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

DiggerUK

One small point about further deposits, only allowed whilst it is still available.


5. After placing your Investment in the account you may make further deposits while the account is a current issue. The account is a limited issue and may be withdrawn at any time.

Speculator

If I send a BACS on a Monday and they withdraw the account on Tuesday, will they accept the payment which should reach them by Wednesday?

I think I will send funds by Faster Payment from my Tesco account just to be sure.

anselld

Does anyone know the age limits on this account?
Can't find it mentioned in the T&C but web application will not allow DOB for my 15 year old daughter.

Steve_xx

anselld wrote: »

Does anyone know the age limits on this account?
Can't find it mentioned in the T&C but web application will not allow DOB for my 15 year old daughter.

Why not try making it a joint account with both you and she?

anselld

Steve_xx wrote: »

Why not try making it a joint account with both you and she?

Not sure, sounds a tax minefield as she is a non-taxpayer so I presume the taxman would take a dim view of registering R85 on a joint account.

luvpump

I really like this account, seems too good to be true, my only dilemma is that I cannot get my cash (49k) out of the the ulster Bank before the end of the month without losing a whole months interest, Silly question i know, but has anyone got any inkling when this might be withdrawn ?? Perhaps i should just bite the bullet & get cash out of Ulster bank now ?

DiggerUK

luvpump wrote: »

Perhaps I should just bite the bullet & get cash out of Ulster bank now ?

No.
If you take money out now, and they close this A/C your stiffed.
Lurk these pages. These A/C's are like buses, you wait forever.....

info_addict

I really like this account, seems too good to be true, my only dilemma is that I cannot get my cash (49k) out of the the ulster Bank before the end of the month without losing a whole months interest, Silly question i know, but has anyone got any inkling when this might be withdrawn ?? Perhaps i should just bite the bullet & get cash out of Ulster bank now ?

Almost in the same positon with Birmingham Midshires, but slightly earlier. But have made my application anyway. Because......

When you make your application and if you don't say you will fund it immediately by either D.D. or cheque, when you reach the last page it states-

"If you did not fund your account during your application, there are three ways you can make your initial deposit, which should be made within 20 days be (their spelling, not mine) either"

It then lists, cheque, BACS or CHAPS.

To me, this means once you have made your application, you have at least 20 days to get your money into the account, even if it closes.

However having spoken to the Newcastle a couple of times they are unsure of what would actually happen. But, again to me, they will only close the account once they have reached their limit of funding and the amount you enter on the application will be a part of that sum. So will they then turn away this money? I doubt it and am hoping not.

Interestingly enough it doesn't list BACS as an option during the application process, only DD or cheque. But have been assured that BACS is quite acceptable. On the last page you get the sort code and their account number (different to the CHAPS) and then you use your application reference number (again on the last page) when you set up the BACS transfer. Or if you leave it a few hours after you have had your confirmation email, you can ring them and they will give you your actual account number.

Hope this helps

Speculator

and the sortcode accepts Faster Payments.

G_M

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.

I've read this thread carefully and no one seems to have answered this, except by guesswork.

It's a 5 year bond. There's a min investment of £5K. Agreed penalty-free withdrawals are allowed subject to 90 days notice, but it is still unclear what happens if you withdraw so much that you have less than £5K left, or close the account. Unless anyone knows different??

Cynical? Suspicious? Moi?