NOW CLOSED - Newcastle Premier Bond - 4.2% AER for 6 months term

grumpycrab

afmfifgh wrote: »

...
For the first 2 days I used the application number for the reference when making the BACS payment and yesterday used the account number (which can be seen when you log into the Newcastle Account) I now have as the reference but still used the Account Number and Sort Code provided in the welcome email...

Thanks. Just to confirm, FOR THE BACS REFERENCE, if you have an account number, you should use that rather than the "application reference number" (probably wont make any difference I guess)?
EDIT: "?" appended

afmfifgh

Not sure if you are asking or confirming what I said but if you are asking, I have been using the Account Number as the reference since I got it and have now had a further 4 payments go through fine using it.

I still used the sort code and account number from the welcome email.

vigman

afmfifgh wrote: »

I would suggest you phone them up - the customer service team has been really good when I have rang them so probably best to speak to them direct, and then of course let us all know

No-one seems to have the problems I did with Newcastle? The very friendly customer services told me last year I could fully fund an ISA account I had already put a deposit in but which was closing, but I was finally left with a letter containing my cheque to them, saying that their agent was mis-informed and gave me the wrong information, leaving my deposit stranded and a subject of many more phone calls and mail:mad:

Vigman

martinpe

Vigman

You seem to be the only one with a bad experience! I found them very good last year on ISAs, and again now with the bond. Let it go now as a one off??

afmfifgh

Vigman - I am sure we could all come up with examples of where we have had bad experiences but at the same time everyone else has not had any issues with numerous companies.

But don't let one bad experience put you off using a company when generally they have been good as it will be you who losses out in the long run.

But if you feel so badly done that you can't do business with a company again so be it.

Just looks like you had bad luck in the past but I have nothing but praise for Newcastle Building Society especially given how busy they must have been with people going for the bond. On the Wednesday I applied I was able to get through on the phone in about a minute and got a swift and correct answers to my questions. Most banks can't do this even on a normal day let alone one with exceptional demand.

Think it is time you let it go and let by gones be by gones.

Ifts

This email I got from Newcastle Building Society yesterday might be of use to others, it has got advice on ways of paying in to your account:

Dear Mr Ifts,

Please find below some important information about your Newcastle Premier Bond (Issue 2) application. If you have successfully opened your account and we have received your funds, this information may not be relevant to you.


I have successfully applied online, what happens next?

You will have noticed on your welcome email that you were given 20 days in which to fund your account. This means your investment into the Newcastle Premier Bond (Issue 2) must be received by us on or before close of business on Tuesday 5th July 2011.

If you have selected to fund your Newcastle Premier Bond (Issue 2) online this will take a minimum of 7 working days from account opening but could take longer if you have chosen to fund at a future date.

You can also add to your initial investment within the 20 days by any of the means below.


I have logged onto my account and it shows an interest rate of 0.1%. Why is this?

Your online account will display a default rate of 0.10%Gross/AER** until the minimum balance has been met, or at any time when the account balance falls below the minimum required as stated in the product terms & conditions. As soon as your balance reaches £500, the correct interest rate will be shown.

If you are yet to fund the account please see the advice below.


How do I fund my Newcastle Premier Bond (Issue 2)?

If you did not fund your account during your application, you will need to fund your account by close of business on Tuesday 5th July 2011, in one of the following ways:

Send us a cheque made payable to Newcastle Building Society, Re: your name(s) + your application reference number (eg: Miss Smith 910000000)

Please post your cheque to the address below:

Newcastle Building Society
Investment Services
Portland House
New Bridge Street
Newcastle upon Tyne
NE1 8AL

To make a BACS transfer using Sort Code 23-59-54 / Account No. 00000008 Including Your Application Reference number.

To make a CHAPS transfer using Sort Code 20-59-55 / Account No. 00000009 Including Your Application Reference number.


What happens if I have not funded my Newcastle Premier Bond (Issue 2) by Tuesday 5th July 2011?

As per your original application, you have 20 days from your initial application to fund your account. Your 20 day period to fund your account expires close of play on Tuesday 5th July. If you have not funded your account in one of the ways above before this date, your account will automatically be closed.

We bank your initial deposit upon receipt; cheques will earn interest from the second day after they are received. BACS and CHAPS payments will earn interest from the day cleared funds are received from your provider. We will write to you within 10 days of successful funding of your account with further details, please take time to read this information as it contains important information regarding your new account.

Regards,

Newcastle Direct - Customer Services


© 2011 Newcastle Building Society. All rights reserved. This email has been sent to XXXXXXX. Under the terms and conditions of your account this is a service related email we are required to send. Should you not wish to receive further service emails please contact us on 0845 600 4370.

hgt

vigman wrote: »

No-one seems to have the problems I did with Newcastle? The very friendly customer services told me last year I could fully fund an ISA account I had already put a deposit in but which was closing, but I was finally left with a letter containing my cheque to them, saying that their agent was mis-informed and gave me the wrong information, leaving my deposit stranded and a subject of many more phone calls and mail:mad:

Vigman

My family have used Newcastle BS for years and have nothing but praise for them, so hopefully your experience was a one off.

So far I'm very impressed too both with the speed of my application being processed and the friendly & helpful staff on the phone.

I particularly like how my welcome letter was signed by a real person using a pen and ink! That's the kind of personal service you'll never get from a big bank. Some poor person must have spent ages signing letters and stuffing them into envelopes!

vigman

I am glad to hear of the good stories about Newcastle and no bad ones other than mine.

I hope people can understand the bad feeling from my experience (and the need to share it on this forum)?

Apart from being assured of one thing by a customer service rep only to have it corrected by management, the request to remove the stranded 500GBP ISA deposit was met with a charge levied on this as a 'withdrawal with penalty' and worse, it was treated as contributing towards that year's new ISA and Newcastle informed M&S so I could not invest my full year's allowance.

Also although the charge on withdrawing my stranded 500GBP was c 18GBP, I finally only got a 10 GBP cheque from Newcastle as an apology, so was 8GBP out of pocket plus the interest lost on the 500GBP I could not put into an ISA for that year.

Vigman

Ifts

I see pending transactions on my linked HSBC account is showing NBS will be collecting the funds tomorrow (24.06) as scheduled.

afmfifgh

For anyone still doing transfers a handy thing to note where your bank restricts you to £10,000 a day via BACS is to do say one on Thursday and then the next just after midnight (so now Friday) which means your bank will treat them as different days but both will clear with Newcastle on Friday morning rather than having to wait until Monday morning if say you didn't do the second transfer until 11am on Friday morning.

Hope that helps.