Norwich & Peterborough BS

pafpcg

There is another problem lurking behind the closure of N&P's Gold Classic Current Account: access to the Gold Savings Account (a regular saver offering 4%pa). The Gold Savings account can only be opened if the Gold Classic current account is already held and one of the conditions in the product information says: "If you close your Gold Classic current account, your Gold Savings account must also be closed"!

Since my Gold Savings account doesn't mature until October, I'm hoping that YBS will honour the full twelve months of the original product offer if it forces closure of the current account in August. (At least the Gold Savings account can receive its monthly transfers direct from an external bank account, so only a minor inconvenience if the N&P current account disappears.)

YorkshireBoy

pafpcg wrote: »

There is another problem lurking behind the closure of N&P's Gold Classic Current Account: access to the Gold Savings Account (a regular saver offering 4%pa). The Gold Savings account can only be opened if the Gold Classic current account is already held and one of the conditions in the product information says: "If you close your Gold Classic current account, your Gold Savings account must also be closed"!

Since my Gold Savings account doesn't mature until October, I'm hoping that YBS will honour the full twelve months of the original product offer if it forces closure of the current account in August. (At least the Gold Savings account can receive its monthly transfers direct from an external bank account, so only a minor inconvenience if the N&P current account disappears.)

You are not closing it...they are.

steve65e

Anthorn wrote: »

But as Earthboy has explained, your N&P savings accounts are YBS accounts. N&P is a trading name or if you like a brand of YBS. Ergo you still have online access to your savings accounts. However the information I have is that the N&P brand is disappearing from the high street but will still be available in online banking. It's certainly news to me that YBS is requiring savings accounts to be closed!

You will probably have to change your nominated bank account if that is an N&P current account which is closed to new applicants but still open for existing customers but will cease to exist after August.

My N&P savings accounts do not have the facility of a nominated bank account. They are accessible online only via transfer into my N&P current account, which I will have to close. I haven't said anything about YBS closing savings accounts.

I am quite well aware that N&P is a brand of YBS, but N&P accounts aren't accessible via YBS online, and won't be for some time. It's good news if N&P is still available online, but not much help if my accounts become view only.

Anyway, as I said, I hope that N&P will be able to find a way round this. And at the moment these are only proposals.

Anthorn

steve65e wrote: »

My N&P savings accounts do not have the facility of a nominated bank account. They are accessible online only via transfer into my N&P current account, which I will have to close. I haven't said anything about YBS closing savings accounts.

I am quite well aware that N&P is a brand of YBS, but N&P accounts aren't accessible via YBS online, and won't be for some time. It's good news if N&P is still available online, but not much help if my accounts become view only.

Anyway, as I said, I hope that N&P will be able to find a way round this. And at the moment these are only proposals.

Perhaps you missed my point or more likely I put it very badly: If your N&P savings account remains linked to an N&P current account (your nominated account) after August then that savings account cannot be continued unless the nominated account can be changed. If that is to happen it makes a mockery of assurances from YBS.

But why bother? Do what rather a lot of people in Peterborough itself are doing, close the account and deposit your money elsewhere.

veryintrigued

pafpcg wrote: »

There is another problem lurking behind the closure of N&P's Gold Classic Current Account: access to the Gold Savings Account (a regular saver offering 4%pa). The Gold Savings account can only be opened if the Gold Classic current account is already held and one of the conditions in the product information says: "If you close your Gold Classic current account, your Gold Savings account must also be closed"!

Since my Gold Savings account doesn't mature until October, I'm hoping that YBS will honour the full twelve months of the original product offer if it forces closure of the current account in August. (At least the Gold Savings account can receive its monthly transfers direct from an external bank account, so only a minor inconvenience if the N&P current account disappears.)

Doesn't the MSE editorial state that fixed rate accounts will be honoured?

System

veryintrigued wrote: »

Doesn't the MSE editorial state that fixed rate accounts will be honoured?

I wouldn't worry about it. If the T&Cs include a fixed % for a specific duration, then YBS will honour it. Any T&Cs agreed to are with Yorkshire Building Society.

Norwich and Peterborough Building Society is just a trading name, no different than a bank with multiple brands.

No_6

Move on when the account is not suitable,

don't squabble people !

it's a bank account not the gift of life.

WillPS

Anthorn wrote: »

You quoted my post but you obviously didn't read it! I didn't even mention Halifax nor Santander nor Lloyds nor Halifax. I throw your accusation right back at you. Your post is rubbish.

My post was in fact a recognition of local brands being national and curtailing their services or closing them and the related pattern which has emerged. I don't expect you to understand that though!

In conclusion do try to wake up!

Apologies - I read your post as inferring that any brand featuring an element of regionality inevitably fails when they try to expand beyond that region. Doesn't really make sense actually as N&P don't have (many!) branches outside East Anglia.

huw01

I wonder what will happen with the preferential share dealing service through Jarvis management? That was a deal linked to the gold accounts, giving me a £8.95 a flat fee per transaction With no yearly or quarterly charge

EarthBoy

huw01 wrote: »

I wonder what will happen with the preferential share dealing service through Jarvis management? That was a deal linked to the gold accounts, giving me a £8.95 a flat fee per transaction With no yearly or quarterly charge

According to the Telegraph the share dealing service will continue, linked to your replacement current account. No information on fees and charges though. https://www.telegraph.co.uk/personal-banking/current-accounts/norwich-peterborough-current-account-customer-should-do/amp/