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mynameisclare

I have a silly question - it says the interest is paid annually on the anniversary of the account opening, but as you are allowed to close the account with no penalty at any time, what happens if you close it part way through a year? I assume they pay the appropriate interest at closing time?

amictus

mynameisclare wrote: »

I have a silly question - it says the interest is paid annually on the anniversary of the account opening, but as you are allowed to close the account with no penalty at any time, what happens if you close it part way through a year? I assume they pay the appropriate interest at closing time?

Yup I guess they would have to.

cheekymonkeb0y

I have an old ISA, but liek the idea of this account, should I close the ISA, top it up to 5K and open this accoutn instead?

Or just stick with old ISA (HSBC one).

Wraggy

I opened on of these accounts today and I have been reading the terms and conditions about making a bit lump sum deposit in the first month.

The summary sheet says the standing order is set up the month after opening (eg in october for me). But then the penalty interest rate specifically refers to paying in something other than £100-300. Seeing as the standing order is not supposed to be set up until the next calendar month after opening, how can this condition apply to the first month? I mean assuming this holds in the first month, then everyone who doesn't make a £100-300 deposit in the first month after initial opening will be penalised, which doesn't sound right because this wouldn't normally happen if you follow the instructions for when the first standing order payment should be made. Hence my confusion.

If anyone else could share their thoughts and or experiences it would be appreciated.

amictus

Wraggy wrote: »

I opened on of these accounts today and I have been reading the terms and conditions about making a bit lump sum deposit in the first month.

The summary sheet says the standing order is set up the month after opening (eg in october for me). But then the penalty interest rate specifically refers to paying in something other than £100-300. Seeing as the standing order is not supposed to be set up until the next calendar month after opening, how can this condition apply to the first month? I mean assuming this holds in the first month, then everyone who doesn't make a £100-300 deposit in the first month after initial opening will be penalised, which doesn't sound right because this wouldn't normally happen if you follow the instructions for when the first standing order payment should be made. Hence my confusion.

If anyone else could share their thoughts and or experiences it would be appreciated.

I'm not sure if it is explicitly stated anywhere, but the £100-300 doesn't apply in the first month. I assume you would be penalised for making a deposit in excess of the agreed opening amount (maximum £5,000 I think).

Wraggy

owains wrote: »

I'm not sure if it is explicitly stated anywhere, but the £100-300 doesn't apply in the first month. I assume you would be penalised for making a deposit in excess of the agreed opening amount (maximum £5,000 I think).

Well I don't mind being penalised for adding a lump sum, because I sort of assumed that I would anyway. I'm just trying to avoid getting my account closed! Guess I will just have to wait for the interest in a years time to find out...

mynameisclare

Wraggy wrote: »

Guess I will just have to wait for the interest in a years time to find out...

They send out quarterly statements I believe (haven't had mine open long enough to get one yet though!)

Wraggy

mynameisclare wrote: »

They send out quarterly statements I believe (haven't had mine open long enough to get one yet though!)

But since the interest is only paid once a year, I was presuming these will only list transactions and the balance of the account.

watchoutworld

Hi, a few people have asked the same question, but no one has posted an answer yet...

I have previously had a mortgage in joint names but haven't had it for 3 years and have never owned a home or had a mortgage in my name only. Can I still apply for this account? I'm trying to save for my first home on my own and this would really help!

Has anyone had experience of this?

Thank you

beefturnmail

Hi, does anyone know where the terms and conditions for this account are? I didn't really get anything when I opened the account, and can't seem to find them online. I have one of these, but will shortly not be a first-time buyer as will be buying a house, but want to keep the account open for a bit - will this break the conditions in any way as I will no longer be a first time buyer?