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

cottager

Miserlymike wrote: »

I opened a Pathway account with Ulster however have just received a letter stating that the interest will be paid annually in October not monthly as indicated in their 'guide to fees and interest brochure'. Does anyone know if the monthly interest was stated on the blurb on the internet and, if so, does this effect the AER as the interest will not be compounded. The account has now been withdrawn so I cannot check this. Depending on what was included on the internet prior to signing up can the just do this?

Take another look at the Guide to personal accounts fees and interest booklet you have. Pathway described on p15, yes?

If it's the same as I received in December, it's very badly laid out in my view. If you look beneath the table for the Pathway, the para which includes the reference to monthly interest is headed eSavings Plus, which is a different account (this text refers to and 'belongs with' the table over the page on p16).

I believe your letter is correct. The Pathway a/c terms are still summarised on p7 of this document online:
http://www.ulsterbank.co.uk/documents/ni/savings_accounts_summary.pdf
which mentions the October annual date.

If you closed the account before October (for instance, after the bonus interest period finishes after 6 months, which I will be doing with mine in June) you obviously wouldn't have to wait till October for your interest -- or at least I hope you wouldn't! -- but up to the date of closing.

Edit: sorry Stompa, you were too quick for me!

Miserlymike

Thanks for the replies - will teach me to look more closely in future.

2BlUeCaR4U

Dear MSE,
I opened a Pathway account with Ulster Bank in December on the basis of monthly interest. However I have just received a letter stating that the interest will not be paid until October.
Can they legally apply this significant change of condition retrospectively please ?

Stompa

2BlUeCaR4U wrote: »

Dear MSE,
I opened a Pathway account with Ulster Bank in December on the basis of monthly interest. However I have just received a letter stating that the interest will not be paid until October.
Can they legally apply this significant change of condition retrospectively please ?

What made you think it was monthly?

Take a look at Post #150 and onwards in this thread.

cottager

As these Pathway pages aren't available online any more, maybe a couple of screenshots would be useful.
First was captured 8 Dec 09 (before the interest rate reduction), and the second on 24 Dec.

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hallmark

I can't login anymore.

I think this is because by default the Ulster site takes you to a login that only works for NI customers & I'm in England. Does anyone have the correct url for English customers to be able to login?

Thanks

johnmoney05

https://www.ulsterbankanytimebanking.co.uk/default.aspx?refererident=3B7A6085C83DD04050C60B67833407E0B83B429D&cookieid=2298&noscr=false&CookieCheck=2010-03-12T09:05:59

I copy this link from my browser. Not sure if any use for you?

GlasWolf

I've just logged in via http://www.ulsterbank.co.uk/ with no problems - I'm also in England.

MadTechie

Hi all, I have a quick question:
I have a Pathway (opened prior 21 December 2009)
So I should be getting 3.10% AER, during the first 6 months and 2.60% AER after that..
However, if after the 6 month I move all of the money to another account I should still get the interest from the first 6 month and then nothing after (payable in October) right ?

from the "A guide to personal accounts fees and interest current accounts"
"Interest is paid each year in October. If your account balance falls below £10,000, we will pay interest at a rate of 0.01% Gross/AER."

MiserlyMartin

RBS Ulster Bank must be standing by for a big rush of withdrawals next month. I hope its not too much hassle to close it. I will withdraw in £10K chunks as I think their FP system is max £10K.