The Newcastle Big Home Saver ISA

aleph_0

Slightly silly question - can we open both the normal big home saver account, and the big home saver ISA? (contributing the maximum to both)

I can't spot anything against it in the T&Cs, but asking just in case.

bsms1147

aleph_0 wrote: »

Slightly silly question - can we open both the normal big home saver account, and the big home saver ISA? (contributing the maximum to both)

Affirmatively.

Don't forget the former is taxed.

Hominu

bsms1147 wrote: »

Affirmatively.

Don't forget the former is taxed.

If we open both, is that 2xDDs for the LLoyds account? (Assuming we use that for the dedicated account thingy)

If so, how long does it take the DDs to appear?

bsms1147

[STRIKE]The payment into the ISA is via a standing order (or manual), but not a direct debit. I would assume the non-ISA product is the same. So no direct debits to be had here I'm afraid.[/STRIKE]

Archi_Bald

Hominu wrote: »

If we open both, is that 2xDDs for the LLoyds account? (Assuming we use that for the dedicated account thingy)

If so, how long does it take the DDs to appear?

Lloyds might use the OIN - originator identification number - which is likely to be the same for all Newcastle BS accounts, and determine that 2 DDs with different dates for the same OIN only count as one DD. I very much doubt they will - nothing in the T&Cs about OINs - but it would be a matter of trying it out.

Would be very useful if the official Lloyds Bank rep who has been posting on here would tell us what their actual rules are.

Newcastle BS are very quick processing the DD requests - a couple of working days at the most in my experience.

Archi_Bald

bsms1147 wrote: »

The payment into the ISA is via a standing order (or manual), but not a direct debit. I would assume the non-ISA product is the same. So no direct debits to be had here I'm afraid.

You can also do DD, on both, the ISA and non-ISA accounts.

Just go to "Make a Transaction" and set up whatever tickles your fancy. All transactions from your current (nominated) account into any of the Newcastle BS accounts will be processed as DDs.

bsms1147

Archi_Bald wrote: »

You can also do DD, on both, the ISA and non-ISA accounts.

I stand corrected. Cheers Archi.

hgt

You CAN DD both accounts at Newcastle, however Newcastle use a single DD mandate PER CUSTOMER. For example, I have got 3x accounts with Newcastle BS, and I use DD to deposit into them all.... hovever only 1 DD appears on my current account. So in this case it would only count as one DD but possibly used multiple times within the month.

Archi_Bald

hgt wrote: »

You CAN DD both accounts at Newcastle, however Newcastle use a single DD mandate PER CUSTOMER. For example, I have got 3x accounts with Newcastle BS, and I use DD to deposit into them all.... hovever only 1 DD appears on my current account. So in this case it would only count as one DD but possibly used multiple times within the month.

This is not my experience. I have 3 different DDs, with different dates and amounts, to 3 different Newcastle BS accounts, all from the same current account. They do show as 3 different DDs on that current account. They have all been paying monthly for almost two years now, on exactly the dates and with exactly the dates I expected. I cannot imagine how this would work if only one DD showed in my account.

hgt

Oh right.... I stand corrected.

Things have obviously changed.... all my Newcastle accounts I've had for a few years. When I signed up I was made to nominate a 'linked account'. Then each time I opened a new account, I didn't need to create anther as I already had a DD mandate in place. All my three accounts definately feed from a single DD... which is fine for me, but I can see how multiple DDs are advantageous for people with Club Lloyds and similar accounts.

Anyway - I'll shut up now before I confuse people any more!