Northern Rock Exclusive Account 3.16%

Mr_K

I've always treated this as in instant access account. Apart from the 6 withdrawals a year clause which is generous and good enough for most, it is instant access.

I've been depositing monthly, just about maxed it to 85k. Must be one of the few 'instant accounts' accounts to beat inflation. Seem to remember they closed it to new applications after only a few days (wonder why, somebody miscalculated ?)

Fixed rate accounts are for mugs at the moment. Only a fraction of a percent better in these hard times and no flexibility if something better comes along, or interest rates change, or you need the money suddenly.

Mr_K

This has turned out to be a great buy, still paying 3.16% until the end of next month. It'll then reduce to 1.50%, still not terrible and better than most who would reduce it it to 0.1%. However still need to move the money elsewhere, as the best Virgin (as NR now are) are offering on their latest account is 1.55%.

Seriously considering Premium Bonds, probably get nothing but you aren't going to get much more from a savings account at the moment...

VT82

Mr_K wrote: »

Fixed rate accounts are for mugs at the moment. Only a fraction of a percent better in these hard times and no flexibility if something better comes along, or interest rates change, or you need the money suddenly.

Oops! I wonder what a 3 year fixed rate was paying when you wrote this, versus what instant access is paying now!

2010

When Mr K opened his 3.16% account at the same time as me he should also, a little later, have opened an Easy access 2.85% account with them.
Although the rate was cut in February this year, it`s still paying 2.4% gross, 1.92% net.

Not bad for an "instant" at today`s rates and also somewhere to transfer to when the 3.16% expires.

meatandtwoveg

Mr_K wrote: »

This has turned out to be a great buy, still paying 3.16% until the end of next month. It'll then reduce to 1.50%, still not terrible and better than most who would reduce it it to 0.1%. However still need to move the money elsewhere, as the best Virgin (as NR now are) are offering on their latest account is 1.55%.

Seriously considering Premium Bonds, probably get nothing but you aren't going to get much more from a savings account at the moment...

Can i ask; on what exact date does the 3.12% monthly interest rate end? Does any one know, is it the same for all account holders, or does it go from 18 months from the day you opened the account?

Also on the expiry of the 3.12% monthly interest rate, what will be the new monthly interest rate, are there any links explaining what will happen and the new rates?

I ask because i am currently travelling, cannot call them up, and i will not return to the UK for another year, and was planning on going into my portal and opening another instant account with Virgin, just to shift the money to, as i thought the rate would drop to 0.1% or something really low.....

Thanks for any help

oldfella

the bonus of 1.66% finishes 18 months after account opening

~Chameleon~

oldfella wrote: »

the bonus of 1.66% finishes 18 months after account opening

Thanks, I need to check what date I opened it. I know it was in May. Trouble is, I can't remember my log in details lol

oldfella

it was available from 29/11 to 5/12

Stompa

~Chameleon~ wrote: »

Thanks, I need to check what date I opened it. I know it was in May. Trouble is, I can't remember my log in details lol

They sent me an email a while ago to inform me that the bonus rate would be ending 'soon'. Why they couldn't have just specified the exact date in the email is beyond me.

~Chameleon~

Stompa wrote: »

They sent me an email a while ago to inform me that the bonus rate would be ending 'soon'. Why they couldn't have just specified the exact date in the email is beyond me.

Haha! That's just typical lol

I haven't had the email yet. Have a feeling it was towards the end of May applied.