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

D1zzy

G_M wrote: »

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.

I believe FPs go to their holding account and then onward to your acount

zzzLazyDaisy

I didn't set up a DD as I wasn't sure how much money I would be able to access at the time of opening the account. So I said initially that I would fund it with the minimum £5k.

In fact I did an internet transfer yesterday for £10k (the maximum lloyds tsb allow) and another today. But LTSB don't do faster payments for that amount so each payment will take 3/4 working days to hit my NBS Bond. ie although the money has been sent before the account is pulled, it will arrive after.

So I'm hoping they will still accept the money (I did speak to NBS savings dept today and the nice young man said it would be okay, but I'll only be happy when it shows up on the account)

D1zzy

D1zzy wrote: »

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.

Brainwave ( had enough caffeine now) - open a second account {no metion in Ts and Cs of only 1 permitted} without a DD setup and do an FP transfer for the initial deposit on the new account :j

Woodyrocks

I chose a later date for funds to be requested wanting to make sure it had cleared @ my end but would now like to move it forward a few days. Can I do this by phoning them up or am I stuck with waiting on the 22nd as I requested?

efunc

I wonder if the collective brain trust could help with this musing:

I'm trying to deciding between monthly and annual interest. I intend to deposit £20k today, but unlikely to leave it there for the full 5 years. Most likely it could be anything from several months to a year or two. If I choose monthly I'm guessing I will still receive interest on the money even if I give my 90 day notice withdraw mid year. However is the annual interest actually paid pro-rata so to speak? ie, if I withdraw before a 12 month cycle is complete do they calculate the amount of interest at the close of account as a proportion of the year, or do you end up loosing the interest in a year you don't fully complete??

thanks all!

efunc

Well, from the T&Cs:

"8. Interest is calculated daily and is credited to the account annually or monthly."

...suggests that at the close of the account they accurately tot up the correct interest for the _entire_ period irrespective of monthly or annual interest. Am I right?

Speculator

Yes, they will pay you interest upto the date of withdrawal.

Also, AER is 5% if paid annually but AER is 4.85% if paid monthly.

efunc

the online form must have something like a 60 second timeout on it. I just filled it in without a pause and the last page said it could be submitted and I have to start again! humph..

Speculator

When I tried to open mine during the early hours, I had the same problem. I made 4 attempts without pause and was thrown out each time after filling out the Direct Debit.

I tried again around 8am and was successful.

efunc

Ahh, brilliant (or not so brilliant), thanks.

I suspected their web script was not Mac-friendly for a moment. I'm slightly concerned that the account won't be available by the time I get back online tomorrow. Oh well.

I've never understood why financial institutions turn out all the lights on their web operations out of office hours. HSBC does the same with its international payments. Surely defeats the purpose of the internet,