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

SnowMan

dipashah wrote: »

just managed to open one....but not sure if this is because I've had it open all day but have had to be in and out of meetings the whole time and finally returning to my desk saw the message about how it closed but thought I'd try anyway and got all the way through to confirmation!!

yay! :T

Just checked, they haven't taken down the on-line application form just the link to it and the page explaining the account so that is probably how you managed to complete the application.

I think their intention is that it is closed.

kar999

SnowMan wrote: »

You should be OK. Last time I think they gave people 20 days to fund the account once closed see this thread

Should be OK ... 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:...

dipashah

SnowMan wrote: »

Just checked, they haven't taken down the on-line application form just the link to it and the page explaining the account so that is probably how you managed to complete the application.

I think their intention is that it is closed.

That's the strange thing I clicked through to the application form at 4.10pm from the page explaining the account which is the one that I opened from Martin's bank account page and not where it linked from their homepage.

Just tried to click the application form link again from the account info page and still allowed to go all the way through it!

thenudeone

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!

That may be so, but I doubt they would try because any significant worsening of the terms would almost certainly be ruled unlawful (UTCCR 1999).

afmfifgh

I opened this account this morning and like others don't have a heap of money sitting around which can be paid into such accounts instantly. I do have access to it within a week though as it has to transfer to my Current Ac. which I use as the linked account.

I saw on the form the account needed to be funded to be accepted so like others went for the DD option and paid £500 in on the first date available.

But before completing the application I rang them up and spoke to someone and explained I wanted to pay in a good bit more but don't have access to it today and said I won't for a few days by which time the account is likely to be gone.

She said no worries as long as you pay the money in using the Sort Code and Account Number and use my application number as reference and pay any more money in within the next 20days and it has cleared in the account by those 20 days it will be fine even if they withdraw the account today which they now have.

So I will about mid week next week make the remainder of my transfer via BACS and I am expecting it all to be okay. If not I have the recording of the phone call as back up should there be any issues.

After the 20 days she said I wouldn't be allowed to pay any more in which is fine.

One final thing is she said I could make transfers from accounts other than the linked account as long as they allowed BACS transfers so as to help insure I had it cleared in the Newcastle account before the 20 days are up so as to skip the 3 days or so it will take for the money to clear into my Current Account which I was then going to use to transfer into the Newcastle Account.

Hope that makes sense and clears things up for people if any one is still a bit confused.

Hay_Sun

Hello Money Savers!

I applied online earlier and requested that a direct debit be set up. A confirmation email arrived in my inbox, stating that my application had been received.

Within the email it states:
"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..."

I just wanted to check that although I thought I had set up a direct debit during the application process, I still need to fund the account by cheque / transfer instead? The direct debit hasn't shown up on my funding account yet, but I don't want it to appear later and to effectively pay twice!

I hope that makes sense... Many thanks for the help!

afmfifgh

If you choose to deposit money by Direct Debit and entered the amount and selected the date for it to come out and you don't wish to add further funds you won't need to do anything more and should see the Direct Debit appear on your linked account I would guess some point next week.

uk1

afmfifgh wrote: »

If you choose to deposit money by Direct Debit and entered the amount and selected the date for it to come out and you don't wish to add further funds you won't need to do anything more and should see the Direct Debit appear on your linked account I would guess some point next week.

My reading of the T's&C's is that as this is a fixed 5 year bond with the 180 day notice that this implies that only one deposit will be allowed. In other words it might be risky for someone who has asked to desposit by DD on the fixed dates and then send say £500 in advance. Isn't there a danger that the bond would start from the deposit of the £500 and reject any further deposits on the prearranged DD date? I can't see how you can have two maturity dates in one fixed period bond.

TheMatrix_2

What's the direct link to the application form?

kar999

Hay_Sun wrote: »

Hello Money Savers!

I just wanted to check that although I thought I had set up a direct debit during the application process, I still need to fund the account by cheque / transfer instead? The direct debit hasn't shown up on my funding account yet, but I don't want it to appear later and to effectively pay twice!

I hope that makes sense... Many thanks for the help!

There should have been a confirmation page displayed during the application process stating the amount and bank account of the direct debit. It suggested you print that page, which I did, but I only got the same email you did.

I wouldn't try and pay again if you are sure you set up a DD but you could ring or email to confirm but you wont see the DD on your bank yet as it takes a while for them to set it up.