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

DiggerUK

claire07 wrote: »

Although withdrawals are OK with 90 days notice I can't see anywhere in T&Cs whether you have to keep the minimum of 5k with them for the 5 year fixed.

The minimum investment will have to be maintained to keep the A/C open.

I still find it impossible to believe that there are no penalties for closure before the 5 years are up.

Otherwise it is as a *previous poster said, a 90 day notice A/C with a rate guaranteed for 5 years.

Are we getting uber cynical, or is it simply that we don't trust financial institutions any more?

http://www.newcastle.co.uk/savings/5yearbond

* Snowman post # 19

claire07

Sorry didn't explain very well. What I wondered was if you could withdraw with no penalty and 90 days notice but if you got down to 5k could you close the account with no penalty or would you have to keep it open for the five years with 5k in it. I'll phone tomorrow to clarify. It's getting depressing when your first thought when a good rate appears is "what's the catch?"

D1zzy

claire07 wrote: »

Sorry didn't explain very well. What I wondered was if you could withdraw with no penalty and 90 days notice but if you got down to 5k could you close the account with no penalty or would you have to keep it open for the five years with 5k in it. I'll phone tomorrow to clarify. It's getting depressing when your first thought when a good rate appears is "what's the catch?"

If you can withdraw at 90 days notice - you can withdraw all at 90 days notice (well that's my plan) - presumably this would close the account. There is nothing in the Ts & Cs (as far as I can see) about penalties if you close the account early.

silentfox

http://www.newcastle.co.uk/savings/5yearfixedrateisa

So highest rate going.

Take all money out without any penalty as long as you give them 90 days notice.

And you can trasfer in from other providers (in my case from lloyds 6.5% from last year)

Is there a catch why would anyone choose another isa product as this lets you have your cake and eat it....doesn't it???

....must be a problem or does it do what it says on the tin.

Steve_xx

silentfox wrote: »

http://www.newcastle.co.uk/savings/5yearfixedrateisa

So highest rate going.

Take all money out without any penalty as long as you give them 90 days notice.

And you can trasfer in from other providers (in my case from lloyds 6.5% from last year)

Is there a catch why would anyone choose another isa product as this lets you have your cake and eat it....doesn't it???

....must be a problem or does it do what it says on the tin.

It does as it says on the tin.

Speculator

The Newcastle sortcode 23-59-54 accepts Faster Payments. I did a £1.00 test payment early this morning from Halifax and was advised it will take approx 2hrs. Just called Newcastle and was advised that they've not received it yet.

Has anyone else attempted a faster payment into the 5 year Bond?

dizzie

I already have a mortgage and an offset savings account with NBS. I called them today but they said that their 5% bond was only for "new money", so wouldn't let me transfer any from my offset savings account to it. I have a tax bill to pay at the end of July anyway so have transferred some from my offset account with NBS to my linked (non-NBS) current account today. I had already put some money into my current account to pay this tax bill from another (non-NBS) account so now I have twice as much as I need for tax purposes in it...My question is this:

Can I pay into the NBS bond with the excess money which is soon to be in my non-NBS current account? i.e. will they then class this as new money? Thanks

Speculator

I've just managed to do a £10.00 internal transfer from my Newcastle internet a/c to my Newcastle Five year Bond.

Speculator

dizzie wrote: »

Can I pay into the NBS bond with the excess money which is soon to be in my non-NBS current account? i.e. will they then class this as new money? Thanks

This will be classed as new money because it's coming from a non NBS account.

Dopple

Cancelled my Skipton (they were nice about it) and have gone for the Newcastle account.
As posters have pointed out, it's practically a 3-month notice account at 5%.
Can't really get better than that at the moment.