Views on N&P Building Society

JulyKnot

Thinking of opening a current account to access their 5% regular saver.

No local branches near me so looking for online operation.

Easy to operate online?
Ok to just satisfy the funding requirement of £500 and transfer back out immediately?

jonesMUFCforever

What does their website say about new accounts?

CG19a

The thing to be aware of is that they don't operate faster payments like most other banks. They are only processed Mon to Fri 9am to 5pm. So if you send something in at lunchtime on Saturday it won't show in your account until Monday morning.

Hominu

Remember the regular saver can't be opened online, only by post or in person.

and you'll be doing all this for £64 (considering basic rate tax) at the end of 12 months.

YorkshireBoy

Hominu wrote: »

and you'll be doing all this for £64 (considering basic rate tax) at the end of 12 months.

Less than that even...being as you'd get 1.xx% in any old savings account and 3% in a current account!

OP, have you considered Nationwide FlexDirect? It will return the same 5% AER interest for your regular savings.

By all means open the N&P current account for forex use, but why open two more accounts (the reg saver funds are transferred into another account on maturity) for the same return as a FlexDirect account would deliver?

Hazzanet

Out of all the banks and building societies I've dealt with in the past, I found the N&P an absolute pleasure to deal with. I had my main current account with them for four years, however when they introduced the £5/month planned overdraft charge and minimum pay-in for the Gold account, it became uneconomical for me to use the account, so I moved on to First Direct.

In terms of online operation, it was fine, although I recall the interface being a little clunky (I assume it's improved?) and there wasn't a 24/7 phone banking service. Other than that, I think they were great.

liamcov

Hominu wrote: »

Remember the regular saver can't be opened online, only by post or in person.

and you'll be doing all this for £64 (considering basic rate tax) at the end of 12 months.

I definitely didn't open my 5% account via branch or post, it was either online or phone can't remember now.

typistretired

This was my experience I received all by email:-

Dear,

We are delighted to confirm your application for an N&P Gold Classic Current Account, reference number xxxxxx, has been accepted.

What happens now?
Once we have received your signed application form, we can open your account and at this point we will be able to tell you your new account number.

4 days later:-

Dear,
We are delighted to confirm your N&P Gold Classic Current Account, has now been opened.

You will receive:

A welcome letter with some helpful information on how to make the most of your account; this will also include your account number.

You then have to apply for a gold regular saver you can telephone them but they seem to prefer that you print out the application and post to them.

You can apply for e-regular saver online which pays 3% online.

I and my husband have maxed out all our Flexdirects, Lloyds, BOS accounts etc (not received a reply yet to TSB applications). So are now using regular savers for excess money each month.