Northern Rock - Fixed Rate Bond Query

KorkyKat

On October 6th last year I made a deposit for a one year fixed rate bond.

The money was cleared from my account on October 8th.

They have told me my bond matures on October 20th. Moreover they have calculated the interest up until 5th of August.

Is this wrong? Does anybody know where I can find the interest rates for last year?

A dirty trick which I don't like is that I can not send the matured bond to my bank but have to transfer it to another of their accounts and then make a transfer.

Any help appreciated. Thank You

joyfull

KorkyKat wrote: »

On October 6th last year I made a deposit for a one year fixed rate bond.

The money was cleared from my account on October 8th.

They have told me my bond matures on October 20th. Moreover they have calculated the interest up until 5th of August.

Is this wrong? Does anybody know where I can find the interest rates for last year?

A dirty trick which I don't like is that I can not send the matured bond to my bank but have to transfer it to another of their accounts and then make a transfer.

Any help appreciated. Thank You

My fixed bond is also maturing on 20th with N Rock. I've phoned them 3 times to try to understand the maturing options/process. I'm pretty certain you can request the whole amount can be transferred into a named bank a/c on maturation. When it matures the full amount of interest will appear on the account.

I was also a bit perplexed about their dates, but have decided to overlook it as it's enough, for me, to tackle getting it all into a better paying fixed bond elsewhere.

Try phoning them, they are pretty helpful & it's not an horrendous wait.
Tel 0191 279 5827

kostigovs

It should tell you on the back of your certificate when the account matures.
The link below will take you to accounts no longer on offer and you should be able to identify your account and interest rate from there.

As previous poster said you can always give them a phone call, they are quite helpful



http://www.northernrock.co.uk/savings/existing/find-your-existing-account/

dev21

If you have the same bond as me - the E-Bond 1 3.00% which they were offering around that time, the summary information for this bond states "Rates are fixed until 20 October 2011. Thereafter your account will earn a variable rate of interest. We will contact you before your bond matures to advise you of the interest rate payable on the Matured Bond account and the options available to you. Annual interest is paid on the first business day following 5 August. Following your final annual interest payment, any additional interest earned after this date will be added to the capital balance and paid upon closure of the account."

Hope this helps

nick5648

My Northern Rock 1yr bond matures soon too. If I re-deposit into a new Northern Rock 1yr bond will my money be in the 'safe' good side of the bank or the 'risky' bad side (which may be sold off within the next twelve months - during the period of the bond)?

opinions4u

nick5648 wrote: »

My Northern Rock 1yr bond matures soon too. If I re-deposit into a new Northern Rock 1yr bond will my money be in the 'safe' good side of the bank or the 'risky' bad side (which may be sold off within the next twelve months - during the period of the bond)?

The "bad bank" NRAM doesn't take retail deposits.

The "bad bank" NRAM is unlikely to be sold off in the forseeable future.

The "good bank" Northern Rock is where your deposit will live and that is likely to be sold off in the not too distant future.

Usual £85k FSCS protection applies.

KorkyKat

Thank You kostigovs