Ulster Bank Pathway Account (3.6% variable interest rate for 6 months)

bryanb

Thanks for posts 89 & 90, Unfortunately my Coventry acc will only transfer to my linked account as far as I Know, but will check.
Sorry to hear Cov can't do faster transfer out, are you sure? It's showing as gone from Cov but not yet in HSBC>

Stompa

gvlewis wrote: »

I sent in my application on the 14th December but the account wasn't opened until the 30th December. I have just been on the phone to them and they advise they didn't receive my paperwork until the 24th December - 3 days after they reduced the interest rate.

Hmmm, you had me worried there. I applied online on 10th December, and sent off my cheque on 14th December. My account shows online as being opened on 24th December.

I just called them and they've assured me that I qualify for the 1% bonus, and that they're using the new year as the cutoff point, which would imply that you too should get the same.

Is the interest rate on the account visible online (after logging in)? (I couldn't find it). If not, I'm tempted to ask them for confirmation in writing, rather than discovering 6 months down the line that I'm getting the lower rate.

Stompa

bryanb wrote: »

Thanks for posts 89 & 90, Unfortunately my Coventry acc will only transfer to my linked account as far as I Know, but will check.

I made a payment yesterday directly from Coventry BS to Ulster. Admittedly that was from my Coventry First current account, but as far as I can see the facility is also available on all my other Coventry accounts (though I've not tried it from them). Perhaps it's just not available on all Coventry accounts.

cottager

gvlewis wrote: »

Has anyone else experienced similar problems?

No, but the paperwork with opening cheque was returned by Special Delivery (also on 14th as it happens) so I know it was delivered on 15th. Account was opened on 18th.

Have they actually confirmed you've been put on the lower rate of interest?

Presumably the higher rate was in operation when you first applied and when they sent out the paperwork for you to sign. In similar circumstances with other institutions where a rate reduction then intervenes there's often (but not always) a "grace period" for this to be returned and still be eligible for the pre-reduction rate.

bryanb

Stompa wrote: »

I made a payment yesterday directly from Coventry BS to Ulster. Admittedly that was from my Coventry First current account, but as far as I can see the facility is also available on all my other Coventry accounts (though I've not tried it from them). Perhaps it's just not available on all Coventry accounts.

Just checked with Coventry, my 60+ esave can only pay out to my linked account, I can phone and change the linked. Then they confirm by mail.
I'm not going to chance that in the middle of a fairly large transaction.
Regrettably I don't have a Coventry current, which would enable me to transfer internally and then out instantly.
Thanks for replying.

cottager

Stompa wrote: »

Is the interest rate on the account visible online (after logging in)? (I couldn't find it).

Not if it's the same as Natwest, which almost certainly it is. You've always had to go hunting, and then work out what you've got from applicable dates for the various past rates, or cross-check from the actual interest you've received (which in the case of Natwest may not be straightforward either if their savings interest is credited along the same lines as their charging periods for current accounts, where 'months' are not calendar months).

I think all savings accounts accessible online, whoever they're with, ought to display the interest rate applicable, along with a maturity date if fixed term, or 'finishing date' in the case of a bonus rate. It ought to be one of those requirements that's consistent across the board, and it surely can't be too difficult to implement since some to manage it quite well.

Stompa

cottager wrote: »

I think all savings accounts accessible online, whoever they're with, ought to display the interest rate applicable, along with a maturity date if fixed term, or 'finishing date' in the case of a bonus rate. It ought to be one of those requirements that's consistent across the board, and it surely can't be too difficult to implement since some to manage it quite well.

I agree, it's crazy that some (most?) banks don't do this.

Annoyingly it looks as though Ulster also don't have a way of sending them a secure email, so if I want written confirmation of my interest rate I'll have to phone them again (groan!).

bryanb

Stompa wrote: »

I agree, it's crazy that some (most?) banks don't do this.

Annoyingly it looks as though Ulster also don't have a way of sending them a secure email, so if I want written confirmation of my interest rate I'll have to phone them again (groan!).

I phoned them on this subject today. My account form was sent well before 21 Dec, the account shows as opened 31 Dec. They assured me I was on 3.6%. Please post if they tell you different, Thanks BB

ETROL

I too had my account opened after the 21st so I asked for confirmation in writing to confirm that I would receive the 1% bonus
I received confirmation in writing a couple of days later so no probs

Just an extra note about withdrawals from this account

They use faster payments for bacs
There is an extra days for security checks for anything over 2.5k
There is a daily limit of 10k
Larger payments are done in writing to the Ulster Branch

Rollinghome

bryanb wrote: »

I phoned them on this subject today. My account form was sent well before 21 Dec, the account shows as opened 31 Dec. They assured me I was on 3.6%. Please post if they tell you different, Thanks BB

My account was opened on 21 Dec and I got written confirmation that I'd get the higher bonus rate. If it's for a largish amount I think it's worth having that rather than risking an argument in 6 months or a year's time.