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

gvlewis

Thanks for all your replies.

That is interesting. When I telephoned this afternoon, they definitely said that I was receiving the lower rate. The guy I spoke to wasn't very helpful even when I pointed out that I sent my cheque off a week before the rate changed and my application was made on the basis that I would receive 3.6%. He even tried to tell me that it was a variable rate anyway so what was I complaining about. As he refused to budge, I asked to speak to his manager - at which point he became rather stroppy. I ended up being put through to someone - with hindsight, it sounds like it may well have been collegue rather than someone in charge - and they also told me I would get the lower rate as my details were received after the 21st December.

Thanks Stompa for the info. about the New Year cut off date. I have just phoned Ulster Banks Anytime Banking number and spoke to someone much more pleasant who told me he thought the cut-off date was the 4th January. He's give me the telephone number for the account opening office - I will give them a call tomorrow and get an email confirming the rate I'll receive.

cottager

gvlewis wrote: »

He even tried to tell me that it was a variable rate anyway ...

An interesting point now you mention it. When opening the account the overview blurb read (and still reads, but the numbers have now changed):
-- 3.10% AER/3.60% Gross variable (including six month introductory bonus of 1.00%) 2.60% AER/Gross variable excluding the six month introductory bonus.
-- Earn a 6 month unconditional bonus.

The rates tables are also clearly marked variable, so my reading of it was always that the base/underlying rate of 2.60% was/is definitely variable and liable to change; but the bonus was fixed for 6 months once I'd secured that rate, which was then 1%. So in that sense it wasn't entirely accurate when they told you it was variable, but it was partly correct.

When the overall rate dropped on 21/12 it was the bonus element which changed, from 1% to 0.75%, but the underlying rate remained unaltered at 2.60%: good news for those of us who'd secured the bonus at 1% as there's no overall change yet. But I'm still expecting the basic underlying rate of 2.60% could alter (probably reduce) at any time. Are others reading it differently?

Stompa

cottager wrote: »

When the overall rate dropped on 21/12 it was the bonus element which changed, from 1% to 0.75%, but the underlying rate remained unaltered at 2.60%: good news for those of us who'd secured the bonus at 1% as there's no overall change yet. But I'm still expecting the basic underlying rate of 2.60% could alter (probably reduce) at any time. Are others reading it differently?

Nope, that matches my understanding of how it works.

bryanb

Stompa wrote: »

Nope, that matches my understanding of how it works.

Me too, Thanks.

bryanb

Rollinghome wrote: »

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.

Agreed, I would like confirmation in writing. But I am transferring from an instant 2% account, so I'm winning at the moment anyway.
The money was from matured 1yr fixed B/midshires and was temp. in Coventry awaiting a decision on the best rate, plus I need £5100 in April for ISA.

gvlewis

103/104/105. Yes, this is my understanding too. My original complaint with Ulster Bank was that I had been given the 0.75% bonus rate and not the 1.00%. I agree, both bonuses are fixed but sit on top of an account which has a variable rate. My irritation was with the 'so what, the rate on the account is variable anyway' attitude with which the Customer Service Operator spoke.

To clear things up, I telephoned the section at Ulster Bank which deals with Account Opening. The guy I spoke to was very helpful and advised that I would be getting the 1% bonus after all and that he will be confirming this in writing.

If anyone else wishes to check the bonus rate they are receiving, the relevant telephone number is 0845 300 4030. This is different to the usual Customer Service Centre number.

Stompa

It looks like this account has now be withdrawn:

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=192759

cottager

Thanks Stompa. Used the saved link I had to go straight there, and it just defaults to the main Savings page now. And weirdly the Pathway isn't even listed on the Accounts Summary and Rates page any longer:
http://www.ulsterbank.co.uk/ni/personal/saving/useful-information/summary-rates.ashx
I can understand if this is only for accounts currently on offer, but for those with the account the rates should be listed somewhere. I haven't so far succeeded in finding a page for historic/discontinued account rates.

Stompa

cottager wrote: »

I haven't so far succeeded in finding a page for historic/discontinued account rates.

No, I can't see one either. The closest I can find is the pdf linked to from here:

http://www.ulsterbank.co.uk/ni/personal/daily-banking/current-accounts/useful-information/fees-interest.ashx

but it only includes the last (lower interest) Pathway, not the earlier one with the higher rate.

Very strange!

twig_girl

I'm not at all surprised that the Ulster Bank Pathway Account has been withdrawn as I would imagine that along with me they have had lots of complaints about this account. Having telephoned to open the account on 31st Dec it took them 16 days to open it. Then the first time I tried to make a payment from it they locked the account because I did not respond to 2 calls they made to me whilst I was out at work! It then took them 6 days to send a letter confirming they had locked the account and another 4 days before I could unlock it. It was only when I asked to close the account that I learnt I could not withdraw more than £10,000 in any one day. I think they have been totally dishonest about the account and will be putting in a formal complaint and taking it to the Ombudsman if necessary. Good luck to the rest of you getting access to your money. I hope you haven't had the same experience as me.