Ulster savings. 5.2%...... Or not?

B0bbyEwing

So I went through the MSE link to open one of these since it was top draw.

500 years passed by before I finally got to the stage where you can log in (or at least it felt like it) 

Check the rate......2.25%. 

What's going on? MSE still shows 5.2%. 

And while I'm asking questions about this account, it said about sending a card reader before I could have full access such as transferring money. 

Yet I don't have a card to use in the card reader. 

Is this account supposed to come with a card? 

eskbanker

B0bbyEwing said:

Check the rate......2.25%. 

What's going on? MSE still shows 5.2%.

You only get the 5.2% rate with balances of over £5K, below that it's 2.25% - how much have you paid in, and when?

grumbler

B0bbyEwing said:

So I went through the MSE link to open one of these since it was top draw.

...

Check the rate......2.25%. 

What's going on? MSE still shows 5.2%. 

After going through the link, you did check what you applied for, didn't you? On the very first page is says:

Earn 2.25% AER/Gross p.a. (variable) on balances between £1 - £4,999 and 5.20% AER/Gross p.a. (variable) on balances of £5k and over

And MSE article says "Min. deposit £5,000".

eskbanker

grumbler said:

And MSE article says "Min. deposit £5,000".

In which case it's wrong!  That's the minimum in order to get the 5.2% rate, but accounts can be opened and funded with token deposits, hence the lower rate being quoted by Ulster....

B0bbyEwing

Ahh yes. I had read that when applying but had totally forgotten in the time that's passed between then & now, so when I saw the rate I wondered what had happened.

As for what I've paid in - nothing so far due to the message I got. I've 10k to go in instantly but I don't want to do that and not be able to withdraw because I'm waiting on a card reader turning up for a card I don't even have (yet). 

Malchester

You will get an Anytime Banking Card but Ulster Bank are notoriously slow and they do not seem to start the next part of the process until the previous one is completed. For me it took 3 weeks to get the account set up and lots of frustration at their slowness and antiquated systems. Once all set up, and you understand the 'stupidness' of their systems the account works well and has instant withdrawals and deposits.

grumbler

eskbanker said:

grumbler said:

And MSE article says "Min. deposit £5,000".

In which case it's wrong!  

Yes, but in "Top savings accounts"  and 5.2% context it's acceptable IMO.

B0bbyEwing

Malchester said:

You will get an Anytime Banking Card but Ulster Bank are notoriously slow and they do not seem to start the next part of the process until the previous one is completed. For me it took 3 weeks to get the account set up and lots of frustration at their slowness and antiquated systems. Once all set up, and you understand the 'stupidness' of their systems the account works well and has instant withdrawals and deposits.

Thanks for the info. Much appreciated. 

Think I'll take a look at 'the next best thing' get it opened & see what's ready to go first. 

If their first stage is anything to go by then I'll be long since buried by the time a card & card reader turns up. 

B0bbyEwing

Well this fills me with confidence. Ulster have just emailed me this afternoon to say they've received my application and they'll be in touch should they need ID as part of this application. 

Can't seem to help feeling like I had the exact same contact from them weeks ago!!! 

stoneman

I can't get any further in the application because I need to pick a branch. No matter how far out I go it comes up with no results. 

friolento

stoneman said:

I can't get any further in the application because I need to pick a branch. No matter how far out I go it comes up with no results. 

I just used a Belfast branch. I don't live in NI.