Newcastle BS Five-Year-Bond-2

KingKenny

http://www.newcastle.co.uk/savings/Five-Year-Bond-2

Couple of points;

Can you close account on 120 day notice, so by giving 120 days notice you can move to a higher paying bond with another institution/

Do you still get paid interest on the money you withdraw for the 120 days while you wait to get you hands on your cash. Is it 120 days notice but they still pay interest on the sum to withdraw.

malik999

KingKenny wrote: »

http://www.newcastle.co.uk/savings/Five-Year-Bond-2

Couple of points;

Can you close account on 120 day notice, so by giving 120 days notice you can move to a higher paying bond with another institution/

Do you still get paid interest on the money you withdraw for the 120 days while you wait to get you hands on your cash. Is it 120 days notice but they still pay interest on the sum to withdraw.

My understanding is yes and yes but i suggest you ask Newcastle directly and get it from the horse mouth so to speak.

KingL

KingKenny wrote: »

http://www.newcastle.co.uk/savings/Five-Year-Bond-2

Couple of points;

Can you close account on 120 day notice, so by giving 120 days notice you can move to a higher paying bond with another institution/

Yes, you can.

KingKenny wrote: »

Do you still get paid interest on the money you withdraw for the 120 days while you wait to get you hands on your cash. Is it 120 days notice but they still pay interest on the sum to withdraw.

Not sure. There was a furore about an earlier version (??July 2009) where you didn't receive interest during the notice period.

There's nothing mentioned in the special terms and conditions for this one and I can't immediately see anything in the general terms and conditions, but I will keep digging.

btw, there's an existing thread about this account over here.

---

EDIT:

the furore was based on inaccurate information that Newcastle gave MSE and which appeared in a MSE article about the account. Turned out, that interest was payable during the notice period after all

MSE_Guy wrote:

Important note (11am, 14 July): Unfortunately, Newcastle Building Society gave us incorrect information when this article first appeared yesterday (it is now correct).

The society told us that no interest would be earned during the 90-day notice period but this is incorrect. Interest will be earned during that period

A Newcastle BS spokesman says: "We apologise for any inconvenience caused.

(Corrected) article here. Forum thread here. Breaking news (inaccurate, as it turned out) about the lack of interest in the notice period around post 187 .

.

weejenny

I called and they told me that there is no loss of interest in the notice period - interest paid up to the day withdrawal is made

KingKenny

weejenny wrote: »

I called and they told me that there is no loss of interest in the notice period - interest paid up to the day withdrawal is made

:beer:

KingL wrote: »

Yes, you can.



Not sure. There was a furore about an earlier version (??July 2009) where you didn't receive interest during the notice period.

There's nothing mentioned in the special terms and conditions for this one and I can't immediately see anything in the general terms and conditions, but I will keep digging.

btw, there's an existing thread about this account over here.

---

EDIT:

the furore was based on inaccurate information that Newcastle gave MSE and which appeared in a MSE article about the account. Turned out, that interest was payable during the notice period after all

(Corrected) article here. Forum thread here. Breaking news (inaccurate, as it turned out) about the lack of interest in the notice period around post 187 .

.

:beer:

malik999 wrote: »

My understanding is yes and yes but i suggest you ask Newcastle directly and get it from the horse mouth so to speak.

Cheers all :T