Ulster Bank: Special Interest Deposit Account

the_mandarin

I was wondering if anyone has recently opened an Ulster Bank "Special Interest Deposit Account"

There are some contradictory statements on this forum about the rules of this account. While the web page of the Bank states that the maximum that you can pay each month is £1000, some members state that they were able to pay in a lot more (£10,000) as a lump-sum when they opened the account, although they could only do that online.

http://www.ulsterbank.co.uk/ni/personal/saving/regular-savings/sida/faqs.ashx#q4

The rules on the Bank's webpage state that if money above the limit of £1000 is paid in, the Bank MAY decide to transfer it to another of your accounts. So is this at their discretion?

I am sure it would help a lot of us if anyone who actually has opened an account would comment, based on their experience.

carpy

has anyone had their interest paid yet?

i haven't received any??

lucky77

I haven't had any interest yet but website states interest is calculated daily and paid annually in October. Hopefully it will be added later this month but don't know which day.

carpy

lucky77 wrote: »

I haven't had any interest yet but website states interest is calculated daily and paid annually in October. Hopefully it will be added later this month but don't know which day.

i was told by an advisor it was the 1st of the month....???