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

stringer_bell

Got mine opened today, Tried to transfer a large amount from Barclays to this via online banking. There is a £30k daily limit apparently, any way around this without going to branch?

SG_Guy

Opened the Issue 5 account, logged online and saw that "pending" tag had been removed, so assumed account was approved and up and running (rather than wait until the confirmation comes in the post).

Did a Faster Payments transfer into the account for £10 as a tester, and it shows up but as "uncleared" rather than available. Does anyone have an idea why this is so - I thought Faster Payments cleared straightaway??

Thanks!

2010

SG_Guy wrote: »

Opened the Issue 5 account, logged online and saw that "pending" tag had been removed, so assumed account was approved and up and running (rather than wait until the confirmation comes in the post).

Did a Faster Payments transfer into the account for £10 as a tester, and it shows up but as "uncleared" rather than available. Does anyone have an idea why this is so - I thought Faster Payments cleared straightaway??

Thanks!

It should show cleared today.

I opened mine on 28th April and got the paperwork on Tuesday.

gndalph

Sorry if this is a daft question but what are the withdrawal/access methods available on this type of account and am I right in thinking you can withdraw the whole lot in one go if you like?

SnowMan

gndalph wrote: »

Sorry if this is a daft question but what are the withdrawal/access methods available on this type of account and am I right in thinking you can withdraw the whole lot in one go if you like?

You can make withdrawals out of Northern Rock to your nominated account by BACS or CHAPS through the on-line log in.

BACS takes the usual 3 days or so.

CHAPS is immediate but there is a charge for that.

You can also transfer to another Northern Rock account.

You can transfer the whole balance (but that won't include accrued but unpaid interest). To transfer accrued but unpaid interest as well you will need to close the account. However if you choose the monthly interest option on opening the e-saver 5 account there shouldn't be much of that and you can transfer that out after the monthly payment. Any balance below 1K gets the 0.1% nominal rate only.

The help message on their on-line banking says the following

All withdrawals will be sent to your nominated account using the BACS or CHAPS system, as cheque withdrawals are not available from online accounts. Your nominated account must be suitable for the receipt of BACS/CHAPS payments i.e. a 7 or 8 digit account number. We do not accept Bank/Building Society accounts where a reference or roll number has to be quoted.

gndalph

Thanks very much SnowMan, I follow now. I was thinking of opening one of these but just wanted to be sure I could get at it all in the event of the NS&I certifcates becoming available again in the near future. I'll go for the monthly option then I think.
Thanks again :beer:

skitskut

Can you open the account with less than £1K with a view to topping it up later?

alanq

I made two deposits by Faster Payments of £1 and £999 in the same day. I don't know how long one would be given to top up to £1000.

2010

skitskut wrote: »

Can you open the account with less than £1K with a view to topping it up later?

Yes you can but you get the rate of 0.10% until it reaches the £1k mark.

How long they give you to get the £1k, I don`t know.

pearl123

A foolish question perhaps. Could this bank collaspe again? Would the government bail them out again?