The Newcastle Big Home Saver ISA

Milarky

beecher2 wrote: »

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

The oxymoronic use of 'monthly anniversary' by the Newcastle is catching a few people out it appears.

Herbalus

Milarky wrote: »

The oxymoronic use of 'monthly anniversary' by the Newcastle is catching a few people out it appears.

I'm sure I remember a thread from last year where people were querying the interest on this account. I can't find it now, but I'm 80% sure they didn't get the amount they thought they were getting. From memory they suggested the bonus wasn't paid to them that month, but they were also confused about AER and the like, so it may lie within there somewhere.

Either way, I'll find out for sure in 2 weeks so I'll let you know! Though I interpreted it also that bonus is paid monthly with the 2%

Archi_Bald

Don't know where confusion would arise - it is all detailed, together with some examples, in the T&Cs (leaving the oxymoronic use of 'monthly anniversary' aside).

Hominu

Archi_Bald wrote: »

Don't know where confusion would arise - it is all detailed, together with some examples, in the T&Cs (leaving the oxymoronic use of 'monthly anniversary' aside).

Correct, but I think it's just typical expectation. Bonuses are normally paid annually, the term 'anniversary' enforces this, which we also take as annually.

Of course, T&Cs enforce the actual meanings.

DesG

Their website has now been updated with the £1250 limit per month.

fluffy123

Ed-1 wrote: »

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?

Anybody?

I opened an account on 10th April and deposited £500. I will be able to pay in another £1000 after 24th April. Do I have to wait until May 1st or May 10th to pay that in to qualify...?

Archi_Bald

fluffy123 wrote: »

Anybody?

I opened an account on 10th April and deposited £500. I will be able to pay in another £1000 after 24th April. Do I have to wait until May 1st or May 10th to pay that in to qualify...?

£500 plus £1,000 would make it £1,500, wouldn't it? Max per month is £1,250.
http://www.newcastle.co.uk/savings/big-home-saver.aspx

Herbalus

Archi_Bald wrote: »

£500 plus £1,000 would make it £1,500, wouldn't it? Max per month is £1,250.
http://www.newcastle.co.uk/savings/big-home-saver.aspx

Yes, but his question is about whether his second month starts on May 1st or may 10th, as he opened on April 10th.

I understand it as the month runs from the date you opened it, so you'll have to wait until May 10th. It doesn't specifically say "deposit month is x date to x date", but the bonus qualifying period is that, so 10th-10th for you, so those are your parameters.

Or you could put £750 in anytime, and wait until May 10th to put more in

innovate

Did you read the T&Cs? They describe the withdrawal options.

bsms1147

Just opened this myself. Want to log in online but assume you have to wait for a username to come in the post?