The Newcastle Big Home Saver ISA

10_66

Snowbelle wrote: »

Can anybody tell me please how long FP take to show on this account?

Immediately, if the account has actually been opened (and not just applied for). I applied for mine online on 12th April and made first payment by debit card. The account wasn't actually opened until the 16th (with the first payment dated as the 16th). I topped up on the 16th by Faster Payment and it showed immediately.

10_66

Snowbelle wrote: »

I'm a little confused by this. Assuming you deposited the full amount on 15th April I thought that you would not be able to make any further deposits until 15th May.

It'd be interesting if those who paid in the max twice during the first anniversary month post here whether or not they get the interest as it's effectively over the limit. I too was told by Newcastle that you couldn't do this, and to only make the next payment after the 16th May.

mrschaucer

Yes, do let us know. Maybe Newcastle have their systems set up to pay interest/bonus only on £1250 new money maximum per account "month" and other deposits get ignored until the next period? Wish we had a Newcastle insider to spill the beans. If they are accepting extra money into the account then surely they must have some other way of policing it?

Archi_Bald

10_66 wrote: »

It'd be interesting if those who paid in the max twice during the first anniversary month post here whether or not they get the interest as it's effectively over the limit.

I can confirm I was paid the princely sum of £2.19 on my monthiversary. According to my calculations this is pretty much spot on the 1.98% plus 1%, minus BR tax, on exactly the amounts I had deposited for exactly the number of days my money has been in the account.

Snowbelle

10_66 wrote: »

Immediately, if the account has actually been opened (and not just applied for). I applied for mine online on 12th April and made first payment by debit card. The account wasn't actually opened until the 16th (with the first payment dated as the 16th). I topped up on the 16th by Faster Payment and it showed immediately.

Thanks its there now. The balance says Processed Balance as at 07/05/14 but today is only the 6th.

Snowbelle

10_66 wrote: »

It'd be interesting if those who paid in the max twice during the first anniversary month post here whether or not they get the interest as it's effectively over the limit. I too was told by Newcastle that you couldn't do this, and to only make the next payment after the 16th May.

Archi_Bald wrote: »

I can confirm I was paid the princely sum of £2.19 on my monthiversary. According to my calculations this is pretty much spot on the 1.98% plus 1%, minus BR tax, on exactly the amounts I had deposited for exactly the number of days my money has been in the account.

Anyone going to try and deposit the max amount three times during their "anniversary month"?

Herbalus

Snowbelle wrote: »

Anyone going to try and deposit the max amount three times during their "anniversary month"?

No. Firstly, it says max £1250 each month. My guess is extra will only work for the first month anyway, the first month is sometimes an anomaly.

Secondly, all my money is earning a minimum of 3% elsewhere, so there's no real incentive to risk that they'll pay 0% on extra money that shouldn't be allowed.

Chjaka

10_66 wrote: »

I'm sorry, I'm being really dense here, I don't understand why you think you'll be losing any interest. Surely as long as you make a payment into the account within the anniversary month you'll earn interest?

bsms1147 wrote: »

Assuming it continues and your month is 11th-10th, if you pay your £1250 in on the 1st each month, you'll always get inside that window. You've had two payments in this first 'month'; your third payment (June 1st) will cover the second month (May 11th-June 10th); fourth payment will cover third month etc. No need to split.

I could be wrong but the way I read it is that as I've made two deposits in the first anniversary month, if I carry on as normal, I'll have paid in my full £15,000 ISA limit by month eleven and won't be allowed to fund the account in month twelve. If the account isn't funded in any particular month then no interest is paid so I'll lose the last months interest on the full £15K.

I do wish that either Newcastle had made it clearer or my parents had made me smarter.

DesG wrote: »

just make the last-1 payment £1249 and the last payment £1

That's assuming they don't reject your payment on the 1st as it was before the anniversary date.

The payment has stuck & I think you're spot on with the recommendation of splitting the eleventh payment by £1, rather than an earlier one, in order to qualify for and maximise the last months interest.

amiehall

Chjaka wrote: »

I could be wrong but the way I read it is that as I've made two deposits in the first anniversary month, if I carry on as normal, I'll have paid in my full £15,000 ISA limit by month eleven and won't be allowed to fund the account in month twelve. If the account isn't funded in any particular month then no interest is paid so I'll lose the last months interest on the full £15K.

I do wish that either Newcastle had made it clearer or my parents had made me smarter.



The payment has stuck & I think you're spot on with the recommendation of splitting the eleventh payment by £1, rather than an earlier one, in order to qualify for and maximise the last months interest.

To be fair to Newcastle (although it is a pet hate to use anniversary for things that aren't annual...) the situation would never arise if you stick to the t&c of the account and pay in no more than £1250 in each anniversary month. So there's no particular reason they should clarify this.

Personally I hate things that run like this on your own personal schedule though. I'm unlikely to have a note of the relevant date immediately to hand if I need to change a payment date for some reason. A calendar month is much clearer imo.

Chjaka

I completely agree and I really do wish I was a little bit smarter.

However, in others rather than my defence (it's the internet, there always has to be a defence) as I didn't pay as close attention to them as I should have; the terms and conditions regarding deposits are not quite as clear as they could be. From post #114 onwards the interpretation of them was being debated and more than one person felt the need to call Newcastle Building Society for clarification.

Oh well, problem spotted, problem sorted and hopefully helped a few souls along the way.