The Top Easy Access Savings Discussion Area

Rudyson

scoobydoo8 said:

artyboy said:

Can't talk to debits, but my initial test deposit of £10 (done after the account was set up) came through in about 2 hours. Interesting it is listed as a "faster payment" which I didn't think happened when you don't get your own account/sort code numbers.

I also did a test deposit of £1 that has just gone in. Does anyone know if I can deposit more money in using the same details or have to wait until I'm given a proper account number? The email did say only use the reference for your initial payment so I'm guessing not...?

No you can't. From the welcome email:

Beneficiary:	Newcastle Building Society
Sort Code:	23-59-54
Account number:	(Removed by Forum Team)
Reference:	xxxxxxxx (Your unique reference number quoted above, which should only be used for initial payment to Newcastle Building Society).

artyboy

Rudyson said:

scoobydoo8 said:

artyboy said:

Can't talk to debits, but my initial test deposit of £10 (done after the account was set up) came through in about 2 hours. Interesting it is listed as a "faster payment" which I didn't think happened when you don't get your own account/sort code numbers.

I also did a test deposit of £1 that has just gone in. Does anyone know if I can deposit more money in using the same details or have to wait until I'm given a proper account number? The email did say only use the reference for your initial payment so I'm guessing not...?

No you can't. From the welcome email:

Beneficiary:	Newcastle Building Society
Sort Code:	23-59-54
Account number:	(Removed by Forum Team)
Reference:	xxxxxxxx (Your unique reference number quoted above, which should only be used for initial payment to Newcastle Building Society).

Reading between the lines, my guess would be that NBS have systems in place which automatically allocate funds from their default account if you use your account number as the payee reference - whereas if you are using this initial reference number it could well be a manual operational process. 

So not only would that explain why they are giving themselves up to 7 days to process it, but also they don't want you doing it more than once and making more work for them

razord

scoobydoo8 said:

artyboy said:

Can't talk to debits, but my initial test deposit of £10 (done after the account was set up) came through in about 2 hours. Interesting it is listed as a "faster payment" which I didn't think happened when you don't get your own account/sort code numbers.

I also did a test deposit of £1 that has just gone in. Does anyone know if I can deposit more money in using the same details or have to wait until I'm given a proper account number? The email did say only use the reference for your initial payment so I'm guessing not...?

Same here... no trace of the account number or sort code yet, so I guess that'll appear at some point online and you can make future payments in and out that way.

AmityNeon

The underlying system of Newcastle BS's online banking is the same as that of Aldermore, Ford Money, Gatehouse, Paragon, RCI Bank, and likely a few others.

n3ophyte

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

Just an update to my original post above. I can confirm my initial deposit of £10 landed in the above account after roughly 1 hour not 7 working days

Yellowman

scoobydoo8 said:

artyboy said:

Can't talk to debits, but my initial test deposit of £10 (done after the account was set up) came through in about 2 hours. Interesting it is listed as a "faster payment" which I didn't think happened when you don't get your own account/sort code numbers.

I also did a test deposit of £1 that has just gone in. Does anyone know if I can deposit more money in using the same details or have to wait until I'm given a proper account number? The email did say only use the reference for your initial payment so I'm guessing not...?

A telephone conversation confirmed that the reference number should only be used for the first payment as the system then changes this number to the 13-digit account number.

TiVo_Lad

razord said:

scoobydoo8 said:

artyboy said:

Can't talk to debits, but my initial test deposit of £10 (done after the account was set up) came through in about 2 hours. Interesting it is listed as a "faster payment" which I didn't think happened when you don't get your own account/sort code numbers.

I also did a test deposit of £1 that has just gone in. Does anyone know if I can deposit more money in using the same details or have to wait until I'm given a proper account number? The email did say only use the reference for your initial payment so I'm guessing not...?

Same here... no trace of the account number or sort code yet, so I guess that'll appear at some point online and you can make future payments in and out that way.

You won't receive your own Account Number and Sort Code. NBS along with a lot of smaller financial institutions use a Client Holding Account (in the case of NBS it's A/C: 00000008 Sort: 23-59-54) and you quote your account ref to ensure the payment gets allocated to your personal account.

pecunianonolet

I guess many picked up the phone already asking them stuff. Has anyone actually asked if all this ID documentation stuff can be done via email instead of snailmail?

Wouldn't mind blinking into my phone cam (RBS/Natewst), upload an ID picture, say a stupid phrase for voice recognition, etc. but taking a picture of documents, print them off, find an envelope, go to the post office to buy a stamp and post it. That's an hour worth of time for an account I might not even use when others with less red tape catch up. For my preference, no app either so another personal disadvantage. 

simonsmithsays

n3ophyte 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

Just an update to my original post above. I can confirm my initial deposit of £10 landed in the above account after roughly 1 hour not 7 working days

Mine too and using the proper account ref as the reference.

gussie5555

Bridlington1 said:

SickGroove said:

Can't be bothered with this one. Happy with the Chip rate for now...

I'm sure they'll be others with less faff this week too...

Though it does track 0.7% below the base rate so it is guaranteed to pass on the full BOE base rate rises. For the sake of a £1 deposit and in my case about 2 minutes applying it's worth grabbing hold of IMHO.

I had a Cash ISA with them earlier this year - transferred out since - applcation was all electronic then.

Today I wasted my time applying for this account only to be told at the end that I need to send proof of name / address - a first for me!

Forget it - lifes too short for this sort of faff.

It seems they just want you to jump through hoops for them !