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

evenasus

D1zzy wrote: »

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

I'd like to know this too please.
Also the same for the Newcastle Online Saver.

bristolleedsfan

D1zzy wrote: »

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

Normally the answer tends to be no for anti-money laundering reasons, saying that Newcastle BS havent been as strict as some other saving institutions re setting up of the linked account, others require a cheque to be sent to them drawn from the Bank account that the saver is wishing to have linked.

Welcome email doesnt say that BACS, CHAPs has to be from linked account, its something that savings institutions from experience tend to be very strict about.


"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. ( relates to those that didnt fund at application stage)

Bank Transfer
b) Make a BACS transfer using the following details:
Sort Code: 23-59-54
Account Number: 00000008
Your reference number: 910..........

c) Make a CHAPS transfer using the following details:
Sort Code: 20-59-55
Account Number: 00000009
Your reference number: 91,,,,,,,, "

D1zzy

Phoned them, and was told OK from any bank account but they believed it was not possible until your initial deposit was credited.

However they are getting somone to call me tomorrow to say Yay or nay (hopefully before the pull it).

{might just send a top up cheque tomorrow}

alanq

D1zzy wrote: »

Phoned them, and was told OK from any bank account but they believed it was not possible until your initial deposit was credited.

When I rang up I was told that there would be no problem if a cheque or bank credit arrived before the "initial" direct debit was taken. I cannot confirm if that is true as in the event my cheque arrived after the direct debit had been taken. Nothing was asked about from where the additional amount was coming.

SnowMan

D1zzy wrote: »

Phoned them, and was told OK from any bank account but they believed it was not possible until your initial deposit was credited.

They also told me that it was not possible to make a BACS/Faster Payment in until the initial deposit direct debit had been credited.

They did say I could send in a cheque and it would be cashed but not processed into the account until after the direct debit had gone (my direct debit is due to go out on the 16th).

Obviously there is an issue for you on whether a cheque sent now would be treated as received in time if the account is pulled.

I got round it by logging into NBS website and setting up another payment to be deposited by direct debit (this time it is due to go on 17th but I'm hoping as it has been set up now it will go ahead even if the account is pulled tomorrow). Obviously that won't work if you want to send the money from a different account to your linked account.

Steve_xx

I'm sure that if they pull the account they will allow a short period for any newly opened accounts to receive deposits.

D1zzy

SnowMan wrote: »

They also told me that it was not possible to make a BACS/Faster Payment in until the initial deposit direct debit had been credited.

They did say I could send in a cheque and it would be cashed but not processed into the account until after the direct debit had gone (my direct debit is due to go out on the 16th).

Obviously there is an issue for you on whether a cheque sent now would be treated as received in time if the account is pulled.

I got round it by logging into NBS website and setting up another payment to be deposited by direct debit (this time it is due to go on 17th but I'm hoping as it has been set up now it will go ahead even if the account is pulled tomorrow). Obviously that won't work if you want to send the money from a different account to your linked account.

Unfortunately haven't got a login yet, but I assume as some people have DD dates for initial deposits well beyond tomorrow that if I send a cheque tomorrow (assuming it is pulled tomorrow night) - that they will process it.

SnowMan

D1zzy wrote: »

Unfortunately haven't got a login yet, but I assume as some people have DD dates for initial deposits well beyond tomorrow that if I send a cheque tomorrow (assuming it is pulled tomorrow night) - that they will process it.

I'm assuming there will be a period of grace for receipt of the initial deposit (whether that is a direct debit set up for after tomorrow or a cheque sent in after tomorrow).

However they may not be so generous with FURTHER deposits. All the same it might be worth sending in a cheque for a further deposit and hoping for the best.

But only NBS can decide on that one.

Would be useful to hear if anyone has managed to pay in via BACs/Faster Payments prior to the initial direct debit being taken as that would disprove what we have been told by NBS.

D1zzy

There must be a "grace period" for initial deposits - they have given "collection dates" beyond tomorrow and also said you have 20 days to fund if you did not set-up a DD.

My daughter set up her DD for a small amount believing in error that she could topup through the life of the bond and as she cannot get to her extra funds at the mo I was hoping to be able to top up her account on line. As it looks like this is not possible, as discussed I'm thinking I'll just send a cheque tomorrow and hope that it will be processed .

Her initial deposit has not yet been taken.

G_M

I'm (successfully so far) transferring £10K per day by Faster Payments. Didn't set up a DD. £10K last Fri, £10K Monday, £10K today (Tues). Despite my bank saying it should arrive in 2 hours, each payment seems to hit my NBS account the next day (I'm calling them to check daily). They can't explain why as they say they accept FPs.

They have told me there's no problem doing this, and quoted the 20th as cut-off.