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

lemsford

Have just checked terms and conditions on the new excusive account and you can only add money whilst the account is available.
Because of this I will not be opening one.

SnowMan

lemsford wrote: »

Have just checked terms and conditions on the new excusive account and you can only add money whilst the account is available.
Because of this I will not be opening one.

With only 5 months left on the e-saver 5 bonus, I am not letting that stop me from opening the new account and closing the e-saver 5.

It is an interesting term (in the 'adding to your account' section via that link) that I have not seen them use before. Whether they will apply that term when the account is closed to new applications (or shortly afterwards) we will see.

buffman

lemsford wrote: »

Have just checked terms and conditions on the new excusive account and you can only add money whilst the account is available.
Because of this I will not be opening one.

Well spotted. I agree with Snowman. It is still worth closing the E Savings 5 and opening this account. An 18 month bonus is quite generous.

talexuser

Thanks again Snowman, great heads up.

Opened online in a couple of minutes, transferring all plus interest of the esaver 5.

One thing, the terms and conditions say after tax interest is 2.52%.

20% off 3.16 is 2.528, which my excel rounds to 2.53.

Are they diddling us, or are the terms and conditions just ignoring the 3 decimal place?

My excel can calculate the interest but only after we see what is paid

SnowMan

talexuser wrote: »

Thanks again Snowman, great heads up.

Opened online in a couple of minutes, transferring all plus interest of the esaver 5.

One thing, the terms and conditions say after tax interest is 2.52%.

20% off 3.16 is 2.528, which my excel rounds to 2.53.

Are they diddling us, or are the terms and conditions just ignoring the 3 decimal place?

My excel can calculate the interest but only after we see what is paid

They seem to have rounded the monthly net figure down also to 2.49% (from 2.496% = 0.8 x 3.12). I imagine they use the gross figure in their calculations and then multiply the resulting interest amount by 0.8. The rounding down of the quoted net rate is probably so they don't overstate the interest.

Unlike you I don't have enough in the account for it to make a difference :rotfl::D

talexuser

SnowMan wrote: »

Unlike you I don't have enough in the account for it to make a difference :rotfl::D

Ha, Ha, neither have I... but after 2008 we should not let the enemy banks get away with anything!

2010

Job done, only took a few minutes, ready tomorrow.

lemsford

Does the interest to another account constitute a 'withdrawal'
or it this ok within terms and conditions

lemsford

Just rang Northern Rock and apparently you do not have to close the issue 5 E Saver

buffman

Interestingly my new Online Reward Exclusive has the same account number as my now closed e-Saver 5. The account statement for the new account also includes e-Saver 5 transactions though there is an interest payment dated yesterday.