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

vigman

grumpycrab wrote: »

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

I thought Lloyds were killing off interest rates on Vantage, so where else are good instant access accounts, please?

Also Newcastle were the bu**ers who took my deposit for an ISA account, then said they would accept the balance, then closed the account without accepting the balance, then left me with 500quid off this year's ISA as they argued until the April 5th had passed on whether to fine me for withdrawing from an account:mad::mad:

Vigman

adindas

How about in practice ?
I understand as soon as we open the A/C and put moeny in it, we could the same time give 180 days notice. This will keep this saving a/c as the best interest 6 months bonds

What I really want to know in practice, is it acceptable or there is still problem with it ?.

SuzieSue

Do you think that it would be possible to give the 180 day notice and then withdraw the notice if you don't need the money?

Ifts

SuzieSue wrote: »

Do you think that it would be possible to give the 180 day notice and then withdraw the notice if you don't need the money?

Yes, the bit about giving the Notice in T&Cs says:

10 Notice Accounts

10.1

Subject to the product special conditions, notice to withdraw can be put onto an account at any time, however new applications for notice will result in the previous notice applied being removed. On expiry of notice periods, funds will be available to withdraw for four business days.Thereafter, another notice must be put onto the Account.

10.2
Transfers between Accounts held with the Newcastle are subject to the same notice rules in 10.1.
10.3
Notice requests must be made in person or in writing, or via telephone.
10.4
Confirmation will be required closer to the notice date that the withdrawal is to proceed.

SuzieSue

Ifts wrote: »

Yes, Notice T&Cs:

10 Notice Accounts

10.1

Subject to the product special conditions, notice to withdraw can be put onto an account at any time, however new applications for notice will result in the previous notice applied being removed. On expiry of notice periods, funds will be available to withdraw for four business days.Thereafter, another notice must be put onto the Account.

10.2
Transfers between Accounts held with the Newcastle are subject to the same notice rules in 10.1.
10.3
Notice requests must be made in person or in writing, or via telephone.
10.4
Confirmation will be required closer to the notice date that the withdrawal is to proceed.

Thanks, I wonder if in 10.3 that "in writing" includes email? Probably not.

Ifts

Although it does not mention emailing them the notice, you could email it and then chase them up via the telephone, as notice can be given over the telephone.

Or you could just call them if you want to give them notice, and as proof of your request get them to email/post you with a reference to your notice request .

SnowMan

SuzieSue wrote: »

Do you think that it would be possible to give the 180 day notice and then withdraw the notice if you don't need the money?

I've got the earlier 5% (90 day notice) and the 4.4% (180 day notice) versions to which the same terms apply.

Technically I agree that as per the terms and conditions that Ifts has posted that it appears that you can then decide not to withdraw but I don't like their use of the word 'confirmation'.

I am not going to take the risk of putting in the notice until I am confident it is going to be the right time to actually withdraw in 180 days (which is not now for me).

I can envisage the scenario where you give the 180 days notice and then Newcastle force you to take the money out. They might argue that their term about confirming was just to enable the necessary contact to enable the money to be paid to the right account, and might just move it into an instant access account. Would you then be able to complain about what they had done being in contravention of their terms, I am not confident enough that the anwer is yes.

If I was going to give the notice I would explicitly check with them first if you can change your mind in 180 days as per the terms, and then document what had been said, when and by whom and possibly even confirm back in writing to them.

I have a very similar Northern Rock product where I have given the required notice already (although I don't intend to withdraw when the notice is up), but I am much happier there that my notice is of the intention to withdraw as opposed to the commitment to withdraw.

Just my take on it mind you.

osaddict

I chose the monthly interest option rather than annual (since I didn't read this thread before applying). I stated to keep the money in the account though - not move it elsewhere.

What difference does this make to the rate then?

Ahh, I see, 3.95 vs 4.2, I was in kind of a hurry to progress the application as I didn't have much time. I wonder if it can be changed?

SnowMan

osaddict wrote: »

I chose the monthly interest option rather than annual (since I didn't read this thread before applying). I stated to keep the money in the account though - not move it elsewhere.

What difference does this make to the rate then?

You will be getting 4.02% AER rather than 4.2% AER as per their webpage.

It makes no difference whether you opted for interest to be kept in the account or paid out, it is still monthly and so still 4.02% AER.

Not sure if there is a possibility of changing this now, you would need to contact them.

SuzieSue

SnowMan wrote: »

I've got the earlier 5% (90 day notice) and the 4.4% (180 day notice) versions to which the same terms apply.

Technically I agree that as per the terms and conditions that Ifts has posted that it appears that you can then decide not to withdraw but I don't like their use of the word 'confirmation'.

I am not going to take the risk of putting in the notice until I am confident it is going to be the right time to actually withdraw in 180 days (which is not now for me).

I can envisage the scenario where you give the 180 days notice and then Newcastle force you to take the money out. They might argue that their term about confirming was just to enable the necessary contact to enable the money to be paid to the right account, and might just move it into an instant access account. Would you then be able to complain about what they had done being in contravention of their terms, I am not confident enough that the anwer is yes.

If I was going to give the notice I would explicitly check with them first if you can change your mind in 180 days as per the terms, and then document what had been said, when and by whom and possibly even confirm back in writing to them.

I have a very similar Northern Rock product where I have given the required notice already (although I don't intend to withdraw when the notice is up), but I am much happier there that my notice is of the intention to withdraw as opposed to the commitment to withdraw.

Just my take on it mind you.

Yes, I'm not sure what they mean by "confirmation will be required closer to the notice date". Does that mean they will contact us to confirm or do we have to contact them again?