Ulster Bank: Easy Access Savings Account at 1.25% pa

talexuser

I assumed it was annual interest since the example of interest accrued does not include interest on interest, and there are not two different rates for monthly or annual interest, but the summary box says interest is paid at the end of each month - without compounding? How does that work if interest is paid into the account?

eskbanker

I see what you mean - by quoting 1.25% AER and gross, it can't be both if interest is paid monthly!

Since AER has to include compounding, the quoted rates should presumably be 1.25% AER and 1.2429% gross, or 1.25% gross and 1.2572% AER! Not sure what the rules are on rounding in collateral material though....

Edit: there are at least two other clear references to interest being paid monthly on their site so it looks like they haven't got this right!
http://digital.ulsterbank.co.uk/personal/savings.html
http://digital.ulsterbank.co.uk/personal/savings/manage-your-savings/Interest-Rates-FCA.html#personalsavings

antrobus

Ref the card reader issue. What Ulster Bank says is that;

If you don't have a suitable card to use with your card reader don't worry, we will provide you with an Anytime Banking card which is designed specifically for use with the reader. We will send this card out automatically when you order a card reader through online banking.

I'll see what happens.

miller

Wheres_My_Cashback wrote: »

My 2nd transfer out was blocked by their security team as suspicious even though I was logged in and used the card reader.

Was the 2nd transfer significantly larger and to the same account or to a different account than the first one?

Frannie_B

When I opened the eSavings account, I was hard searched which made my credit score drop so be careful..it's in the clause below...

"Credit reference and fraud prevention agencies 1.10.1 We may access and use information from credit reference agencies when you open your account and periodically to: (a) manage and take decisions about your accounts; (b) prevent fraud and money laundering; (c) check your identity; and (d) trace debtors and recover debts."

antrobus

Frannie_B wrote: »

When I opened the eSavings account, I was hard searched which made my credit score drop so be careful..it's in the clause below...

Your credit score is only of limited significance. Your credit record is far more important.

miller

They shouldn't really need a hard search for a savings account though, despite mentioning it in the terms? Have they got a "one-size-fits-all" application process which they share with current accounts I wonder.

buffman

Finally my card arrived today, three weeks after first funding the account. Unfortunately the PIN that was sent out is not changeable. Either have to memorize yet another number or write it down!

roddydogs

? I've changed my pin via the card reader menu!

amibovvered

I applied nearly 3 weeks ago, have had the letter to return a signature (about 2 weeks ago) then nothing, no account number so I cannot pay anything in or order a card reader, totally in limbo. I'm deaf so cannot phone them but did query this via Facebook last week, told that it was proceeding, but still not had anything back!