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

MarkyMarkD

You get worse.

You cannot have an ISA until you are 16, and you think your account was upgraded to an ISA when you were around 10.

Give me strength!

As you are now clearly past 16, your savings account provider will have written to you on or just before your 16th birthday, requiring you to complete an R85 certificate (confirming that you remain eligible for gross interest). This would not have applied to an ISA as they are tax-exempt in any case.

As this occasion doesn't seem to have been long ago, are you still saying you hadn't noticed the account was not an ISA?

Did the name of the account on the passbook not give a little tiny clue?

MarkyMarkD

I trust that in your last sentence you meant "useful" not "useless".

I appreciate that you are quite young. If you hadn't slagged off Newcastle BS for their account number I might not have found your original post quite so irritating!

Anyway, I hope that you enjoy working for the Leeds - with whom I have an account - and that you are trained well by them. Doubtless you will very soon have a far better understanding of the ISA rules!

If you are starting work, and have completed an R85 (or several) don't forget to get the savings institutions to cancel the R85 if you become a taxpayer.

alex871uk

Anyone know if the annual account will pay interest on money withdrawn within the first year?

I can't understand why they would offer annual and monthly (with lower interest) options if the interest is calculated according to whenever you withdraw the money? -the monthly/annual choice would be irrelevant!

jamiex

alex871uk wrote: »

Anyone know if the annual account will pay interest on money withdrawn within the first year?

I can't understand why they would offer annual and monthly (with lower interest) options if the interest is calculated according to whenever you withdraw the money? -the monthly/annual choice would be irrelevant!

The annual account will definitely pay interest on money withdrawn (with 90 days notice) within the first year or even at any other time. The interest will only be paid on the 31st July each year (if I remember correctly) so you won't get interest credited straight away for money withdrawn - it'll all be calculated and paid on the 31st July.

They offer annual and monthly because some people want regular income from their savings. The AER for annual was 5% but the AER for monthly was only 4.85% so you'd get 0.15% less if you select monthly interest, leaving the interest in the account, rather than selecting annual interest payments.

alex871uk

jamiex wrote: »

The annual account will definitely pay interest on money withdrawn (with 90 days notice) within the first year or even at any other time. The interest will only be paid on the 31st July each year (if I remember correctly) so you won't get interest credited straight away for money withdrawn - it'll all be calculated and paid on the 31st July.

They offer annual and monthly because some people want regular income from their savings. The AER for annual was 5% but the AER for monthly was only 4.85% so you'd get 0.15% less if you select monthly interest, leaving the interest in the account, rather than selecting annual interest payments.

Thanks for your explanation. Hope they can still switch mine to an annual account at this late stage

bristolleedsfan

I posted a opening deposit cheque last Monday in a NBS first class business type prepaid envelope that I already had here together with instructions to transfer closing balance from what was a BMW savings account into the 5% account. The cheque is clearing through my Nationwide account today. ( Also means I know they have my ISA transfer forms for ISA 5% account as well now.)

Johnny_Doe

I've just been told by email and phone that no more top up funds are being accepted on the 5% 5yr bond (The isa is ok until friday)

What a let down....

Natasha20

Johnny_Doe wrote: »

I've just been told by email and phone that no more top up funds are being accepted on the 5% 5yr bond (The isa is ok until friday)

What a let down....

Thanks for this info, but what do they mean by "top up funds"? Do they mean anything in addition to what we specified as the initial deposit on the application form?

msun

alex871uk wrote: »

Thanks for your explanation. Hope they can still switch mine to an annual account at this late stage

Yes I believe they can. I phoned them on this issue and they said that they would accept a WRITTEN request to switch to annual payment of interest..

NBS said that it didn't matter if the letter arrived after the account is opened provided the interest payments hadn't aleady started. :j

cv65user

yeah funnily enough i received my welcome pack for my 5 yr bond , inside was t&c , welcome letter, and some SAE envelope to return something i dont know ?lol . and my balance of my bond printed on a bit of folded card board . lol

i have not yet received my welcome pack for my online saver so i can see if i can see my 5 yr bond on the internet