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

zzzLazyDaisy

I asked my bank this question (LTSB) who pointed out that an internet transfer is the same as a BACS transfer. Newcastle BS phone line (number on confirmation e-mail) also confirmed that this is acceptable.

spal123

@zzzLazyDaisy - thanks

So you know what I mean about a generic looking Account number then. We probably all have the same one! Then someone must have to manually go through all the Reference numbers to direct the money to the right account....

Anyhow I have now made the internet transfer so the money will hopefully arrive in my new account (fingers crossed!)

Riviera_Kid

Had the same problem as you spal. Tried to set up the payment at the same time as the account but kept getting a "time out" problem so I've also gone with a BACS payment.

dipashah

I have started going through the application process, but when it comes to the section on adding nominated account details, I have a question.

It specifies that it should be the details of a UK 'Current account'. But do I provide current account details or details of my ISA account from which i wish to transfer over the funds? And if i enter current account details as requested, how does the existing ISA transfer work?

Thanks in advance!!

D1zzy

Don't do the bank account details. You can then do an online transfer using the ref that they give you at the end of your application ( 9 digits starting with 9) in lieu of the account number as the reference on the transaction.

The DD setup just seems to delay things

dipashah

Thanks D1zzy for the response. I have now opened my account.

Although I just spoke to Newcastle Building Society with a few more queries and the lady happened to mention that the offer does not close today so she does not know why that is being reported.

CLAPTON

its quite normal and usual to transfer money to your saving a/c using
6 digit sort code
8 digit 'generic account' number
9 digit unique reference number

so the first two number are the same for all customers and what distingtuishes you is your 9 digit reference number


and no they don't search through manually looking for the unique 9 digit number ... its done by computer

the same system is used by utility companies too

Reaper

dipashah wrote: »

Although I just spoke to Newcastle Building Society with a few more queries and the lady happened to mention that the offer does not close today so she does not know why that is being reported.

I suspected as much as it is still advertised on their web site. I think their Press Office has got it wrong AGAIN!

jonathanbriggs

Reaper wrote: »

I suspected as much as it is still advertised on their web site. I think their Press Office has got it wrong AGAIN!

I just spoke to them as well - and they denied the 5% ISA was ending today - and said if I'd heard this from Martin Lewis then he'd got it wrong...

Some comment on this would be helpful from MSE Towers I think - not least as Martin has got this 'closure' as the headline in today's mailing.

Former_MSE_Dan

Hi folks,

We have been told the 5% accounts will be closing today, and in fact very soon.

Anyone who applies while they are still live on the website though will have the rate honoured.

Dan