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

afmfifgh

Does anyone know where I can find the specific terms and conditions for this account?

I can't seem to find it online after plenty of searching. I can only find the General T&C which I was sent rather than the specific ones for the account.

TIA.

martinpe

I don't think they are loaded on the site yet. Incidentally I seem to have put all my funds (leaving £1 to keep the account open) on 180 day notice successfully o/l.

m0n3y_3

When making a faster payment from a current account to the Newcastle BS Premier Bond 2 O/L account do you use the same details as they descibe in the e-mail shown above concerned with making a BACS transfer as the e-mail doesn't mention faster payment method.

Also in the Newcastle BS online banking there is an option to make a transaction, and here you can transfer from the Bank Account originally setup for transfering the first funds, I don't know why but I generally prefer to drag money into an account this way, rather than send it from another account, has anyone used this method?

yotmon

My D/D for £180,000 has now gone through to my NC account, but was wondering if I should fund it upto the £200,000 mark. I have a Close Bros 2 year account maturing on the 15/07 and nowhere to put it. I know it's after the final payment date, but think I could borrow the money over the 10 day period from a friend and pay him the 10 day earned interest ( good bottle of wine). I have made this a joint account for the full £170,000 cover, but am I risking putting all my eggs in one basket as far as the £30,000 that's not covered ?

m0n3y_3

Yes you are risking 30K, as you know you would only get 170K from FSCS compensation scheme if Newcastle BS found itself in difficulty, the question is are you happy to gamble 30K for a couple of hundred pounds worth of extra interest a year over the other 3% ish accounts with other institutions?

afmfifgh

You are also risking the interest you have earned up to the date they got into trouble if they were to do so, so it is potentially much more than £30,000 really.

Someone early in the thread quoted from the specific T&C's so I thought they were available. I just need to double check something so could do with seeing them....

martinpe

Yotmon

Good point afmfifgh, but I consider it a low risk. If NBS went belly up they would very likely be taken over by another BS or bank, with Govt "encouragement", before anyone noticed. Like in the old days, before Northern Rock...

mon3y, faster payments seem usually to use the same details as BACS; even CHAPS often do too.

hgt

Yes the Faster payment details are the same as those for a BACS transfer. You use the sort code and account number quoted on your welcome e-mail, then give your Newcastle Account number as the reference (or your application reference if you haven't got your account number yet).

The option on Newcastle online banking to transfer funds in from your linked account does indeed work also... using that option basically requests funds to be pulled into the account via Direct Debit. It generally takes a little longer that way, though sometimes a DD makes life easier as many current accounts limit the amount you can tranfer in one go via BACS.

afmfifgh

If anyone needs the T&C for the account easiest option was to email them asking for them and they emailed them back to me in PDF format in less than 10minutes. Outstanding customer service

m0n3y_3

Very good point concerning interest lost, although that is the case even if < 85K, if you take the better apr rate for annual interest option you may not receive the interest in the case of having to claim from the FSCS CS, plus you won't receive any interest in the time between the BS potentially going belly up and the time it takes to get your funds back from the FSCS, unless they offer like they did with IceSave to honour the interest over the full term of the account if you wanted to leave your money in for the duration.