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

alanq

Most fixed interest bonds only allow a single deposit BUT some allow additional deposits while an issue is available to new customers and for a short period thereafter. I have made multiple deposits into other Newcastle BS bonds and can confirm that this bond is as expected. The first top-up I have made to my account is shown as having been credited and I plan to make a couple more in the next few days.

kar999

You've got 20 days to fund your initial applicaton. The door is then firmly shut for any further deposits after that as the bond has now been withdrawn, as their front web page says. "due to exceptional demand, this product has been withdrawn until further notice,"

This is what their T&C's confirm:

8.2 Additional deposits may not be permitted after the Account has been withdrawn.

Mine is being funded by an "initial Deposit" of a £6k Direct Debit (28th June) which was set up at the time of the application and I printed off the confirmation at that time. It does say "Inital Deposit" but I wouldn't want to risk trying to deposit anymore over and above that in the next 20 days without written (e-mail) confirmation that they would accept it.

martinpe

Hi folks. Has anyone received any further guidance from NBS about making additional deposits to this bond, before I risk sending any more? They are not answering my emails! I sent a significant sum by faster payment yesterday (around the time it was closed to new investors) and it hasn't been returned. Grateful any info. Thanks.

afmfifgh

UK1 - I think you are being harsh but I am not one for getting into a tit for tat discussion and you are welcome to your opinion.

I passed on exactly the advise I was given by the horses mouth, i.e. NBS.

I don't see how that is careless of me but we are entitled to our own opinion and can form our own opinions as to whether or not that was careless or not.

I am fully confident with what I wrote as I have no reason what so ever to doubt what they told me. Maybe you will be proved right maybe I will but as I say I am 100% happy with what I was told and passed on. We are all adults and as such should form our own idea as to what we should do and what we are comfortable with.

I don't say people need to be cautious now all of a sudden. I just say as I always do the buck stops with you and you only and you shouldn't blame others when you are able to find out information yourself.

To rely upon a public forum as being Gospel is never right in anything imo.

Lastly, just because you have never had a bond that doesn't allow you to add more to it before it is withdrawn from issue does not mean such a thing does not happen.

Best of luck with funding the bond, [edit:] (I will let people know how I get on.)

martinpe

Hi again, I have just received following email from the NBS Press Office which confirms what others have reported being told about the window for making additional deposits. My mail to them is also pasted below.

"From the date of opening i.e. yesterday you have 20 days. Therefore you now have 19.

I hope that is useful for you.

We’re looking to include this note now on our website too.

Kind Regards,


Natalie

Natalie Falkous
Group Corporate Communications Manager
Newcastle Building Society
E: natalie.falkous@newcastle.co.uk
T: 0191 244 2024"

"Subject: BOND CLOSURE

Folks

Sorry to mail but there is little info on your web site. For how long are you accepting additional deposits into the new 4.2% bond which closed yesterday due to high demand (I managed to make an initial deposit)?

Thanks"

uk1

kar999 wrote: »

You've got 20 days to fund your initial applicaton. The door is then firmly shut for any further deposits after that as the bond has now been withdrawn, as their front web page says. "due to exceptional demand, this product has been withdrawn until further notice,"

This is what their T&C's confirm:

8.2 Additional deposits may not be permitted after the Account has been withdrawn.

Mine is being funded by an "initial Deposit" of a £6k Direct Debit (28th June) which was set up at the time of the application and I printed off the confirmation at that time. It does say "Inital Deposit" but I wouldn't want to risk trying to deposit anymore over and above that in the next 20 days without written (e-mail) confirmation that they would accept it.

Exactly the point.

This seems to state that if you had created a DD of say £6k to be taken on say 28th - but immediately chaps'ed over £500 - then the subsequent £8k would stand some chance of being rejected.

wearside_2

I arranged for a DD to be taken on 24 June which was the earliest date. This will be my Vantage Accounts from Lloyds I then sent by Faster Payment £16,000, which I assume has been deposited as it has not been returned. Until I receive Login and Passsword details, which will be sent seperately, I will have no idea what has been deposited. I see no reason why the £30,000 will not be sat there earning 4.2%.

uk1

Just to clarify this because there is a fair amount of what appears to be contradictory information in their terms, the Newcastle have just confirmed to me:

Anyone that opened the account has 20 days from the date of opening i.e. if they opened it yesterday they now have 19 days, to deposit more into it. As long as the money is deposited within 20 days from you opening the account and within the limits of the maximum allowance then that is fine. You can also add further payments into this.

The T and C below states ‘may not’ as in some case with accounts they may not be but in this instance they can be. I hope that clarifies it a little more for you.

This does leave them in the rather vulnerable position of people able to add much more to their accounts than Newcastle might have calculated and what is effectively a 6+ month open ended to 5 years 4.2% account. They might even have to subisidise this a little more than they had planned ..........

Personally - I'm going to add a larger chunk than originally envisaged.

Hope this clarity helps others to plan.

martinpe

Thanks uk1, glad we managed to get this nailed down today. I agree the T&Cs are not very clear, and Newcastle's general communications are not brilliant...

afmfifgh

Good work UK1, looks like the info I was given and posted was correct on all counts and at least now you know that it is possible to get Bonds that allow you to make more than just the initial deposit.