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

apt

ripon12 wrote: »

reading martins email it seems you have to tie in for a year giving 180 days notice to withdraw after 6 months here is a link
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#oneyr

No you don't have to tie in for a year. You can give 180 days notice whenever you want.

kar999

apt wrote: »

Although Newcastle BS usually gives you a few days to fund they do not have to and might not if the account is massively oversubscribed. There is no need to wait for the direct debit to be set up. You can fund the account by faster payment as soon as you have the the reference number and sort code which they give you at the end of the application process.

As part of the application, their copnfirmation screen, which they advise to print, confirms a DD of £6k in my case will be going in on 28th June from my nominated account so I'd have to ring them up to cancel this instruction now if I wanted to fund it today.

In the past they have accepted open applications to allow people to post cheques to them. They say you have 20 days.

Their email says...

Dear Mr *****,

Thank you for applying for a savings account provided by Newcastle Building Society.

We are pleased to confirm that we have received your application and your application reference number is ******.

Making your initial deposit

As you may not have chosen to fund your account during your application, you will need to fund your account within 20 days of submitting your application in one of the following ways:...

It then goes on to mention Cheques, Bank Transfer etc.

By electing to chose to fund my account during the application process with a Direct Debit amount and a nominated account I have effecticvely already set up the funding option, and receved their confirmation details of the amount etc.

emeraldbugle

You have to be aged 16 or over.

I tried to do these for the kids, but no

plodder73

I have done my application with DD date of 24thJune which should give Post Office enough time to get the money to my bank. Gone for monthly interest which although less suits me and is still 1% more than I was getting at the PO. Shall wait for the first BofE interset rise before giving my notice.
Only 4 days to withdraw your money after the notice given, need a good reminder system! Says that confirmation needs to be given closer to the date of withdrawal seems a bit vague presumably more info will arrive with the info pack.

vigman

It seems to me that to take advantage of these savings loopholes, you have to have a fund of money at hand simply to take advantage of them!

Otherwise by the time you close an existing account, and paid penalties etc the new offer has closed.

Also the 'money at hand' will not be gaining much interest if it is in an instant withdrawal account.

Swings and roundabouts!?

Vigman

grumpycrab

vigman wrote: »

...
Also the 'money at hand' will not be gaining much interest if it is in an instant withdrawal account...

Not if its been with Lloyds Vantage (4%) or Santander e3 (3%) etc etc.

uk1

I completed the DD form inbedded in the application form and took the earliest DD date.

In theory I can see that they can decide to cancel the account if they cancel the offer and if the funds aren't yet in the account - but in practice is this likely?

Presumably if they decide to withdraw the product they would do this once they have the number of approved applications with their desired level of deposits?

kar999

grumpycrab wrote: »

Not if its been with Lloyds Vantage (4%) or Santander e3 (3%) etc etc.

It's absolute perfect timing for Vantage accounts as the top £2k tier over £5k drops from 4% to zilch on 28th June. I'm moving £12k from 6 accounts for me and the missus and I suspect a lot of people will do likewise.

incomeseeker

The terms and conditions for this account state that prior to maturity they may write to you and amend the terms, including those relating to access and withdrawals!

SnowMan

incomeseeker wrote: »

The terms and conditions for this account state that prior to maturity they may write to you and amend the terms, including those relating to access and withdrawals!

They won't be able to change the penalty free nature of the 180 day notice withdrawals. They would have to had clearly made mention of the possible introduction of a penalty or removal of the 180 day access within the key information which they don't

As a consequence if they did that, that term, used in that way, would for sure be treated as an unfair contract term, and therefore not applicable.

So no reason for concern.

What they can change is (within reason) the practical arrangements for giving the 180 day notice and getting that access. That is the purpose of that term I suspect.