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

glider3560

pearl123 wrote: »

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

By "bail out", what is actually meant is "took into government ownership".

Northern Rock plc is currently owned by UK Financial Investments Ltd. UKFI Ltd is wholly owned by HM Government.

johnmoney05

pearl123 wrote: »

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

With only one shareholder, the Government.

pearl123

Arh.. My mistake. I thought NR was independant again.

SnowMan

Transferred out about £600 yesterday from this account and it looks like it reached my First Direct account yesterday.

Northern Rock website says

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.

During the period 15 October to 20 November 2011 Northern Rock will begin to send payments by the Faster Payments Service

Does anyone else have any recent experience of the Faster Payments through Northern Rock. What is the cut-off time for payments out to be made the same day? What limits are there on what can be transferred out daily?

Edit: located this post also which mentions this also.

ChiefGrasscutter

I've done payments out around the £4K mark
no idea cut off time - did mine midday -arrived 2 hours later or so.

charlieboycat

Per telecon with N-Rock a while ago, they've been doing outbound FPS since 28th October with a transaction limit of £100,000. I've done several for £10k a time - some arrived within minutes, some took a couple of hours. Don't know about cut-off time - mine were done late am-ish.

SnowMan

Those with the Northern Rock e-saver 5 might want to open the Northern Rock on-line reward exclusive account mentioned in the weekly email (to access the higher rate and longer bonus) but watch if not closing your e-saver 5 that your balance on that doesn't fall below £1,000 where the nominal rate applies.

Comparison is: on-line reward exclusive vs e-saver 5.

3.16% AER vs 3.01% AER
6 withdrawals including closure vs unlimited withdrawals
Effective minimum balance £1 vs £1,000
18 month bonus vs 5 month (remaining) bonus

To open the 3.16% account go to the top savings account article and click on the Northern Rock link there (or go via the link on the weekly email). Then click on the 'Ways to Apply' box and that then invites you as an existing customer to log in.

The rest is easy. Note monthly and annual interest have the same AER. You may wish to name your account 'Bonus ends on.....' as a reminder.

2010

Thanks Snowman

I assume I can just log-in to my existing account ( E Saver 5) and transfer ALL of it to the new reward account?

SnowMan

2010 wrote: »

Thanks Snowman

I assume I can just log-in to my existing account ( E Saver 5) and transfer ALL of it to the new reward account?

I think you get the option to transfer full balance and interest to the new account by closing the e-saver 5 at time of application and transferring the full balance and accrued interest.

Alternatively wait until the new account is set up (my new account is showing as pending currently but it is likely to be set up by tomorrow) and then log in and use the Northern Rock (internal) transfer option to transfer from the e-saver 5 to the new account and tick the box to close the e-saver 5 at the same time. I opened the new account with a £1 transfer but I am going to transfer and close the e-saver 5 when the new account is set up

buffman

2010 wrote: »

Thanks Snowman

I assume I can just log-in to my existing account ( E Saver 5) and transfer ALL of it to the new reward account?

Yes you can. I have just opened up this account and closed my E Saver 5. Thanks Snowman.