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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%.

Rawrzy

Rollinghome said:

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.)

Yeah Ulster are utterly awful for communication. When I got rejected for a current account from them for a swap incentive, I eventually received a letter through the post way way later after no communication for weeks from doing the online ID check. No idea why I got rejected really, I can only assume it was due to hard checks on my record worrying them as there was quite a few in a short span due to swaps. Eitherway I was more bothered about the poor communication than the actual rejection. I thought I'd done something wrong, but no, they're just slow and decide to use snail mail instead of digital communication. It's put me off bothering with them again. Maybe I'd try again if another switch incentive came out, but dunno. Definitely wouldn't bother for a savings account which isn't much better than the competition.

I'd imagine once the account is opened it should be fine, I think it's just a copy of the Natwest app, and honestly the Natwest app is probably one of the best banking apps in my experience. It's just getting past opening.

Middle_of_the_Road

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?

Opened this account after switching to Ulster for the incentive. It was at 4.9% above 50k at the time. The app is the same as Natwest's and RBS. Easy enough to navigate and make internal transfers between current account and the loyalty saver. 
This seems like a better account than the Santander 5.2% account, which includes a bonus for the first12 months IIRC. 

ETA
I had no problems switching into a Ulster current account. Identity check completed electronically, and prompt text messages keeping me informed. People complain when they cannot be quickly digitally identity checked, and have to wait for an application form to be posted.
Ulster accounts operate just like Natwest in online banking and in the app. 

They also offer a private current account, with no monthly fee, if you have 100k in savings anywhere, not just with them. 

https://www.ulsterbank.co.uk/private-banking/private-current-account.html?sortcode=980060&name=Belfast+City+Office

"To apply, you need to be 18+ and a UK resident. To switch in or upgrade, you need to be an existing Ulster Bank current account customer. 

You will normally need a sole annual income of at least £75,000 paid into your Ulster Bank account (£100,000 in the case of a joint application), or savings and investments of at least £100,000 held with us or another financial institution (proof of savings required)."