The Top Easy Access Savings Discussion Area

Bridlington1

I've found Ulster to be the slower relation of Natwest/RBS when it comes to account opening. I opened their current account earlier this year and it took weeks to get fully set up, which included having to sign and send off a paper copy of the online application form I'd already filled in. I was able to verify my ID online though.

Once the account was set up it has run identically to Natwest/RBS.

I opened the Loyalty Saver speculatively with 1p back in July/August and that was opened with the same timescale as opening other Natwest group savings accounts (appeared in the app the next day), as it stands I sent half the contents of my Santander eSaver over to it earlier today.

BlackthornU

SeriousHoax said:

Thinking of opening ulster Bank loyalty saver 5.20% 

Single account.

I noticed it's got an app which I like nowadays when available.

Has anyone else got this account, and how do you find the app?

I opened the account when it was paying 4.9% (at the time, good). Prepare to go back to a slower time of letters taking a week to be sent to you. I also had problems with payment limits. The default is something like £5K but you can increase this by registering for biometrics on the app (selfie photo needed each time to approve, not just fingerprint). 
https://www.ulsterbank.co.uk/banking-with-ulster-bank/how-to/make-payments.html
But when I tried the 'one-off higher value payment' via mobile the payment was blocked - although their fraud team didn't get in touch for 15 hours after they blocked the payment (to another account in my name). Contacting them was difficult - 30 minute wait by phone to talk to customer service then another 30 minutes to talk to the fraud team - but not the fraud team that had blocked the payment and only this other fraud team could deal with it (long story).......(complaint filed and they sent an acknowledgement of the complaint a week ago, but no other response since).
I got the feeling they were understaffed and am surprised they try to attract new customers when they don't seem to cope with those they have.
But YMMV.
Good Luck if you sign up to them.

SeriousHoax

I've now decided to pass on opening ulster Bank loyalty saver 5.20% 

Thanks.

Rollinghome

SeriousHoax said:

Thinking of opening ulster Bank loyalty saver 5.20%
Single account.
I noticed it's got an app which I like nowadays when available.
Has anyone else got this account, and how do you find the app?

I applied at 4.9% and went through all the faff of document pics and a selfie for id. The selfie was taken before I expected, so I had my hand across my face and it would have been useless for ID, but there was no option to try again. Instead, I got the ok message and that I'd get an email which never came. As rates moved on a couple of days later, that was fine by me and I scrubbed it.

Sure, I caused the problem, but I wouldn't be the first person to move or sneeze when the camera clicks, so I'm less than impressed that they had no system to deal with it.

With a £5k withdrawal limit, and questionable systems, they'd need to do a lot better than just match Santander to get my interest again. (I've had a Natwest current account for yonks, and they can be a bit eccentric.)

1spiral

Word of warning for the Skipton Bonus saver issue 9. There is an 85K balance limit. This applies to joint accounts too. I missed this in the T&Cs because I had issue 8 for which a joint account could exceed this. Rather pointlessly though, Skipton advised me that there is no limit to the number of accounts that can be opened so I have opened another to take the excess funds which were initially rejected by Skipton. First Direct credited these funds back within 2 hours so I have resent these in correct proportions. 8 hours later Nationwide have still not credited them back. I have been advised it can take up to 5 days for it to be credited.  So I can have 170K but need 2 accounts.    I just need to wait until NW give me my money back.

Rollinghome

1spiral said:

Word of warning for the Skipton Bonus saver issue 9. There is an 85K balance limit. This applies to joint accounts too. I missed this in the T&Cs because I had issue 8 for which a joint account could exceed this. Rather pointlessly though, Skipton advised me that there is no limit to the number of accounts that can be opened so I have opened another to take the excess funds which were initially rejected by Skipton. First Direct credited these funds back within 2 hours so I have resent these in correct proportions. 8 hours later Nationwide have still not credited them back. I have been advised it can take up to 5 days for it to be credited.  So I can have 170K but need 2 accounts.    I just need to wait until NW give me my money back.

Or you could open another account somewhere else paying better than 5.04%. See https://moneyfactscompare.co.uk/savings-accounts/

oz0707

1spiral said:

Word of warning for the Skipton Bonus saver issue 9. There is an 85K balance limit. This applies to joint accounts too. I missed this in the T&Cs because I had issue 8 for which a joint account could exceed this. Rather pointlessly though, Skipton advised me that there is no limit to the number of accounts that can be opened so I have opened another to take the excess funds which were initially rejected by Skipton. First Direct credited these funds back within 2 hours so I have resent these in correct proportions. 8 hours later Nationwide have still not credited them back. I have been advised it can take up to 5 days for it to be credited.  So I can have 170K but need 2 accounts.    I just need to wait until NW give me my money back.

What happens if interest takes you over 85k

Bigwheels1111

oz0707 said:

1spiral said:

Word of warning for the Skipton Bonus saver issue 9. There is an 85K balance limit. This applies to joint accounts too. I missed this in the T&Cs because I had issue 8 for which a joint account could exceed this. Rather pointlessly though, Skipton advised me that there is no limit to the number of accounts that can be opened so I have opened another to take the excess funds which were initially rejected by Skipton. First Direct credited these funds back within 2 hours so I have resent these in correct proportions. 8 hours later Nationwide have still not credited them back. I have been advised it can take up to 5 days for it to be credited.  So I can have 170K but need 2 accounts.    I just need to wait until NW give me my money back.

What happens if interest takes you over 85k

It’s at risk.
On a one year deal at 6% the max I would put in is 80k
That would pay £84,800, leaving you £200 under the limit.
I fixed 81k at 5% so risking £50.

chris_the_bee

1spiral said:

Word of warning for the Skipton Bonus saver issue 9. There is an 85K balance limit. This applies to joint accounts too. I missed this in the T&Cs because I had issue 8 for which a joint account could exceed this. Rather pointlessly though, Skipton advised me that there is no limit to the number of accounts that can be opened so I have opened another to take the excess funds which were initially rejected by Skipton. First Direct credited these funds back within 2 hours so I have resent these in correct proportions. 8 hours later Nationwide have still not credited them back. I have been advised it can take up to 5 days for it to be credited.  So I can have 170K but need 2 accounts.    I just need to wait until NW give me my money back.

 £85,000 of savings per financial entity per person is protected by the Financial Services Compensation Scheme. So you can have as many accounts as you like with Skipton, but the limit of your protection/compensation is £85K. It would be £170K for joint accounts.

1spiral

Rollinghome said:

Or you could open another account somewhere else paying better than 5.04%. See https://moneyfactscompare.co.uk/savings-accounts/

Coventry, Paragon and Ulster (I was actually moving from here to Skipton because this morning they were only 4.91%) I already have. ATM I subtract 0.25% from Shawbrook or Beehive rate because of the loss of interest on withdrawals due to the days delay in receiving funds so to me they're not competitive, won't use intermediaries such as Raisin so next is 5.04%.