Nottingham eSaver Plus (issue 2)

10_66

I've opened one of these today, having arranged for the initial deposit of £500 to go in from linked bank account. Does anyone know if you can add to this before you receive their welcome pack and code card? I'd like to transfer other funds across on Monday (I know it'll by BACS).

When in account details it shows "withdrawals allowed" as "no". I'm hoping that it's just because it recognises that there aren't any funds it is at present, 'cause the account's instant access.


.......

talexuser

Since no funds have cleared through BACS yet, there are no funds to withdraw. And since the initial deposit has gone in OK I see no reason why you cannot follow up with others straight away. The code card and final set up are required only to get funds out.

Sceptic001

Re: Faster Payments, this appears in the Terms & Conditions:

3.3 Your nominated account must accept direct credits and you must be able to make one-off electronic payments to your eSavings account. From 1 January 2012 your nominated account must be able to receive payments via the Faster Payments Services (FPS) scheme. You are responsible for ensuring that the account complies with this condition.

http://www.thenottingham.com/uploadedfiles/PDFs/General-T-and-Cs-(eSavings).pdf

calypso_rhapsody

New Dude the summary info on the website shows the interest rates as applying to balances over £500 .... so the implication is that you can go below but would earn no interest. I'd read the T&Cs carefully though if it matters to you!

10_66

Sceptic001 wrote: »

Re: Faster Payments, this appears in the Terms & Conditions:

http://www.thenottingham.com/uploadedfiles/PDFs/General-T-and-Cs-(eSavings).pdf

I noticed, when reading the t&cs earlier today, that according to page 8, the table shows that payments out of the account wef 1 November 2011 will be carried out within 24 hours (on working days) presumably to fall in line with the latest transfer of funds directives.

drlabman

There hasn't been much discussion of this account, which is surprising as it's the new top rated instant access account. What's wrong with it?

barak

drlabman wrote: »

There hasn't been much discussion of this account, which is surprising as it's the new top rated instant access account. What's wrong with it?

One possible disadvantage, I suppose. The rate is variable. If they were nasty enough to reduce it before 31st August 2012, you could close it and move your cash elsewhere but would lose the 1.45% bonus completely.

10_66

barak wrote: »

...If they were nasty enough to reduce it before 31st August 2012, you could close it and move your cash elsewhere but would lose the 1.45% bonus completely.

But you could just transfer all but £500 out, keep the account open until 1 September 2012 (first date you can withdraw the interest), thereby keeping the 1.45% bonus.

Mr_K

drlabman wrote: »

There hasn't been much discussion of this account, which is surprising as it's the new top rated instant access account. What's wrong with it?

Nothing wrong with it but many have already got an account paying over 3%. The fact that this is a fraction higher isn't enough for most to move or get excited about. If you did move the interest lost during the transfer would wipe out some of the gain, particularly as they don't do Faster Payments.

Inflation is higher than any of these 'marketing leading' accounts, so in reality your savings are being eroded all the time. Just a matter of trying to minimise your loss. Bloody hell, I've just really depressed myself.....

talexuser

Mr_K wrote: »

If you did move the interest lost during the transfer would wipe out some of the gain

A good point. I'm moving from North Rock esaver5. After tax 10000 gives you £241 or £20 month. 3 days lost interest is around £2.

Nottingham gives £256 a year or £21 a month after tax. So after 2 months you are ahead to nearest £?