The Top Easy Access Savings Discussion Area

S_uk

I think it's highly unlikely they'd prevent people from paying into an existing easy access savings account that was no longer available to new customers. I don't know of any examples of a bank of building society ever doing that?

TisMeBill

mebu60 said:

TisMeBill said:

n3ophyte said:

happybagger said:

Bank authentication code?

I applied and deposited at the end of the application, when it gave the sort code, a/c number and reference

Oh sure. You can put money in. Just try getting it out again without having first authenticated your nominated bank account for the withdrawal

"Please note, this product is a limited issue and may be withdrawn at anytime. To avoid missing out, we recommend that you act soon and ensure your funds are received promptly by Newcastle Building Society. We reserve the right to refuse any funds received after the product is withdrawn."

Taken from the NBS "application received" email, decided to fully fund my account in case they stop accepting deposits.

Hopefully 'any funds' refers to initial deposits only otherwise they are going to have a lot of accounts with just £1 in them! 

I agree they probably do mean initial deposits, for now anyway, but it gives them the flexibility to stop accepting deposits at a later date if they hit their deposit target. I for one think this is great account to have, a base rate tracker for 2.5 years, so I went straight in for max funding.

Krakkkers

S_uk said:

I think it's highly unlikely they'd prevent people from paying into an existing easy access savings account that was no longer available to new customers. I don't know of any examples of a bank of building society ever doing that?

Don't think Nigel Farage can pay into one.

TiVo_Lad

I wonder whether this funding round by the Newcastle had something to do with their impending "merger" (aka bailout) of the Manchester Building Society which is effective tomorrow, 1st July 2023...

S_uk

Krakkkers said:

S_uk said:

I think it's highly unlikely they'd prevent people from paying into an existing easy access savings account that was no longer available to new customers. I don't know of any examples of a bank of building society ever doing that?

Don't think Nigel Farage can pay into one.

Aren't they closing his accounts though? In this case we are talking about accounts that are still open.

PixelPound

TisMeBill said:

n3ophyte said:

happybagger said:

Bank authentication code?

I applied and deposited at the end of the application, when it gave the sort code, a/c number and reference

Oh sure. You can put money in. Just try getting it out again without having first authenticated your nominated bank account for the withdrawal

"Please note, this product is a limited issue and may be withdrawn at anytime. To avoid missing out, we recommend that you act soon and ensure your funds are received promptly by Newcastle Building Society. We reserve the right to refuse any funds received after the product is withdrawn."

Taken from the NBS "application received" email, decided to fully fund my account in case they stop accepting deposits.

Surely that's meaning the initial deposit?

TiVo_Lad

nic_c said:

Surely that's meaning the initial deposit?

Not necessarily. They will have calculated the average balance for these sorts of accounts and will have set a target for the number of new accounts they therefore require to meet their funding needs. If they get that wrong and find there's more coming in than they expect, they'll shut the door, otherwise they'll be left with expensive surplus cash.

housebuyer143

TiVo_Lad said:

nic_c said:

Surely that's meaning the initial deposit?

Not necessarily. They will have calculated the average balance for these sorts of accounts and will have set a target for the number of new accounts they therefore require to meet their funding needs. If they get that wrong and find there's more coming in than they expect, they'll shut the door, otherwise they'll be left with expensive surplus cash.

When you sign up it asks how much you plan to put in the account. They could be using that as a guide also.

mebu60

housebuyer143 said:

TiVo_Lad said:

nic_c said:

Surely that's meaning the initial deposit?

Not necessarily. They will have calculated the average balance for these sorts of accounts and will have set a target for the number of new accounts they therefore require to meet their funding needs. If they get that wrong and find there's more coming in than they expect, they'll shut the door, otherwise they'll be left with expensive surplus cash.

When you sign up it asks how much you plan to put in the account. They could be using that as a guide also.

Only to make it NLA. Those amounts won't be there yet. 

hgt

Many years ago I held the an Instant Access account with Newcastle Building Society (it was a strange account with a rate guarantee which meant the rate suddenly became very favorable long after the account become NLA). They did then use their clause to restrict additional deposits (essentially the account became withdrawals only) - so they do have history of restricting additional deposits in some circumstances.