The Top Easy Access Savings Discussion Area

housebuyer143

cymruchris said:

ForumUser7 said:

cymruchris said:

ForumUser7 said:

n3ophyte said:

The Newcastle BS app only allows you to check your balance. Transactions aren’t supported.

They are supported - in fact I did a withdrawal on the iOS app last month.

I’ve just downloaded the app - and my £1 deposit is showing. There’s no option to withdraw - and the only option to add funds takes you to a screen instructing you to complete a bank transfer. So I’m not sure how you managed it? (I’m iOS) 

Because you're a new customer most likely - you need to wait for a nominated bank account code (mine came in the post) to verify it, and then app withdrawals are possible 

That makes sense - I'll wait and see what comes in the post.

I'm glad you asked as I was thinking the exact same thing.

loko2468

Is the interest for the NBS base rate tracker issue 1 definitely paid monthly? On the website it says

Monthly interest
4.22% gross pa/4.30% AER (variable)
Interest is paid on: Monthly anniversary of account opening.

Annual interest
4.30% gross pa/AER (variable)
Interest is paid on: Annual anniversary of account opening.

Which is it? Can't be both...

spider42

loko2468 said:

Is the interest for the NBS base rate tracker issue 1 definitely paid monthly? On the website it says

Which is it? Can't be both...

You can choose whether you want monthly or annual when you open the account.

S_uk

loko2468 said:

Is the interest for the NBS base rate tracker issue 1 definitely paid monthly? 

Yes.. if you select to be paid monthly.

grumbler

loko2468 said:

Is the interest for the NBS base rate tracker issue 1 definitely paid monthly? On the website it says

Monthly interest
4.22% gross pa/4.30% AER (variable)
Interest is paid on: Monthly anniversary of account opening.

Annual interest
  (variable)
Interest is paid on: Annual anniversary of account opening.

Which is it? Can't be both...

I think 'gross' is a confusing term that has two meanings:

• not compounded
• before tax

4.22% (not compounded) /4.30% AER (compounded)

4.30% gross pa/AER (before tax)

loko2468

spider42 said:You can choose whether you want monthly or annual when you open the account.

Thanks - in that case why would anyone chose annual over monthly? Doesn't seem there are any benefits?

grumbler

loko2468 said:

spider42 said:You can choose whether you want monthly or annual when you open the account.

Thanks - in that case why would anyone chose annual over monthly? Doesn't seem there are any benefits?

If it's monthly and you don't withdraw interest the annual result is the same as if it's annual interest.

Some people prefer to see or withdraw interest monthly.

2010

Opened NCB earlier as a new customer, paid in a tenner, just waiting for my ID to login to the account.
Also downloaded the Android app but still need the ID to get logged in.
Hopefully get it tomorrow by email.

jak22

It's common to see gross used for monthly but it does only mean paid without deduction of tax.

They should clearly show the rates they apply - for example one figure for annual interest and one for monthly - so you get 1/365 of those figures each day depending on the option chosen. 

Then they have to quote an APR regardless of the frequency of interest payment - this should match the rate quoted for annual interest and the compounded monthly rate after 12 months.

Those figures are shown here https://www.shawbrook.co.uk/direct/savings/personal-savings/easy-access-savings-accounts/easy-access/ - many others are more confusing.

surreysaver

loko2468 said:

spider42 said:You can choose whether you want monthly or annual when you open the account.

Thanks - in that case why would anyone chose annual over monthly? Doesn't seem there are any benefits?

You might want all the interest paid next tax year