MSE News. Save at 5% with access to your cash (Newcastle BS 5% Bond) NOW CLOSED

zzzLazyDaisy

This thread was started at 6pm yesterday (presumably after MSE Dan spent loads of time working out and drawing up a table, which although based on duff information which was not his fault, would have been very informative if the info had been correct).

Throughout the evening forum users who believed the info to be wrong posted their comments on this thread, and some also contacted MSE directly.

By 11am this morning the misleeading info had been corrected.

So this just goes to show that:

1 everyone makes mistakes
2 MSE does listen to the forum users
3 MSE must have been on the case as soon as the BS opened for business this morning, for the mistake to have been corrected so quickly.

So well done MSE!:beer:

nrsql

MSE_Dan wrote: »

Hi,

Summarising a press release, and having a full conversation and list of questions answered and double-checked by a press officer, are not the same thing. We always do the latter.

It's a real shame that the wrong information was confirmed by Newcastle BS, but i hope most people think we have followed this up and tried to clarify to the best of our ability.

Thanks

Dan

Ah - ok. My apologies

MSE_Martin

nrsql wrote: »

OK Now I'm confused - you say the product was fully researched and didn't just summarise the press release but just took the information from the press release?
That only makes sense if the only information available was the press release - which would make it very similar to a pre-release advert for the product.

A press release may be an official way of communicating with journalists but doesn't mean that should be considered the only source of information.

Glad to see that the title has been changed after I had 3 posts deleted asking for it.
Think this should be another thread as it's not really about the product but about the presentation but those threads get deleted.

I think you're right you are confused about how it works.

Firstly we didnt get a press release, we spoke to the press office and asked it a number of questions after reading about the product as there were a few things we wanted to clarify.

We dont ever rely on press release journalism, though sometimes that's what first notifies us of something (not in this case, I actually spotted the deal personally and then saw it on the forums) we do all our own research. Yet you confuse two elements of writing an article/guide.

1. The spin - angle - interpretation.

We would never rely on a bank that send out a press release or told us it had a "great product" we would analyse and look at that product, do the numbers, work out how it should be used.

Then if its good write about it and include it in an article, if its not - not include it (we dont have time to write about every bad prodcut). Though occassionally if a company is trying to PR a hideous product then we will do something warning people against to counter that.

2. The core product facts.

We talk to press offices all the time to find out and check facts. E.g. what is the cash withdrawal fee on a debit card overseas? Do you calculate the interest daily or monthly? When will this offer close?

Here we rightfully rely on press offices as the mouth piece of an organisation to give us an official back-up able answer. Now of course if they try and spin that

e.g. We're the only card that doesn't add a load on foreign transactions - we ignore it - and check ourselves.

Yet for info on their own products the press office is the core source and it is best practice to rely on it. They have access to all departments and fact sources.

In this case the t&cs of the product were ambiguos, so we checked a few facts e.g. "can you make partial withdrawals or must you withdraw the entire amount?"

As noted the press office is the official source of this - so we ask them - and we have to rely on them (hence why we take notes to prove it).

That's how it works, and that's the right way to follow it.

I appreciate your questions, but I think its slightly insulting to the work of my team and I - who diligently research these things. We were given the wrong info by the right people. Someone senior at a company made an error. That doesn't mean we made a mistake.

To be honest as the 'boss' looking at this, I think Dan and Guy have done a great job - they didnt write the story and leave it, they followed up - checked feedback, spotted there were concerns in the forum and got on it- made the correction. I couldn't have asked them for anything more.

Anyway lets leave this now, its not good for my RSI.

Martin

tiptoe_mouse

MSE_Martin wrote: »

I think you're right you are confused about how it works.

Firstly we didnt get a press release, we spoke to the press office and asked it a number of questions after reading about the product as there were a few things we wanted to clarify.

We dont ever rely on press release journalism, though sometimes that's what first notifies us of something (not in this case, I actually spotted the deal personally and then saw it on the forums) we do all our own research. Yet you confuse two elements of writing an article/guide.

1. The spin - angle - interpretation.

We would never rely on a bank that send out a press release or told us it had a "great product" we would analyse and look at that product, do the numbers, work out how it should be used.

Then if its good write about it and include it in an article, if its not - not include it (we dont have time to write about every bad prodcut). Though occassionally if a company is trying to PR a hideous product then we will do something warning people against to counter that.

2. The core product facts.

We talk to press offices all the time to find out and check facts. E.g. what is the cash withdrawal fee on a debit card overseas? Do you calculate the interest daily or monthly? When will this offer close?

Here we rightfully rely on press offices as the mouth piece of an organisation to give us an official back-up able answer. Now of course if they try and spin that

e.g. We're the only card that doesn't add a load on foreign transactions - we ignore it - and check ourselves.

Yet for info on their own products the press office is the core source and it is best practice to rely on it. They have access to all departments and fact sources.

In this case the t&cs of the product were ambiguos, so we checked a few facts e.g. "can you make partial withdrawals or must you withdraw the entire amount?"

As noted the press office is the official source of this - so we ask them - and we have to rely on them (hence why we take notes to prove it).

That's how it works, and that's the right way to follow it.

I appreciate your questions, but I think its slightly insulting to the work of my team and I - who diligently research these things. We were given the wrong info by the right people. Someone senior at a company made an error. That doesn't mean we made a mistake.

To be honest as the 'boss' looking at this, I think Dan and Guy have done a great job - they didnt write the story and leave it, they followed up - checked feedback, spotted there were concerns in the forum and got on it- made the correction. I couldn't have asked them for anything more.

Anyway lets leave this now, its not good for my RSI.

Martin

Thanks for taking the time to explain the situation - I now understand a lot better how this process works.

I was concerned when I initially read that the article was a response to a press release for two reasons.

Firstly, I felt it was a shame that it took a press release to alert you and your team to the product, when it had been flagged up on the forums.

Secondly, I thought it seemed strange to rely on the facts as given in a press release, and I was disappointed that it seemed MSE had done this, when your standards are usually so much higher than the newspapers when it comes to this.

I now realise that the situation was very different from how I initially perceived it. Clearly you and your team had done your research, and were misled by Newcastle BS. I'm also glad to hear that you had noticed it was being discussed on the forums and then got in touch with Newcastle.

I'd like to say sorry for my earlier tetchy post. I do so much appreciate the work that you and your team do on this website.

I should also say that the article, with its warning that time may be running out, resulted in my partner and I both finally getting around to applying for the ISA version of this product today!

Thanks again,

tiptoe

bristolleedsfan

tiptoe_mouse wrote: »

I should also say that the article, with its warning that time may be running out, resulted in my partner and I both finally getting around to applying for the ISA version of this product today!

Thanks again,

tiptoe

Even though ISA version wasnt and still isnt mentioned in the article. MSE team for reasons known to itself ignored peoples postings mentioning that the same product is also available as a ISA version with transfers in accepted. MSE Team havent put up a Newcastle BS 5% ISA Bond discussion thread in the ISA Sub-board either.

Quote:
Originally Posted by tiptoe_mouse

ps it is also available as an isa - this doesn't seem to be mentioned in the article.


( Post Number 3, Yesterday.:T )

tiptoe_mouse

Just to clarify - I found out about this product initially in Kazza's best ISA thread (I think). However, I only got around to applying as a result of the MSE news article info that it was going to be pulled imminently. Otherwise I would have missed the boat (assuming that it will be pulled - who knows whether Newcastle got that right when speaking to MSE!).

I've noticed it now appears in the main MSE ISA article and the one on transferring ISAs. Would be nice if the news article flagged up the ISA option as well, but I guess the important thing was to get the facts straight on the loss-of-interest issue.

tiptoe (now filling in several transfer forms and embarrassed to admit to still having a barclays tax beater ISA paying 0.56%!)

MSE_Martin

Hi the reason for the ISA is we are doing it in the weekly email and working on it there. We think its great too - but the news story is up and running and its seen inappropriate to change it in news (though correcting erroneous info is different).

MSE news is an important part of the site, but its new and the core site is our guides to top savings and cash ISAs. They're mammoth and take time to update (hours not days) and that's been todays task in prep to tell people about Newcastle BS in time for it leading the weekly email

We love the isa too

Former_MSE_Dan

This went into the Top Cash ISA Guide at around midday today

Newcastle BS 5% AER. Huge rate, needs 90 days notice for access. The biggest rate's from Newcastle BS's Five Year ISA. This pays 5% AER fixed for five years (min £1), and accepts transfers. There's one huge difference to most fixed accounts though; you can transfer out or withdraw cash at any time, by giving 90 days written notice.


For anyone who can cope with this delay, this is a huge offering, giving both an enormous rate and the ability to transfer your cash should rates soar, or even withdraw it if you absolutely need to (providing you know 90 days in advance).


In April 2009, financial strength rating's agency Moodys substantially downgraded a heap of banks and building societies, including Newcastle (read Building Society Downgrades news) meaning it's more important to be watchful about not going beyond the £50,000 government guarantee. For full info read the Are Your Savings Safe? guide.


Quick Stats. Rate: 5% AER fixed for 5 years. Min. Deposit: £1. Allows transfers from previous years' ISAs?: Yes Access: Post

bristolleedsfan

In addition to what I had previously noticed that MSE Martin and MSE Dan take time out to thank each other for their posts. Clearly what the above two threads have illustrated by mentioning MSE initiated threads/topics Five times, mentioning Sub-Forums Zero times, MSE team only apparent interest in its Sub-Forums is that people posting on them keeps MSE Website going. ( I only come to Moneysavingexpertforums.com to read what others have had to say in the Sub-Forums, perhaps a poll could be run to determine how many similar minded people their are.)

( I do like MSE News ( I mean the headlines version) though for a quick snippit of up to date Money News. :T)

I thank you in advance for allowing me what is intended to be merely "fair comment", this will be my last post on this thread as I believe the majority of Savings Sub-Board frequenters would rather people posted on the existing Newcastle 5% thread.;)

"We are doing it in the weekly email"

"MSE news is an important part of the site"

"that's been todays task in prep to tell people about Newcastle BS in time for it leading the weekly email"

"This went into the Top Cash ISA Guide at around midday today"

"For full info read the Are Your Savings Safe? guide"

dov

Does this mean that the ISA will NOT be pulled tomorrow, only the standard bond will? Has Newcastle BS given any indication as to when the ISA issue will be closed?