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

dougz_2

I also found the online application gave a bit of bother:

1) It suddenly asks for passport number, but does not say what to do if you don't have a passport. I just left it blank and went to the next page. I have no idea if they will want other ID instead.

2) At the point I entered my DD details to link my current account it waits for a moment and then gives a time-out error and aborts the entire application and wrongly puts the blame on me for taking too long. Which means starting the entire application all over again. Extremely annoying. In the end I gave up and skipped giving my bank details which worked and means I will instead have to arrange the deposit myself within 20 days.

3) Printing the details at the end wasted the first sheet of the 2 sheets of paper as it contains little more than a border around a blank page.

efunc

Thanks for the tip. I've now 'successfully' completed both the bond and isa applications, sans passport and DD details. My passport expired in May, so I thought it best not to input the number and potentially invalidate my application.

my concern now is that, if they pull this offer in the next day, are they still obliged to accept my initial deposit within 20 days and set up my account, or do they only honour the accounts and funds they've received before the deadline tomorrow?

As I've gathered from the T&Cs, they won't let you top up an account after the 1st Issue's been pulled. so if you opened with £1 or whatever, I guess that's as much as you get.

Speculator

If they do withdraw it later today, just make sure your initial deposit is for the total amount that you want to invest.

May also be a good idea to ring them to see if they will accept your initial deposit within 20 days if the issue has been withdrawn.

switchboard no. 0191 244 2000, ask for savings dept. Open from 9am.

samizdat

D1zzy wrote: »

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

I can confirm you can make BACS transfers and Faster Payments to your 5-year bond from linked and non-linked accounts before any initial deposit has been taken.

I set up a direct debit from a current account upon application for this bond. The money has still not been taken. In the meantime, I have made Faster Payments from another account, which have been credited to my bond account, as confirmed by receipt of a printed Passbook and also by viewing the account online. (I set up an Online Saver after the Faster Payments had been credited in order to view the account.) I have also made BACS payments from the linked account, which have also been credited.

Incidentally, when viewing the account online, I can just see the balance. I cannot see any transaction history. I am therefore unable to say how long it took for one batch of Faster Payments to be credited (as previously posted, Faster Payments sent on the day of account opening took two days to be credited to my individual bond account, as evidenced by a printed passbook that Newcastle sent me, even though Newcastle received the payments in its holding account the same day).

travel_freak

Hi

I got the timeout error several times earlier this morning on the ISA (knew if wasn't me as I was whizzing through the form) but have just tried again and all seems fine) - their server must be melting...!

anselld

efunc wrote: »

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?

I queried them on this and I couldn't get an entirely straight answer, but I think your assumption is incorrect. If you compare the AERs the monthly is less, so unlike most accounts I think you are actually slightly worse off with monthly interest.

D1zzy

Sorry for a pre-coffee early morning question but for an online transaction what did you put in as the "payee" "newcastle Online Savings " doesnt fit?
Thanks

samizdat

D1zzy wrote: »

Sorry for a pre-coffee early morning question but for an online transaction what did you put in as the "payee" "newcastle Online Savings " doesnt fit?
Thanks

I just put "Newcastle BS". It got there.

Speculator

FIVE YEAR BOND/ISA paying 5.00%, FIXED POSTAL BOND (Issue 5) and FIXED RATE E-BOND (Issue 6) withdrawn and FIXED POSTAL BOND (Issue 6), FIXED RATE E-BOND (Issue 9) and FOUR YEAR FIXED ISA (Issue 1) will be launched w.e.f. 17.7.09. FIXED POSTAL BOND Issue 6: a postal operated fixed term account maturing 24.8.11 with a minimum investment of £1K paying 4.20% yearly (3.95% monthly). No earlier access permitted. Additions whilst issue remains open. FIXED RATE E-BOND (Issue 9): a fixed term internet operated account maturing 23.8.13 with a minimum investment of £1K paying 4.55% yearly (4.30% monthly). Earlier access on 90 day notice and 90 day loss of interest. Additions whilst issue remains open. FOUR YEAR ISA (Issue 1): a fixed term internet operated cash ISA maturing 23.8.13 with a minimum investment of £1 paying 4.55% yearly. Earlier access and transfers out permitted on 90 day notice and 90 day loss of interest. Additions permitted whilst issue remains open. Transfers in accepted

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=187504

condensate

Ok my first post here, Ive read through the thread don't think this has been answered.

Ive gone through online application for this account, and transferred 10k online from Barclays (my linked account) using BACS\ fp.

I want to fund this account to 45k before they close it so I went into my branch and attempted to do 35k CHAPS payment (to the Chaps sort code \ acc number) but Barclays system didnt like it, repoting 'invalid account number' (despite sort code being one of Barclays). Ive spokne to Newcastle BS and they assureme the CHAPS details ive attempted to use (20-59-55, 00000009) are correct.

I think Barclays computer didnt like it is perhaps because this account is some kind of intermediate holding account new payments sit in before the undividuals ref number is used to transfer the money into the individuals account.

Is this correct, Has anyone at barclays done a chaps payment successfully? (alternativley I could do 35k BACS payment in branch but Im concerned it might not get there in time)

Thanks, sorry about length of post.