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

Johnny_Doe

Natasha20 wrote: »

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?

Actually that's a good point - I put 50k on my application form and have only deposited 6k so far... so Can I deposit another £44k?

zzzLazyDaisy

Looks like I just sneaked in under the wire with my top-up funds! I actioned the internet transfer on Tuesday morning but it didn't leave my LTSB account until Wednesday.
Just shown up on my NBS Bond account today. :beer:

Natasha20

zzzLazyDaisy wrote: »

Looks like I just sneaked in under the wire with my top-up funds! I actioned the internet transfer on Tuesday morning but it didn't leave my LTSB account until Wednesday.
Just shown up on my NBS Bond account today. :beer:

So did you do more than one transfer - an initial deposit and then a top up from LTSB?

mutley74

Johnny_Doe wrote: »

Actually that's a good point - I put 50k on my application form and have only deposited 6k so far... so Can I deposit another £44k?

Yes
I was told this morning when I phoned them all account holders have until 24th July to deposit funds into there 5 year bond account. This is rule is for all customers for this product irrespective when they applied.
So if I was you set up the BACS transfer asap!

they only take a DD if it was cleary specified with a date during your application process, which did not apply to everyone as they changed the application process during the launch of this product.

evenasus

cv65user wrote: »

i am just trying to work out a rough idea of return on investment.

£20,000 over 5 year @ 5% =
5/ 100 =0.05 * £20000 = so thats £1000 a yr interest return?
so potentially £1000 a year * 5 year investment period = £5000
but obviously i dont earn full 5% on £20000 first year
so £5000 -£1000 1 yrs worth
so i am looking at 4000 £ return over the 5 years ? - tax

£20,000 over 5 years @ 5% no tax = £5525.63 interest.

£20,000 over 5 years @ 5% basic tax = £4333.06 interest.

zzzLazyDaisy

Natasha20 wrote: »

So did you do more than one transfer - an initial deposit and then a top up from LTSB?

Yes, one transfer for the initial funding that I stated on the application form, and then when I realised the account was going to be pulled on Wednesday I did a second transfer of additional funds.

Thanks MSE :beer:

triplea35

I applied online just before it was withdrawn and completed a direct debit for the deposit. I think it was due to be taken out tomorrow to arrive with the Newcastle on the 24th. Unfortunately both monies from Lloyds Vantage and Halifax have not arrived in my current account as yet. I rang the Newcastle this afternoon and they confirmed it was OK to canacel the DD with my Bank and to send a cheque as long as it arrives by close of business on Friday. By the time they bank it the funds should be in my account.
Thought this might help anyone in a similar predicament.

Johnny_Doe

mutley74 wrote: »

Yes
I was told this morning when I phoned them all account holders have until 24th July to deposit funds into there 5 year bond account. This is rule is for all customers for this product irrespective when they applied.
So if I was you set up the BACS transfer asap!

they only take a DD if it was cleary specified with a date during your application process, which did not apply to everyone as they changed the application process during the launch of this product.

OK 2 conflicting answers.. I've been told 3 times now that this is not possible and they would only accept my initial 6k and no more from today. This is because they are "over subscribed". Maybe they are lying to me so that I dont deposit more I really don't know anymore.. Could someone else please ring them or email to confirm?

Cheers

D1zzy

Spoke to someone this morning who read me an email issued on Thursday which said only initial deposits would be accepted. I also have date/time/name of an earlier phone call (17th-after the email) where they confirmed all funding would be accepted upto 24th. Its clearly a confused situation, but I was also told that all calls are recorded and if I had the details of any call where I was told that additional funding would be accepted it should be honoured. but who knows...

dov

Johnny_Doe wrote: »

OK 2 conflicting answers.. I've been told 3 times now that this is not possible and they would only accept my initial 6k and no more from today. This is because they are "over subscribed". Maybe they are lying to me so that I dont deposit more I really don't know anymore.. Could someone else please ring them or email to confirm?

Cheers

Just send the money and see what happens. Hopefully over the next couple of days I'll know the answer to this. I transferred some money on Friday and today via BACS and faster payments.