Newbury BS rate increases

happybagger

Yes, but we're awaiting for them to do something following the mid-December BoE rate change 

Band7

progressive_uk said:

https://www.newbury.co.uk/news-knowledge/news/savings-interest-rate-changes-and-more/

As of 7 December 2022 Newbury Building Society accounts are open to new applicants from anywhere in England and Wales.

SAVINGS ACCOUNTS NOW OPEN TO CUSTOMERS ACROSS ENGLAND AND WALES!

We've also removed the postcode restrictions which were previously applied to our savings accounts. Our savings accounts can now be opened by new customers living anywhere in England or Wales.

I suppose they are struggling with getting enough funds from their longstanding members like myself, due to offering rates that are easily beaten by other providers, and/or by having accounts with limits that don't make it worthwhile opening an account with them.

I all but emptied my EMA (£4k deposit limit limit this year, £2k next year) last March because the rate was no longer attractive. Granted, they are now on 3% but I can get this, and more, elsewhere, and without low deposit limits.

Still, it's probably worth opening an EMA now and putting a few pounds in, just in case they will launch other interesting products.  

cloud_dog

progressive_uk said:

https://www.newbury.co.uk/news-knowledge/news/savings-interest-rate-changes-and-more/

As of 7 December 2022 Newbury Building Society accounts are open to new applicants from anywhere in England and Wales.

SAVINGS ACCOUNTS NOW OPEN TO CUSTOMERS ACROSS ENGLAND AND WALES!

We've also removed the postcode restrictions which were previously applied to our savings accounts. Our savings accounts can now be opened by new customers living anywhere in England or Wales.

Thanks for posting.  I did have a New Member account with NBS a while ago, but closed it due to other movements in the savings market, but I appreciate their quite high rates (for limited monies), so may just open one again so as to be able to use the 'Existing Member Account' eventually. 

progressive_uk

New rates for Newbury from 1 February 2023: Most rates increasing by 0.35%

Existing Member Account will be 3.35% (up from 3%) - max deposit = £2000 per tax year (£4000 for 22/23 tax year)

Welcome to Newbury Account will be 3.15% (up from 2.8%) - max balance = £3000 + accumulated interest

Home Saver Account will be 3% (up from 2.65%) = undated regular saver account [no requirement to save towards a House - I have this in writing from NBS], max deposit = £ 500 pcm, max balance = £20,000 (inclusive of interest)

As above, now open to all England & Wales residents - it is difficult to tell, but it seems residents of Scotland & Northern Ireland may be able to open some account if they are already members.

https://www.newbury.co.uk/savings/accounts/welcome-newbury/

Top of the page

Our savings accounts are only available to UK residents.

How do I open and manage my account? 

For new savers the account holder must be resident in England or Wales.

https://product.newbury.co.uk/STAC.pdf (Savings terms and Conditions - pdf file)

2. Account Opening
2.1 To be eligible for a new account you must live in the UK. Local geographical restrictions may apply
from time to time. If you move outside the UK, we may need to close your account to comply with
relevant regulations.

progressive_uk

For the Exisiting Member Account (current interest rate 3.35%), the maximum subscription has been permanently raised to £4000 per tax year.  This is reflected on the account details page (https://www.newbury.co.uk/savings/accounts/existing-member-account/ ) and I understand from a friend was confirmed at the AGM on 23/02.

We are currently waiting on changes to saving interest rates following the 2 Feb decision.

dcs34

Now confirmed - further rate increases effective 15th March

https://newburytest-live-f3d63f7f4dcc44ad8831e6-4e875e3.divio-media.com/filer_public/71/39/71392e98-5e12-41da-8af5-713b1391a485/interest_rate_change_table_15_mar_2023.pdf

progressive_uk

Existing Member Account rising from 3.35% to 3.5% (max deposit = £4000 per tax year)

Welcome to Newbury Account rising from 3.15% to 3.3% (max balance = £3000 + accumulated interest)

Home Saver rising from 3% to 3.15% (despite the name its a Regular Saver without a condition on buying a house. Max contribution = £500 pcm)

progressive_uk

The area for new applicants is shrinking back to postcode restricted later this month, but not as local as it was recently - see my post here.  From https://www.newbury.co.uk/savings/

PLEASE NOTE:

We accept savings applications from new or existing members who live in England or Wales.

From 30th March 2023 we will only be accepting new savings applications from people who live in the following postcodes: AL, BA, BH, BN, BS, DT, EX, GL, GU, HA, HP, HR, KT, LU, MK, NN, OX, PO, RG, RH, SG, SL, SM, SN, SP, SO, TA, TW, UB, WD, WR. Our Existing member account is available to all existing members who live in England or Wales. 

ForumUser7

progressive_uk said:

The area for new applicants is shrinking back to postcode restricted later this month, but not as local as it was recently - see my post here.  From https://www.newbury.co.uk/savings/

PLEASE NOTE:

We accept savings applications from new or existing members who live in England or Wales.

From 30th March 2023 we will only be accepting new savings applications from people who live in the following postcodes: AL, BA, BH, BN, BS, DT, EX, GL, GU, HA, HP, HR, KT, LU, MK, NN, OX, PO, RG, RH, SG, SL, SM, SN, SP, SO, TA, TW, UB, WD, WR. Our Existing member account is available to all existing members who live in England or Wales. 

It’s a shame they won’t do what ESBS do, and accept applications from their postcode area, and from any existing members for any account (not just the EMA)

Band7

ForumUser7 said:

progressive_uk said:

The area for new applicants is shrinking back to postcode restricted later this month, but not as local as it was recently - see my post here.  From https://www.newbury.co.uk/savings/

PLEASE NOTE:

We accept savings applications from new or existing members who live in England or Wales.

From 30th March 2023 we will only be accepting new savings applications from people who live in the following postcodes: AL, BA, BH, BN, BS, DT, EX, GL, GU, HA, HP, HR, KT, LU, MK, NN, OX, PO, RG, RH, SG, SL, SM, SN, SP, SO, TA, TW, UB, WD, WR. Our Existing member account is available to all existing members who live in England or Wales. 

It’s a shame they won’t do what ESBS do, and accept applications from their postcode area, and from any existing members for any account (not just the EMA)

I have a post code they accept, and have remnants of accounts, incl the EMA, with them. I have not been tempted for the last year to use my EMA allowance, or to open one of their other accounts as there are numerous alternatives, many with lots better rates, freely available to all. I have even move my accrued EMA balance to another bank last March. In other words, I don't think you are losing out if your post code excludes you.