The Top Easy Access Savings Discussion Area

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.

BreakingGlass

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.

Same here - no ID requests.  Am slightly surprised that they didn't even need my NI Number.

ForumUser7

Not particularly exciting, but First Direct is increasing Bonus Saver effective 30th June to 4% up to £50,000

https://forums.moneysavingexpert.com/discussion/comment/80139102/#Comment_80139102

Yellowman

BreakingGlass said:

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.

Same here - no ID requests.  Am slightly surprised that they didn't even need my NI Number.

I was surprised too.

I think I have had to provide my NI number each time I have opened other savings accounts online.

Why is Newcastle BS different?

ForumUser7

Brown Shipley via Raisin 4.07%

mebu60

Having only recently transferred a cash ISA from Newcastle BS (to Chorley) I was very surprised to receive my first id and residence check requirement in decades when opening the BR Tracker Issue 1.
Even worse only option is to post documentation, they could at least offer an email address.

Futuristic

For those doing Newcastle BS, I so far only got email “Receipt of Application” will they send another if they require you to post ID?

fabsaver

Mr._H_2 said:

jaceyboy said:

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

Me too, which is odd because I'm usually easily verified electronically. One would imagine that if there were a means to provide the documentation electronically, they would provide those details in the application confirmation email. However, the only method provided is to post physical copies to them (how quaint!)

Same here. Very odd as I open lots of accounts and always get verified electronically.

I can only think of one occasion in the last few years where the electronic checks failed and I was asked to provide id. However it was just a temporary blip because I'd applied in the early hours. On that occasion I reapplied during working hours and the account was opened instantly.

Unless they allow documents by email it's really not worth the effort. It's very likely the rate will be beaten soon anyway. Their loss.

SaveTheEuro

pecunianonolet said:

Same, here, asked for proof of identity and residency. If they accept a photo of my passport and a council tax bill I can send by email, fine, if not I won't bother. 

I have been asked for ID by post too. They're going to enjoy going through a sack full of letters.