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

10_66

MadTechie wrote: »

...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 ?

You don't have to keep the account open if you don't want to. If you close the account, interest earned will be paid on closure.

carpy

MadTechie wrote: »

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."

yep that sounds right to me. :beer:

Stompa

I guess a lot of folks are now closing this account as the 6 monthly bonus will be expiring. Is closing the account proving to be straightforward?

Thanks

moi

Stompa wrote: »

Is closing the account proving to be straightforward?

Very.
I wrote them a letter. Within a couple of days my online banking showed the balance + interest withdrawn by cheque, and within the week the closure cheque arrived in the post.
I've been impressed with their service all along, it's just a shame they couldn't have had the bonus interest % for a bit longer!

Stompa

moi wrote: »

Very.
I wrote them a letter. Within a couple of days my online banking showed the balance + interest withdrawn by cheque, and within the week the closure cheque arrived in the post.
I've been impressed with their service all along, it's just a shame they couldn't have had the bonus interest % for a bit longer!

Thanks for that. Do you happen to know if they'll simply transfer to another account rather than having to bother with a cheque?

moi

Stompa wrote: »

Thanks for that. Do you happen to know if they'll simply transfer to another account rather than having to bother with a cheque?

When I wrote to them I did give them my current account details, assuming they'd just do a BACS transfer, but they chose to send a cheque (that someone actually wrote by hand! (how 1980s!). I don't mind as I didn't categorically ask for a bank transfer.

Stompa

moi wrote: »

When I wrote to them I did give them my current account details, assuming they'd just do a BACS transfer, but they chose to send a cheque (that someone actually wrote by hand! (how 1980s!). I don't mind as I didn't categorically ask for a bank transfer.

OK, thanks for that info. I think it'll probably make sense to transfer everything out by BACS (remembering the £10k per day limit) immediately prior to closing, that way any cheque will only be for a small amount.

bryanb

Is there anywhere worth transferring to? As I understand it will drop to 2.6%, which is not bad for instant access at the moment. If anyone can recommend a better one I'd be grateful. At the moment I am avoiding Santander though, due to bitter experience.

moi

bryanb wrote: »

Is there anywhere worth transferring to? As I understand it will drop to 2.6%, which is not bad for instant access at the moment. If anyone can recommend a better one I'd be grateful. At the moment I am avoiding Santander though, due to bitter experience.

Yep it does drop to 2.6% (for £10K+ still)

I'm moving mine to Tesco instant access (3% for a year when I opened it), but off the top of my head for new customers Tesco is 2.75% & ING is also 2.75% (inc. bonuses for a year).

Stompa

bryanb wrote: »

Is there anywhere worth transferring to? As I understand it will drop to 2.6%, which is not bad for instant access at the moment.

Fortunately I opened an AA Internet Extra account (3.15% or 3.3% for £50k+) at the same time as the Ulster Bank one. It has a 1 year bonus as opposed to UB's 6 month one, so it'll be good for the next 6 months. It looks as though the AA are currently offering 2.80% for new accounts.