm Friday and 9am-5pm Saturday.

finder

Speculator wrote: »

Are you an existing Newcastle Internet account holder? I am not certain but I think the application process is slightly different if you enter your existing Newcastle internet account number on to the application form.

I did this and did not get a date either. I panicked in case they decide to use my existing DD linked to my Newcastle internet account and take the £30K from my Halifax current a/c immediately! (I only had £400 in my Halifax a/c at the time!) (I used the same Bank account details for both Direct Debits.) .

Oh, that makes sense...

That could be the reason then. I am an existing internet account holder and gave a Newcastle acc number on opening.

I suppose this gives me a little bit of leeway in the sense that I won't have the funds available for a couple of weeks. The Thank You letter says that I've got 20 days to make my initial deposit, so I will be waiting for the DD to be set up and then pulling the money out of my halifax account 'manually' at the end of month via Newcastle online. Hopefully they will honour their Thank You letter even if they close the issue once the MSE email goes round and they get inundated with applications!

Thanks

zzzLazyDaisy

Just to say I am well impressed with NBS. I opened an internet savings account online yesterday afternoon, and my user ID and Welcome Pack turned up in the post today.

I have logged on and can see my e-saver account and 5 yr bond, which is great as I have funded the bond with two separate bacs transfers (owing to the limit imposed by LTSB) so I can check on-line now for the money arriving.

luvpump

zzzLazyDaisy wrote: »

Just to say I am well impressed with NBS. I opened an internet savings account online yesterday afternoon, and my user ID and Welcome Pack turned up in the post today.

I have logged on and can see my e-saver account and 5 yr bond, which is great as I have funded the bond with two separate bacs transfers (owing to the limit imposed by LTSB) so I can check on-line now for the money arriving.

Does anyone know if there is a limit you can pay by cheque from LTSB, as that is where my founds are ??

zzzLazyDaisy

No there is no limit to a cheque payment.

There is also no limit to a CHAPS payment (done in branch) but is a £30 fee.

There is a limit of £10,000 on an internet (BACS) payment from your LTSB current account

info_addict

Just to finaly clear up the no penalty upon withdrawal, it now states this on the Newcastle T&C

5 Year Bond

It's in the main text and

6. Withdrawals are permitted subject to 90 days notice without penalty. Withdrawal requests must be made in writing

frames1_uk

I opened an esaver too, got my log in today, but no welcome pack. Logged in and can see the 5 year bond, although it still states balance zero, although the DD went out of my band yesterday. It'll turn up soon, no doubt.

D1zzy

Anyone confirm that you can top this account up online from any account not just from your linked account.