Nottingham Building Society

Allie13

Hello - has anyone used Nottingham Building Society (or even heard of them?!). They are offering an ISA with 4% interest rate!! And they have a summer saver account with 5% gross interest. It sounds almost too good to be true and I checked on Martin's website and noticed these were not in his top savings account lists and therefore I am dubious about going with them. Would appreciate any advice if people have used them before or know of them. Thanks.

brewerdave

Allie13 wrote: »

Hello - has anyone used Nottingham Building Society (or even heard of them?!). They are offering an ISA with 4% interest rate!! And they have a summer saver account with 5% gross interest. It sounds almost too good to be true and I checked on Martin's website and noticed these were not in his top savings account lists and therefore I am dubious about going with them. Would appreciate any advice if people have used them before or know of them. Thanks.

I have a chunk of cash saved with them in a 2 year 4% E bond due to mature shortly - that was definitely featured in the best buys a couple of years ago.
Points to note -that 4% ISA is a regular saver ISA guaranteed til April 2014 so not a home for a lump sum ,and is only operated via branch -not post or internet. The same applies for the Summer Saver account altho that appears to be fixed til Sept 2014 and no withdrawls allowed before then:)

Allie13

Thanks very much!

MoneySaverLog

It's in branch and you cannot put it all in at once and has to be saved monthly and does not allow transfers in.

chickenboy

They are very friendly, but you will have to travel to Nottinghamshire. They don't have telephones (for banking) or computers. They are firmly in the 18th century. They are not owned by a parent company/bank.

Once its all opened, you can just setup a standing order with your normal internet banking and they write to them on paper if you want anything doing in September 2014...

planteria

i have been a member for years and there is no need for them to be owned by a parent company or bank. if the rate and conditions work for you, great.

brewerdave

chickenboy wrote: »

They are very friendly, but you will have to travel to Nottinghamshire. They don't have telephones (for banking) or computers. They are firmly in the 18th century. They are not owned by a parent company/bank.

Once its all opened, you can just setup a standing order with your normal internet banking and they write to them on paper if you want anything doing in September 2014...

...just for info, they DO have an internet banking set up - I have access to my E Bond via a log in -or at least I can see the money even if I can't do anything with it !!:rotfl:
Currently they have an Esaver available...but it only pays up to 1% gross...and you have to give 20 days notice of withdrawal ...rather defeats the object of an internet account doesn't it.:rotfl:

matttye

chickenboy wrote: »

Once its all opened, you can just setup a standing order with your normal internet banking and they write to them on paper if you want anything doing in September 2014...

I wonder if you know the answer to this...

I've just opened the ISA and the Summer Saver accounts today and made my initial deposits. I've set up Standing Orders for the rest.

One thing I didn't think to ask in branch and I can't see the answer online (even in the T&C's); am I supposed to take the 'savings passbook' in each month to get it updated? Or can I just do it every so often?

Thanks

typistretired

I have a similar regular saver with Yorkshire Building Society and in the information I received in the post with the passbook they stated that needed to take passbook at least once a year into branch. I intend going in at 6 months.

matttye

typistretired wrote: »

I have a similar regular saver with Yorkshire Building Society and in the information I received in the post with the passbook they stated that needed to take passbook at least once a year into branch. I intend going in at 6 months.

Thanks!

I'll go into branch after the first Standing Order payments are due just to make sure they've reached my accounts okay, but after that I'll leave it for a while. Checked the details about 20 times and they're definitely correct, but I'll feel better when I know the first payments have made it okay :rotfl:

liamcov

How easy is it to open the Summer Saver in branch as it mentions a "friendly chat" on here, does this mean an appointment or can I just turn up and do it in 15 mins?