The Newcastle Big Home Saver ISA

hgt

wannaberichbtch wrote: »

Does anyone know, if you set a standing order for this account , can you make additional payment up to the monthly limit by faster payment. My plan is to set the SO at around 25.00 monthly but make ad hoc payments as and when funds allow.

Newcastle BS don't actually use SO's or Faster payments for this account... Instead when you open the account, you set up a Direct Debit by giving your current account details.

So essentially all money is pulled to the Newcastle account - and you control everything from the Newcastle BS online banking site. So you can for example set up a regular transfer for a certain amount each month... that essentially means a DD will leave your current account each month on the date you specify.

Though you can indeed make an additional one-off transfer into your Newcastle account whenever you want. There is no limit on the number of times you pay-in per month, as long as you don't go over the monthly limit in total.

So perfectly fine to do as you suggest :-)

wannaberichbtch

Thanks for your reply HGT, I opened this account yesterday and paid the opening amount by debit card. There was a link onsite for regular payments which was a standing order mandate, and the same link was also sent to me by email. I will set up the standing order but would prefer to make additional payments by faster payment rather than constantly changing SO's and having to wait weeks for the payment date. I will send a test amount and see how that works out.

Archi_Bald

I don't have the ISA but the non-ISA account, and I did not see DDs as a deposit option.

You can make multiple deposits, as per the T&Cs:

5 After placing your Investment in the Account you may make further Deposits. There is no limit to the number of Investments you can make in any one month; however the total value must not exceed £500 and the maximum ISA limit for the current tax year.

Obviously this has changed to £1,250 now.

EDIT: correction, I have spotted how you can use DDs as well if you want to. You "make a transaction" and there you can pull in money from your nominated account. This will be executed as a DD. Not sure how you would cancel it - - if you deleted the DD on your nominated account, I think your nominated account will vanish from your Newcastle account - - this happened to me with a DD I had set up for one of their other accounts.

Anyway, I think SOs and/or one-off faster payments are a lot more flexible and a lot more easy to control.

hgt

I also have the non ISA version of this account, iive had it for about 18 months. Things must have changed a bit since I opened mine, as back then only DD was offered as an option. It sounds like now they must allow SO's as well :-)

Though to be fair the DD option does work well, the only problem is if you want to make a one-off deposit, it will take a couple of days or so to leave your current account.

wannaberichbtch

Anyway, I think SOs and/or one-off faster payments are a lot more flexible and a lot more easy to control






I agree, this would be an elegant way of operating the account. Hopefully there will be clarification when I receive my opening letter, will hold on until I receive that.

Ed-1

Interest and bonus qualifying period is taken to be the monthly anniversary of account opening date.

Is this the same definition of 'month' for the maximum monthly deposit or is it a calendar month. e.g. open account 15th April with maximum monthly deposit. Can the next monthly deposit be put in on 1st May or does it have to wait for 15th May?

marathonic

Archi_Bald wrote: »

I don't have the ISA incarnation of this account but the normal one....this also takes up to £1,250 now and they have let me deposit another £750 today. So no need to wait for the website update.

Does it say anywhere after logging in online what the maximum remaining for the month is? I push my funds to Newcastle via Faster Payments as opposed to using a Direct Debit to pull the funds to Newcastle.

I don't want to do this until they have confirmed that I won't lose any benefits.

Archi_Bald

not that I know of. May be they return if you pay in too much. Not too difficult to check how much you already paid in, is it?

marathonic

Archi_Bald wrote: »

not that I know of. May be they return if you pay in too much. Not too difficult to check how much you already paid in, is it?

I know that I paid in £500. I just don't want to add another £750 until I get confirmation from them that the limit is increased. As you know, the forums are good for providing information but confirmation from the provider should always be sought as there is also some misinformation on the forums (that's not aimed at you personally but I'd never act based on the advice of anyone without confirming myself first).

Archi_Bald

Understand. Why not give them a call, or email them, if the website is still not updated on Monday?