The Top Easy Access Savings Discussion Area

jaceyboy

Mr._H_2 said:

jaceyboy said:

Section62 said:

jaceyboy said:

Just applied but they are asking for additional proof of identity, has anyone managed to do this electronically rather than postal?

I've just had the same, as a new customer to Newcastle.  Not sure the interest rate makes it worthwhile geting certified copies of documents and posting them in snail mail... especially if they are going to apply an application/deposit cutoff before I can get the documents to them.

Getting bad vibes about this account.

Thinking the same thing, I have emailed them to ask if they accept it electronically, if they dont I shant bother carrying on

I just spoke to them on the phone, as the guideline pdf for proof of identity wasn't entirely clear:

Your documents do NOT have to be certified, so that make the process considerably less painful.

Can they be emailed to them instead of snail mail?

BreakingGlass

n3ophyte said:

Having just opened the new Newcastle BS Easy Access Tracker I noticed this caveat in the account details.

If you have selected to fund your initial application online this will take a minimum of 7 working days from account opening but could take longer if you have chosen to fund at a future date

Not so great for those of us used to instant app based transfers

I saw that I thought it may relate to the bullet above, about 'display a default nominal rate' rather than showing initial deposit.

Both bullets below:

• Your online account will display a default nominal rate, until the minimum balance has been met, or at any time when the account balance falls below the minimum required as stated in the product terms & conditions.
• If you have selected to fund your initial application online this will take a minimum of 7 working days from account opening but could take longer if you have chosen to fund at a future date.

Section62

Mr._H_2 said:

jaceyboy said:

Section62 said:

jaceyboy said:

Just applied but they are asking for additional proof of identity, has anyone managed to do this electronically rather than postal?

I've just had the same, as a new customer to Newcastle.  Not sure the interest rate makes it worthwhile geting certified copies of documents and posting them in snail mail... especially if they are going to apply an application/deposit cutoff before I can get the documents to them.

Getting bad vibes about this account.

Thinking the same thing, I have emailed them to ask if they accept it electronically, if they dont I shant bother carrying on

I just spoke to them on the phone, as the guideline pdf for proof of identity wasn't entirely clear:

Your documents do NOT have to be certified, so that make the process considerably less painful.

Yet the "ProveYourIdentity" document says "We may accept certified copies of documents, but only from a registered Solicitor or member of an FCA regulated firm (e.g. a bank clerk)"

There's a difference between being not entirely clear, and saying the total opposite of what is required.

Is it worth the cost of a stamp?

BreakingGlass

ForumUser7 said:

Mr._H_2 said:

refluxer said:

n3ophyte said:

Having just opened the new Newcastle BS Easy Access Tracker I noticed this caveat in the account details.

If you have selected to fund your initial application online this will take a minimum of 7 working days from account opening but could take longer if you have chosen to fund at a future date

Not so great for those of us used to instant app based transfers

I would be curious to know what the justification would be for an electronic payment to take more time to be processed than a cheque. With the way things have been going recently, this rate will be beaten in less time than that anyway !

7 days is only for the initial deposit. Seems that perhaps account opening is a two-step process and you only get your own sort code and account number after your initial deposit has been successful.

Sort code and account number seem to be the same for all accounts. Reference is different

Please use the following details to fund your Newcastle Building Society account:

• Sort code: 23-59-54
• Bank Account number: (Removed by Forum Team)
• Reference: Your full individual Newcastle Building Society account or reference number (For example ABC 1234567 XYZ, failure to quote your full account number may result in the payment being returned.)

https://www.newcastle.co.uk/savings/manage-your-savings-account/savings-frequently-asked-questions

But first transfer should use 'unique reference number' quoted in application acknowledgment email, which states it 'should only be used for initial payment to Newcastle Building Society'. (my italics)

Account number should be used as reference number in subsequent transfers.

Mr._H_2

ForumUser7 said:

Mr._H_2 said:

refluxer said:

n3ophyte said:

Having just opened the new Newcastle BS Easy Access Tracker I noticed this caveat in the account details.

If you have selected to fund your initial application online this will take a minimum of 7 working days from account opening but could take longer if you have chosen to fund at a future date

Not so great for those of us used to instant app based transfers

I would be curious to know what the justification would be for an electronic payment to take more time to be processed than a cheque. With the way things have been going recently, this rate will be beaten in less time than that anyway !

7 days is only for the initial deposit. Seems that perhaps account opening is a two-step process and you only get your own sort code and account number after your initial deposit has been successful.

Sort code and account number seem to be the same for all accounts. Reference is different

Please use the following details to fund your Newcastle Building Society account:

• Sort code: 23-59-54
• Bank Account number: (Removed by Forum Team)
• Reference: Your full individual Newcastle Building Society account or reference number (For example ABC 1234567 XYZ, failure to quote your full account number may result in the payment being returned.)

https://www.newcastle.co.uk/savings/manage-your-savings-account/savings-frequently-asked-questions

Yes, I think you are correct that you never get your own sort code and account number. However, for some reason the initial reference number (that you are given at application) is not the same as what you will have once the account is funded and "properly" open.

flaneurs_lobster

Section62 said:

jaceyboy said:

Just applied but they are asking for additional proof of identity, has anyone managed to do this electronically rather than postal?

I've just had the same, as a new customer to Newcastle.  Not sure the interest rate makes it worthwhile geting certified copies of documents and posting them in snail mail... especially if they are going to apply an application/deposit cutoff before I can get the documents to them.

Getting bad vibes about this account.

Does say that photocopies of the most usual documents (passport/driving licence) are acceptable. Not clear to me that these documents have to be certified. Am I misreading the directions? 

EDIT : See that this has already been addressed above. They really should get that document re-written, it will cause them more queries than it answers. 

Yellowman

As a new Newcastle BS (Base Rate Tracker) customer, I have not been asked to provide any documents - the account was opened and available online within about half an hour.

janusdesign

BreakingGlass said:

ForumUser7 said:

Mr._H_2 said:

refluxer said:

n3ophyte said:

Having just opened the new Newcastle BS Easy Access Tracker I noticed this caveat in the account details.

If you have selected to fund your initial application online this will take a minimum of 7 working days from account opening but could take longer if you have chosen to fund at a future date

Not so great for those of us used to instant app based transfers

I would be curious to know what the justification would be for an electronic payment to take more time to be processed than a cheque. With the way things have been going recently, this rate will be beaten in less time than that anyway !

7 days is only for the initial deposit. Seems that perhaps account opening is a two-step process and you only get your own sort code and account number after your initial deposit has been successful.

Sort code and account number seem to be the same for all accounts. Reference is different

Please use the following details to fund your Newcastle Building Society account:

• Sort code: 23-59-54
• Bank Account number: 00000008
• Reference: Your full individual Newcastle Building Society account or reference number (For example ABC 1234567 XYZ, failure to quote your full account number may result in the payment being returned.)

https://www.newcastle.co.uk/savings/manage-your-savings-account/savings-frequently-asked-questions

But first transfer should use 'unique reference number' quoted in application acknowledgment email, which states it 'should only be used for initial payment to Newcastle Building Society'. (my italics)

Account number should be used as reference number in subsequent transfers.

from past experience with NBS, you can use either for the first deposit - i.e once you know your account number, then you can use that for your initial deposit rather than the reference... that's what I am going to do as the alternative would be to create two separate payees at the nominated account - so it's easier to wait an hour/day or two for the account to be created and then make the first payment.

jaceyboy

Yellowman said:

As a new Newcastle BS (Base Rate Tracker) customer, I have not been asked to provide any documents - the account was opened and available online within about half an hour.

Seems like you are a lucky one!

artyboy

ForumUser7 said:

Mr._H_2 said:

refluxer said:

n3ophyte said:

Having just opened the new Newcastle BS Easy Access Tracker I noticed this caveat in the account details.

If you have selected to fund your initial application online this will take a minimum of 7 working days from account opening but could take longer if you have chosen to fund at a future date

Not so great for those of us used to instant app based transfers

I would be curious to know what the justification would be for an electronic payment to take more time to be processed than a cheque. With the way things have been going recently, this rate will be beaten in less time than that anyway !

7 days is only for the initial deposit. Seems that perhaps account opening is a two-step process and you only get your own sort code and account number after your initial deposit has been successful.

Sort code and account number seem to be the same for all accounts. Reference is different

Please use the following details to fund your Newcastle Building Society account:

• Sort code: 23-59-54
• Bank Account number: (Removed by Forum Team)
• Reference: Your full individual Newcastle Building Society account or reference number (For example ABC 1234567 XYZ, failure to quote your full account number may result in the payment being returned.)

https://www.newcastle.co.uk/savings/manage-your-savings-account/savings-frequently-asked-questions

This is the common (at least with building societies) situation of paying to a generic holding account at the BS and then they allocate to your individual account with them. 2 things to bear in mind there:

1) you're not going to get faster payment timelines on money in/out - would be interested to know what peoples experiences are with Newcastle as I've not used them before

2) Setting up the payee from my bank was - for me - not that intuitive. Because it specifies that Newcastle BS has to be listed as the beneficiary, I could only do that by setting up a business payee. I even confirmed with my bank (Natwest) and they agreed that was the way to do it. Even then it wouldn't pass the payee verification check so I had to override it.