Nottingham eSaver Plus (issue 2)

10_66

Mr_K wrote: »

...particularly as they don't do Faster Payments...

As you say, they don't do Faster Payments, but as from 1 November 2011, any withdrawals from the Notts esaver plus issue 2 (if on a working day) will be in your nominated account within 24 hours.

DragonQ

Sceptic001 wrote: »

The new market leader for easy access accounts. The only point to watch out for is that you lose the 1.45% bonus if you close the account before 31st Aug 2012.

The application says


This suggests Nottingham BS does not accept Faster Payments. Can anyone confirm this?

Surely this makes it essentially a fixed account? I know you can take the money out at any time but this is usually true of fixed rate accounts as well - you just lose a certain amount of the interest, which is exactly what would happen with this eSaver.

alanq

The account requires a minimum opening balance of £500, but as far as I recall, does not have a minimum operating balance. If so, then one could leave £1 in the account until the bonus has been paid.

drlabman

Mr_K wrote: »

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.....

Sure, but I'm looking for somewhere to move my NatWest eSaver money when the bonus period expires. I've opened a Nottingham eSaver Issue 2 with the minimum balance just in case they withdraw, so I can put the NW money in there if needs be. I'm also conscious of the £85K protection, so it's not always possible to have all your money in the best paying acoount.

drlabman

DragonQ wrote: »

Surely this makes it essentially a fixed account?

I was wondering the same. Is the full amount of interest, including bonus, earned on the daily balance? If that's the case, it's no different to a NatWest eSaver, for example, except that you must leave the account open until ... whatever the date is.

thenudeone

alanq wrote: »

The account requires a minimum opening balance of £500, but as far as I recall, does not have a minimum operating balance. If so, then one could leave £1 in the account until the bonus has been paid.

According to http://www.thenottingham.com/savings/esaver-plus-issue-2/ the interest rate for £500-£250,000 is 3.26% gross, 3.20% AER. Presumably if you take the balance below £500 you'll get zero% (or the account closes?)

Froglet

It is a pretty good rate,and i can't see me wanting to move my savings out before next August,but if a better one comes along nearer the time,i would just take out the majority of the money and leave the £500 in.The interest you would lose on keeping £500 in as opposed to closing the account down,would be way less than losing the bonus for all the time you held the account!!

talexuser

Froglet wrote: »

i would just take out the majority of the money and leave the £500 in.The interest you would lose on keeping £500 in as opposed to closing the account down,would be way less than losing the bonus for all the time you held the account!!

Exactly right.

nokia1100

Thanks for the heads-up about having to untick a box for the marketing junk. A bit sneaky of them I agree, but I don't think it's a good reason not to use an institution. Sadly they all do it!
So I signed up and have paid a tiny bit more than £500 in (just in case the offer gets withdrawn). Then if all goes well I will transfer from last year's Natwest special offer. I've been trying to ascertain an exact date when the Natwest bonus ends. Does it depend on when I applied? Can anyone in a similar position point me to a page in the wad of T&Cs, or a posting on here from last year?

mrschaucer

As far as I can remember, the NW bonus started on the 15th of the month FOLLOWING the month in which you opened the account. I've got one too. Really ought to go and check!