Newcastle bldg socy 4.4% gross/aer 5-year isa

butterfly72

I managed to open the bond.. for once I got in quickly!! Re the 20 days.. I have a print out of my application and it says you hve to make an initial deposit within 20days of submitting your application. It also says... We reserve the right to refuse any funds received after the product is withdrawn. So get in quick!

So, by the sounds of it,(I didn;'t read all the small print/terms and cond, as I just wanted to open quickly), you deposit an initial amount and then you can add one more deposit... or can you keep putting in?? Anyone any idea?

thanks

edinburgher

So, by the sounds of it,(I didn;'t read all the small print/terms and cond, as I just wanted to open quickly), you deposit an initial amount and then you can add one more deposit... or can you keep putting in?? Anyone any idea?

I think you misunderstand. You may be able to fund the account once (if they let you), but as the bond has been withdrawn you certainly can't make any further payments.

Gutted I missed this one

derrick

edinburgher wrote: »

I think you misunderstand. You may be able to fund the account once (if they let you), but as the bond has been withdrawn you certainly can't make any further payments.

Gutted I missed this one

You can add to it whilst it is open, (at the moment it is only withdrawn, not closed), see my post #29


.

charlieboycat

derrick wrote: »

You can add to it whilst it is open, (at the moment it is only withdrawn, not closed), see my post #29


.

Humm ... not sure about the distinction between "withdrawn" and "closed".

I managed to get an online application processed yesterday morning before it was withdrawn, during which I set up a direct debit for an "initial deposit" of the minimum amount (£500) which won't be taken until 5th May. I got the standard email saying that if I han't made an "initial deposit" during the opening process I had 20 days to do so - by cheque or by BACS/FPS.

I subsequently became concerned that having set up a small "initial deposit" by DD I'd be unable to top-up due to the account having been withdrawn. I phoned yesterday afternoon and was told that I could still make significant deposits by cheque so long as they were received within the 20 days - and that multiple cheques were ok.

Upon further reflection I made a second call and asked about multiple BACS/FPS deposits. Again I was assured these would be accepted provided received within the 20 days.

The only question they didn't answer was whether the 20-day limit was calendat days or working days, but that doesn't worry me.

djlest

Im having no end of problems trying to fund my 4.4% bond

i was lucky and opened the account a few hours before it closed

but i did not nominate an account to fund it - as i was going to wait 10 days for interest to accumulate in my esaver natwest

then give me 10 days to transfer to my bond (hence the full 20 days grace period)

all was well - i called natwest to initiate a 10,000 BACS transfer for 5 consecutive days until the account was emptied and my newcastle full

They promised and confirmed that the 10k limit would be sent daily

I checked my account today - saturday... only to see that only 10k was sent... the other days which i didnt have time to check didnt process..

Im not sure why as yet, as its too early to call and weekend

but this has messed up my 20 days period... is it newcastle that cancelled the payments top ups? or natwest that simply dont want to let money leave the account without making problems (more likely the reason)

Im not sure yet... but something isnt right...

Baldur

djlest wrote: »

Im having no end of problems trying to fund my 4.4% bond

i was lucky and opened the account a few hours before it closed

but i did not nominate an account to fund it - as i was going to wait 10 days for interest to accumulate in my esaver natwest

then give me 10 days to transfer to my bond (hence the full 20 days grace period)

all was well - i called natwest to initiate a 10,000 BACS transfer for 5 consecutive days until the account was emptied and my newcastle full

They promised and confirmed that the 10k limit would be sent daily

I checked my account today - saturday... only to see that only 10k was sent... the other days which i didnt have time to check didnt process..

Im not sure why as yet, as its too early to call and weekend

but this has messed up my 20 days period... is it newcastle that cancelled the payments top ups? or natwest that simply dont want to let money leave the account without making problems (more likely the reason)

Im not sure yet... but something isnt right...

Why didn't you simply set up 5 x £10,000 payments via online banking for consecutive days?

Much easier and less likelihood of your instructions being misunderstood.

derrick

charlieboycat wrote: »

Humm ... not sure about the distinction between "withdrawn" and "closed"..

As informed by the CS person, it may be reopened, (closed would mean finished).

On Newcastle's site it says;-
"Newcastle Premier Bond,
Up to 4.40 Gross*/AER**
Due to exceptional demand, this product has been withdrawn until further notice."




Has anyone got a link to the T&Cs of this bond? I have one opened and funded but have only a "general" T&Cs relating to savings, my main point is the penalty free notice period that is in no literature I have received, I have asked Newcastle to send me the T&Cs for this bond, but you never know if they will.

.

willburton

derrick wrote: »

Has anyone got a link to the T&Cs of this bond? I have one opened and funded but have only a "general" T&Cs relating to savings, my main point is the penalty free notice period that is in no literature I have received, I have asked Newcastle to send me the T&Cs for this bond, but you never know if they will.

I only got the general T&Cs too, and I can't find anything specific to the bond... Let us know if you ever receive them!

SnowMan

derrick wrote: »

Has anyone got a link to the T&Cs of this bond? I have one opened and funded but have only a "general" T&Cs relating to savings, my main point is the penalty free notice period that is in no literature I have received, I have asked Newcastle to send me the T&Cs for this bond, but you never know if they will.

willburton wrote: »

I only got the general T&Cs too, and I can't find anything specific to the bond... Let us know if you ever receive them!

I kept a copy of the special conditions for the Premier Bond which were on the web page before they melted away after the bond was closed. See the quote below of the special conditions which also shows how they interact with the general conditions. The withdrawal condition is in condition 6, the penalty free nature is implied by there being no mention of an interest penalty.

[FONT=&quot]Product Special Conditions[/FONT]

[FONT=&quot]The Newcastle's Savings General Terms & Conditions will apply unless they are inconsistent with these Special Conditions, effective from the date of the account opening.[/FONT]

1. [FONT=&quot]The account is a fixed rate account.[/FONT]
2. [FONT=&quot]The account can be operated in branch, by telephone, post or online.[/FONT]
3. [FONT=&quot]The minimum investment in the account is £500 the maximum is £1,000,000.[/FONT]
4. [FONT=&quot]The account can be held in single or joint names.[/FONT]
5. [FONT=&quot]After placing your Investment in the account you may make further deposits while the account is a current issue. The account is a limited issue and may be withdrawn at any time.[/FONT]
6. [FONT=&quot]Withdrawals are permitted subject to 180 days notice.[/FONT]
7. [FONT=&quot]On maturity the account will automatically transfer to the Newcastle's maturity account. We will write to you prior to maturity to advise you of any amendments to the terms and conditions of your account. Following the day of maturity you have 28 days in which to withdraw funds penalty free, thereafter the Maturity Account Terms & Conditions will apply.[/FONT]
8. [FONT=&quot]Interest is calculated daily and is paid annually or monthly.[/FONT]
9. [FONT=&quot]Should the final day of a calendar month be a business day then any monthly interest paid to a third party will be paid on that day. Otherwise it will be paid on the following business day. Any final monthly interest due on maturity will be credited to the account.[/FONT]
10. [FONT=&quot]Interest can be paid to your account, to another account with the Newcastle or to a third party bank or building society account. [/FONT]
11. [FONT=&quot]Should the balance held in the account fall below the Minimum Balance stated above, interest will be paid at a rate of 0.10% Gross*/AER**[/FONT]
12. [FONT=&quot]You will access your account in the same manner as you opened the account. For example if your Account is a passbook Account your Account will be operated by passbook.[/FONT]
13. [FONT=&quot]Details are correct as at 31/03/2011.[/FONT]

SnowMan

The special terms and conditions (see previous post) followed the product terms shown on the website which I quote below. The formatting is a bit corrupted due to the copying and pasting but the wording is word for word.

[FONT=&quot]Newcastle[FONT=&quot] Premier Bond[/FONT]
[/FONT][FONT=&quot]Up to 4.40% Gross*/AER**
[/FONT][FONT=&quot]

[/FONT][FONT=&quot]Earn a premier savings rate with the Newcastle Premier Bond
[/FONT][FONT=&quot]

[/FONT][FONT=&quot]If you want a premier fixed return on your investment, a Newcastle Premier Bond could be just what you're looking for. With our Newcastle Premier Bond, you'll get a competitive savings interest rate that's fixed until April 2016. So no matter what happens, you'll still get a great rate on your savings and have a guaranteed return to look forward to.

[/FONT]This fixed rate bond is ideal for customers who want a competitive fixed rate on their savings. Withdrawals from your fixed rate bond are subject to 180 days notice.

Choose to have monthly interest
This fixed rate bond lets you to choose how you'd like your savings interest to be paid. You can opt for monthly interest or to have it paid annually. The monthly interest rate is slightly lower, but because the interest is paid on your savings each month, you'll earn interest on your interest.

Is this account right for you?
If you're still wondering which savings account is right for you, our friendly advisers will be happy to help. Simply visit your local branch or call 0845 600 4368.



Product Terms

Summary Box - Key Product Information for our Savings Account

Account Name

Newcastle Premier Bond

Interest Rates

Annually (Fixed): Gross*4.40% AER** 4.40%
Monthly (Fixed): Gross*4.15% AER** 4.23%

Tax Status

Interest will be paid after the deduction of income tax at the appropriate rate unless you request otherwise.

Conditions for bonus payment

No bonus is applicable.

Withdrawal arrangements

Withdrawals are permitted subject to 180 days notice.

Access

By branch, telephone, post or online.

Additional Important Information

Maturity Date

11th April 2016

Interest Payment

Annually: 10th April 2012, 2013, 2014, 2015 and on maturity
Monthly: Last business day of each month

Minimum Balance

£500

Maximum Balance

£1,000,000


*'Gross' interest is the contractual rate of interest payable before the deduction of income tax.
**'AER' stands for the Annual Equivalent Rate, a notional rate which illustrates what the interest rate would be if paid and compounded on an annual basis.