The Top Easy Access Savings Discussion Area

patpalloon

I think there is definitely a rule - that whenever you withdraw money, they increase the rate!!
Maybe now I'll stick it back in!

mebu60

patpalloon said:

I think there is definitely a rule - that whenever you withdraw money, they increase the rate!!
Maybe now I'll stick it back in!

Mine will be going back when it arrives in current account! Was going to Family but as the rates are now the same it can return to Shawbrook as Family has a £25k daily withdrawal limit. 

pecunianonolet

Looks like I won the NBS jackpot today getting all letters today. lol

(First opened last Wednesday with ID check, second opening Thursday without ID check)

1st letter dated 29th June: Welcome to NBS account number and user ID
2nd letter dated 30th June: Fund your account, user ID again
3rd letter dated 1st July: Nominated bank account code

That's 6 pages of paper. Do we really need that much paper? Could they not at least print front & back? Letter 1 and 2 is totally not needed. Letter 3 ok to check address is correct. 

They could give higher rates if they would not waste that much on postage, print and paper.

"We fully recognise our responsibility to care for our environment and support a sustainable future for our communities. We will make positive changes to improve our own sustainability but also work with our members and partners to help them to reduce their environmental impact."

Source: https://www.newcastle.co.uk/who-we-are/delivering-on-our-purpose

Rant over.

jak22

Note that Shawbrook debit the account right away and transfer the next working day - this might imply losing a day's interest. If so it would take 2 weeks or so in an account paying 0.25% more interest before breaking even - something to bear in mind before moving out and straight back in.

SavingsBoo

pecunianonolet said:

Looks like I won the NBS jackpot today getting all letters today. lol

(First opened last Wednesday with ID check, second opening Thursday without ID check)

1st letter dated 29th June: Welcome to NBS account number and user ID
2nd letter dated 30th June: Fund your account, user ID again
3rd letter dated 1st July: Nominated bank account code

That's 6 pages of paper. Do we really need that much paper? Could they not at least print front & back? Letter 1 and 2 is totally not needed. Letter 3 ok to check address is correct. 

They could give higher rates if they would not waste that much on postage, print and paper.

"We fully recognise our responsibility to care for our environment and support a sustainable future for our communities. We will make positive changes to improve our own sustainability but also work with our members and partners to help them to reduce their environmental impact."

Source: https://www.newcastle.co.uk/who-we-are/delivering-on-our-purpose

Rant over.

I'm wondering if I will hit the NBS letter jackpot too at some point!  I haven't heard anything since attempting to open the account and receiving the confirmation of application email (requesting ID to be sent which I have done).  I set a password during the application process but can't log on without the user ID ... trying to retrieve it online didn't work so I am not particularly hopeful of ending up with a functioning account.  Hey ho.  I've since opened the Family BS easy access anyway.

Mrnkar_2

S_uk said:

Re the Newcastle BS tracker account, I made a payment in this morning which has now cleared, and I received an email confirming receipt of the deposit titled 'investment confirmation'. I didn't however receive a confirmation email after previous cleared payments in earlier this week. Has anyone had this email after each deposit they've made after opening this account?

The same for me. I made a small test deposit on 4th and a large one yesterday. Nothing regarding emails. This morning I again made 2 large deposits and received 2 emails as you describe. On checking my account the money has gone in.

refluxer

jak22 said:

Note that Shawbrook debit the account right away and transfer the next working day - this might imply losing a day's interest. If so it would take 2 weeks or so in an account paying 0.25% more interest before breaking even - something to bear in mind before moving out and straight back in.

Can you explain your maths on that one ?

mebu60

Skipton Bonus Saver Issue 8 4.22% incs 0.62% for 12 months > BR Tracker Iss 3 currently 4.1%. 

Was going to move the Skipton BR Tracker funds to Newcastle 4.3% but still waiting on that one to materialise so they are now in the Skipton Bonus Saver with token amount in the BR Tracker in case it takes the lead internally again. 

jak22

refluxer said:

jak22 said:

Note that Shawbrook debit the account right away and transfer the next working day - this might imply losing a day's interest. If so it would take 2 weeks or so in an account paying 0.25% more interest before breaking even - something to bear in mind before moving out and straight back in.

Can you explain your maths on that one ?

The loss of one day at 4% is 0.04/365 * balance
A 0.25% gain earns 0.0025/365 * balance * days

for break-even 0.04/365 * balance = 0.0025/365 * balance * days

days = 0.04 / 0.0025

ForumUser7

em_h said:

ForumUser7 said:

£1 min balance. Rate includes bonus for 12 months.

I like that they call it a bonus, when what they really mean is they decrease it by 0.62% after 12 months!

I'd be tempted for 4.22% without a "bonus" as then worth grabbing just in case it rises. But this one is *guaranteed* to fall next year. 😕 So likelihood they'll increase it in meantime by >boe base rate is slim to none.

They call it a bonus, because it includes a bonus for the first 12 months - after which the bonus drops off.