The Newcastle Big Home Saver ISA

patientperson

marathonic wrote: »

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).

Agree with your thoughts about forums so also being cautious on this one I contacted the Penrith branch this morning. I was informed that £1250 is the new monthly maximum. On that basis I have already set in motion extra transfers.

10_66

marathonic wrote: »

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...

patientperson wrote: »

Agree with your thoughts about forums so also being cautious on this one I contacted the Penrith branch this morning. I was informed that £1250 is the new monthly maximum. On that basis I have already set in motion extra transfers.

I rang their main HO phone number today, and said their website still shows £500 max, person I spoke to was surprised that was the case and said max is now £1,250. But it would be good if they could actually update their website to confirm this, as a 'phone call isn't particularly reassuring.

Archi_Bald

They record all phone calls that relate to specific accounts. Though I agree, it is better to have it in writing, and I actually do have it in writing in an email from them. But this email is obviously personal to me, so no good for anyone else.

I am sure that their web page updater will get down to making the updates before long (the £500 actually appears in quite a few places, so they probably don't want to rush it and make a pigs ear of it).

10_66

After opening the account I guess you have to wait for the information pack before you can log on?

patientperson

10_66 wrote: »

After opening the account I guess you have to wait for the information pack before you can log on?

If you are a new online member then you will receive details of your identity code and first time log in info in due course. It will not be in the account information pack.

10_66 wrote:

I rang their main HO phone number today, and said their website still shows £500 max, person I spoke to was surprised that was the case and said max is now £1,250. But it would be good if they could actually update their website to confirm this, as a 'phone call isn't particularly reassuring.

The lady I spoke to at the Penrith branch was fully updated concerning this account and for me was enough.

Herbalus

soulsaver wrote: »

I was opening a discussion to counter the 'all roses' - but seems to have bogged in minutiae. I could have said £4k @ 5% plus £5k at 4%...
...which would also affect the dynamic ..for some people.

My post isn't directed at you per se, but it made me think of a few things.

The reason for setting up a SO from Santander is quite simply because Santander is my lowest paying current account. Why would 'one' (i.e. everybody and nobody in particular ) take money from 4% and 5% when they have money at 3%?

One might question why take money out of 3% to put it in 3%. Firstly the tax breaks, and secondly, some of my 3% accounts are shortly dropping to 1.5%.

Hominu

hgt wrote: »

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.

I applied for this account and entered my nominated bank details, but on the last page it tells me to download a PDF which is a Standing Order instruction to my bank. I thought they did it by Direct Debit? SOs are no good to me (I need some DDs).

Secondly, I notice that both the interest rate and bonus rate are variable, but the bonus is only applied at the end of 12 months, so what stops them from reducing the bonus to 0.1% after 11 months so we effectively all get 2.1% instead of 3% ?

beecher2

Hominu wrote: »

Secondly, I notice that both the interest rate and bonus rate are variable, but the bonus is only applied at the end of 12 months, so what stops them from reducing the bonus to 0.1% after 11 months so we effectively all get 2.1% instead of 3% ?

From the website:
Interest and Bonus are calculated daily and paid on Monthly Anniversary of Account opening

Archi_Bald

You can pay in by DD, SO, Faster Payment.....if you want a DD, you need to register a nominated account. Once they have confirmed the registration, you can then pull in money from the nominated account, either as a one-off, or regular pulls. All will be processed as DDs.

Archi_Bald

beecher2 wrote: »

From the website:
Interest and Bonus are calculated daily and paid on Monthly Anniversary of Account opening

But you won't get the bonus in any month you make a withdrawal.