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

MiserlyMartin

MarkyMarkD wrote: »

The 3.35% rate is still very good, though, so I'm not sure it's a reason to bin the account.

Rate or bonus down 0.25% to overall 3.35% for accounts opened after 21.12.09, oh dear things are getting even tougher for us savers!

At only 0.1% higher than Citi/Egg with all the hassle of opening, moving money is it really worth it for only 6 months then moving it all back again just for 0.1% extra interest less tax?

cottager

MiserlyMartin wrote: »

At only 0.1% higher than Citi/Egg with all the hassle of opening, moving money is it really worth it for only 6 months then moving it all back again just for 0.1% extra interest less tax?

Well, that depends if you have a Citi/Egg account in the first place. No, not if you do, but I didn't. Mine came from Halifax, 0.10% after a fix matured, so moving for an increase of 3.50% (or even 3.25% now) is definitely worth it, even if it does only last 6 months.

ETROL

My experience as follows after several phone calls over the past week:

Can I send a £1 Cheque?
Originally some staff said that you can but others thought you need to send £10k. Now they seem to know that a £1 cheque is ok but have I was advised to include a note with details of your intensions to fund later by bacs.

Rate reduction:
Was advised that any application that was made before the 21st and was returned to them before the 30th would be on the higher rate.

It would be useful if any one else was given this info to post a message just in case they change their minds (as if they would)

carpy

menhim wrote: »

If you have a card reader from another bank, try that one. They all seem to work for each other

has anyone successfully used a '3rd party' card reader?

how do you do this?

i've ordered a reader anyway but tried selecting 'enable card' but it's not available??

as a last resort if i phone up for a 'one time' payment will it done by faster payments?

wintermute01

I'm thinking of opening one of these accounts. Just wondering about the Proof of ID requirement. I don't particularly fancy posting my passport to them and I probably wouldn't bother with the account if they asked me to, but from reading on here it seems most people haven't been required to present any ID.

Does it state explicitly when they send the application forms that they won't require any? Anyone had any problems with this?

Stompa

wintermute01 wrote: »

Does it state explicitly when they send the application forms that they won't require any?

I think you apply online or by phone. With the online application I imagine they tell you at the end if they will require any proof of ID. FWIW I wasn't asked for any.

thirlmere

A word of warning for anyone thinking about opening one of these accounts. I have a large sum of money with Ulster bank which is intended for a house purchase.

I had previously used ING, Sainsbury and Citibank and moved my money around in order to gain the best interest rate. All these banks offer instant access and the ability to transfer your cash with no problems.

I have found out to my potential cost that Ulster Bank does not give you instant access to your funds in any way shape or form. There is a £10,000 a day limit which is not mentioned in any Ulster Bank literature.

I hope that no one else makes the same mistake as I have as I am now in a situation whereby I could lose out on a house purchase because I cannot access my money. The only way I can access my balance is by closing the account in writing and then wait for them to send a cheque which can take anything up to 21 days.

The interest rate is attractive but there are hidden terms which may have severe consequences in my case and I hope that no one else ends up in the same situation.

cottager

There would be a fee, but could you arrange a CHAPS payment?

Stompa

I see also that there appears to be no way of withdrawing funds without a card reader. I've just ordered one, does anybody know how long they take to arrive?

bryanb

My £1 cheque presented yesterday. Pin No arrived today (What for?) Still no account No.