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

cottager

twig_girl wrote: »

I'm not at all surprised that the Ulster Bank Pathway Account has been withdrawn as I would imagine that along with me they have had lots of complaints about this account.
[...]
I hope you haven't had the same experience as me.

Concern has been expressed before about access to funds and the limits, both earlier in this thread and in particular on another one here
http://forums.moneysavingexpert.com/showthread.html?t=2193473
where the £10k/day limit put the original poster in real difficulty.

Speaking only for myself, I haven't had cause to be so concerned as some others. For one thing I don't have anywhere near the funds in my account which the OP on the other thread evidently had, nor the same reason to access them urgently as a lump sum as they did. I was also aware of the £10k/day limit before opening the Pathway. I'm not anticipating making any transactions, but intend leaving the total where it is till the bonus expires in June (unless something unexpected happens)... it was opened only as savings really, not as an account for a lot of activity.

But I will want to get the funds out in June and probably close the account, so if they started mucking me about with blocks and so on at that point I would be annoyed! Maybe I'll try a test withdrawal between now and then...

As for opening time, I applied online 8 Dec, they had my cheque on 15th and the account was opened on 18th.

Stompa

cottager wrote: »

Maybe I'll try a test withdrawal between now and then...

FWIW I did precisely that a couple of weeks ago (when I received my card reader), and it all went smoothly.

Stompa

Regarding the £10k per day withdrawal limit, does anybody know if this is the maximum (in total) that you can withdraw from the account per day, or the maximum per transaction per day?

Thanks

Rollinghome

Stompa wrote: »

Regarding the £10k per day withdrawal limit, does anybody know if this is the maximum (in total) that you can withdraw from the account per day, or the maximum per transaction per day?

Thanks

With Natwest, it's both per transaction and per day so I assume it's the same for Ulster Bank as implied here: http://www.ukpayments.org.uk/faster_payments_service/value_limits/

One curiosity. My wife's account needs the card reader only to set up a new mandate, as with Natwest. For mine it requires the card reader for the mandate and to confirm every subsequent payment.

Stompa

Rollinghome wrote: »

With Natwest, it's both per transaction and per day so I assume it's the same for Ulster Bank as implied here: http://www.ukpayments.org.uk/faster_payments_service/value_limits/

That's referring to faster payments though? Or are you saying the same limits apply to BACS?

Rollinghome wrote: »

One curiosity. My wife's account needs the card reader only to set up a new mandate, as with Natwest. For mine it requires the card reader for the mandate and to confirm every subsequent payment.

Strange, mine operates the same way as yours.

Rollinghome

Stompa wrote: »

That's referring to faster payments though? Or are you saying the same limits apply to BACS?

From "A guide to our personal accounts":

"For amounts over the Faster Payments Scheme limits, you will still need to use CHAPs, for which the normal charge will apply."

The options seem to be FP or CHAPS.

davebass

Does anyone know if I close my Pathway account before the 6 month bonus period is up, do I still get the bonus rate ?

Rollinghome

davebass wrote: »

Does anyone know if I close my Pathway account before the 6 month bonus period is up, do I still get the bonus rate ?

Yes. The published AER includes the bonus.

Stompa

Rollinghome wrote: »

The options seem to be FP or CHAPS.

As far as I can see, when you make a withdrawal it doesn't actually say BACS anywhere, but it does state "The money will leave your account immediately. You should allow 3 business days for your payment to reach the payee", which sounds like BACS to me.....

Rollinghome

Stompa wrote: »

As far as I can see, when you make a withdrawal it doesn't actually say BACS anywhere, but it does state "The money will leave your account immediately. You should allow 3 business days for your payment to reach the payee", which sounds like BACS to me.....

You don't say where that appears. If you think that:

"For amounts over the Faster Payments Scheme limits, you will still need to use CHAPS, for which the normal charge will apply."

in the booklet they sent you, "A guide to our personal accounts" dated Oct 2009, is incorrect then fair enough. Give them a call.

Some accounts aren't able to accept FP and payments will go as standard BACS. The question you asked was whether the £10k withdrawal limit which applies to FPs was per transaction or per day and the answer was given several posts ago. You'll have to rely on your own interpretation of what the statement in their booklet means if you think it's ambivalent or clarify it with them. I've never been able to send more than £10k with Natwest since their introduction of of FP except by using CHAPS. I can't do it online and they can't do it in branch. I'd expect all parts of the RBS group to be similar.