NOW CLOSED - Northern Rock - 3.01% AER easy access, min balance 1K

2010

ChiefGrasscutter wrote: »

N.Rock have suddenly over the last few months become very competitive for savers money...and you have to ask why..........my guess is that NR is pumping itself up for a sale.

Well NR have already gone bust so no big worry there.

It`s a known fact that the government is keen to hive it off.
Virgin has been mentioned.

pfpf

quick Q.

do NR do FP in/out from this type of account?

if they do does anyone know the max FP out?

thank you.

ANGLICANPAT

As far as I can see from looking at the Terms and Conditions whilst I was opening this esaver 5 account, you can use FPS for paying in, but not out.

TERMIN8TOR

Can anyone please confirm: If the balance on the last e-saver 4 falls below £10k, does the nominal interest apply from that date or is it back-dated? Thanks in advance.

alanq

"When will the Faster Payments Service be available to Northern Rock customers? Northern Rock has been able to receive all types of Faster Payments since 27 May 2008.
In order to ensure that the service runs smoothly and securely for our customers, we will be implementing the facility to send Faster Payments over the coming months.
Please visit this page regularly for updates."


http://www.northernrock.co.uk/savings/Existing/Faster-payments-service/

Rollinghome

TERMIN8TOR wrote: »

Can anyone please confirm: If the balance on the last e-saver 4 falls below £10k, does the nominal interest apply from that date or is it back-dated? Thanks in advance.

Interest is normally calculated based on the daily closing balance so wouldn't be taken back retrospectively. It's unlikely NR would do otherwise but you might want to confirm that by phone rather than trawl through the smallprint.

SnowMan

TERMIN8TOR wrote: »

Can anyone please confirm: If the balance on the last e-saver 4 falls below £10k, does the nominal interest apply from that date or is it back-dated? Thanks in advance.

I can confirm from practical experience that the 0.1% nominal rate only applies for the period that the account balance is below 10K, and is not retrospective.

I opened the e-saver 4 on 9th December 2010 and opened it and maintained a balance over 10K. At the end of January I reduced the balance to a nominal amount. 5 day later I put 10K back into the account.

The interest paid on 11/3/2011 confirmed that it was for just the 5 days that the 0.1% applied and the rest of the period was 3%.

The account terms and conditions say the same thing.

SnowMan

Expect to see this account in the MSE weekly email. And I wouldn't be surprised if it closes sometime fairly shortly afterwards. So if you have an e-saver 4, good idea to open an e-saver 5 now.

Just to reconfirm some of the information above re transferring from the e-saver 4 to the e-saver 5. (Better still read what has already been posted above)

1. Main reason to open the e-saver 5 is to access the lower 1K minimum balance (10K for the e-saver 4) and to restart the 12 month bonus clock ticking (about 7 months left to the end of bonus under the e-saver 4 as all e-saver 4s will have been opened in December 2010)

2. You open an e-saver 5 by logging in to Northern Rock and applying for the e-saver 5 while logged on, and then choosing the options to fund the e-saver 5 from the e-saver 4, and you can choose to close the e-saver 4 at the same time

3. If you choose to close the e-saver 4 you keep the same account number for the e-saver 5 and you can still see account transactions that took place under the e-saver 4

4. If you choose to close the e-saver 4 to fund the e-saver 5, the interest to closure is calculated and shown on your on-line statement.

5. The whole process is very simple and straightforward, by the next working day everything is up and running.

stringer_bell

New to Nothern Rock, tried opening one of these on Friday. Bank holiday so I presume it would be open today, still waiting. Going to shove a load of cash in here so they better hurry up, I'm getting impatient :P

lemsford

I also opened one on Friday
Stupidly sent £10 this morning via faster payments 'as a tester' without realising account still pending.
Rang them and was told account will be opened overnight, money might be sent back to nominated account!