Help regarding Norminated Bank account

Mrnkar_2

Hi, I've just opened the Newcastle Base tracker account. The bank I have used as my Norminated Bank is my normal bank Nationwide. I'm still waiting on the code to verify this account. I understand that this is only required for withdrawals?
Sorry I'm new to all this moving money from different savings accounts to obtain best rates.

My savings are actually in the Santander E savings account. I have managed to deposit a small amount to Newcastle from both Nationwide and Santander accounts as a test. I initially was going to transfer my savings from Santander to my Nationwide account and then from there into the Newcastle account but then I thought it would be easier to just transfer from Santander to Newcastle.
Is this possible and if so what do I need to do?
Also what use is a Norminated bank account if in future I decide to transfer from Newcastle to another better rate account?
Any help much appreciated Thank you

housebuyer143

You can only put money into the account from your nominated account and only withdraw it to that account.
If you have made payments from the non nominated account is likely to be sent back to you. 

You might be able to change it, but for now you need to pay money in from nationwide only.

Mrnkar_2

housebuyer143 said:

You can only put money into the account from your nominated account and only withdraw it to that account.
If you have made payments from the non nominated account is likely to be sent back to you. 

You might be able to change it, but for now you need to pay money in from nationwide only.

Thanks. Both amounts I sent from the 2 different banks are showing in my Newcastle account.
I set up Newcastle as a new payee in my Santander account and transferred the deposit that way.

wiseonesomeofthetime

There is nothing in the Newcastle Building Society terms and conditions that says deposits can only be made from a nominated account.

The only reference for Nominated Accounts is for Withdrawals.

That aligns with some other building society savings accounts I hold elsewhere.

General Terms and Conditions, page 6, state:

NOMINATED ACCOUNTS

You can set up one nominated linked account to be used for withdrawals 

Subject to the product special conditions, one nominated linked account can be set up to be used for withdrawals.

You can only have one nominated linked account which will apply across all of your accounts with us. If you hold a joint account, the same nominated linked account will also be linked to this.

The nominated linked account must be held in your name

The nominated linked account must be a personal current account, held in your name and registered to your home address. We may ask for proof of this.

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Bold text is as shown in that document.

Mrnkar_2

Thank you. That was my thinking but then wasn't sure whether by withdrawals they meant from my source bank to Newcastle.

Wheres_My_Cashback

housebuyer143 said:

You can only put money into the account from your nominated account and only withdraw it to that account.
If you have made payments from the non nominated account is likely to be sent back to you. 

You might be able to change it, but for now you need to pay money in from nationwide only.

That’s not correct. You initial deposit has to be from the nominated account. Subsequent deposits can come from any other account.
Withdrawals can only be made to your nominated account.

noh

Wheres_My_Cashback said:

housebuyer143 said:

You can only put money into the account from your nominated account and only withdraw it to that account.
If you have made payments from the non nominated account is likely to be sent back to you. 

You might be able to change it, but for now you need to pay money in from nationwide only.

That’s not correct. You initial deposit has to be from the nominated account. Subsequent deposits can come from any other account.
Withdrawals can only be made to your nominated account.

My initial deposit was made from an account other than the nominated account, my second was from the nominated account, both successful.