The New Top Easy Access Savings Discussion Area

kingboyk

Ulster Bank Limited Edition Saver

I'm an existing current account customer and applied for the savings account yesterday evening. I've received 3 emails so far including a confirmation that the account is open, and the inbox message, but the account still isn't showing in the app or online banking.

In the meantime... The Loyalty Saver product description was clear that if the account balance fell below £5k a lower rate of interest would be earnt on that day, and once the balance went back to £5k or more the higher rate of interest would apply again. I noticed that the Limited Edition Saver is worded a bit differently:

During the 12 month term, if you have a balance of £5,000 - £3,000,000, you will earn the bonus interest rate in addition to the variable rate.

If your balance drops below £5,000 at any time during the 12 month term, interest will be paid at the variable interest rate set out above.

I'm not sure whether this is meant to apply that the bonus will be lost if the balance ever drops below £5k ("at any time") or if it works the same as the Loyalty Saver and it's OK to dip below £5k. I'm aware that interest is calculated daily so the latter is more likely but am wary of getting trapped with a very low rate. Does anyone have any insight on this? I asked 2 AIs to interpret the T&Cs and got conflicting opinions 

Malchester

kingboyk said:

Ulster Bank Limited Edition Saver

I'm an existing current account customer and applied for the savings account yesterday evening. I've received 3 emails so far including a confirmation that the account is open, and the inbox message, but the account still isn't showing in the app or online banking.

In the meantime... The Loyalty Saver product description was clear that if the account balance fell below £5k a lower rate of interest would be earnt on that day, and once the balance went back to £5k or more the higher rate of interest would apply again. I noticed that the Limited Edition Saver is worded a bit differently:

During the 12 month term, if you have a balance of £5,000 - £3,000,000, you will earn the bonus interest rate in addition to the variable rate.

If your balance drops below £5,000 at any time during the 12 month term, interest will be paid at the variable interest rate set out above.

I'm not sure whether this is meant to apply that the bonus will be lost if the balance ever drops below £5k ("at any time") or if it works the same as the Loyalty Saver and it's OK to dip below £5k. I'm aware that interest is calculated daily so the latter is more likely but am wary of getting trapped with a very low rate. Does anyone have any insight on this? I asked 2 AIs to interpret the T&Cs and got conflicting opinions 

I have assumed that the lower, bonus less rate is only for times when the funds fall below £5000. Don't forget that interest is paid monthly so say you go below £5000 in month 9 you have already been paid the previous 8 months at the higher rate

BestSeagull

Ulster. My limited edition saver is now in my app. 

hoppy2

limited edition is now on app and accepted my deposit which was previously refused

Steve_xx

Steve_xx said:

Further clarification has just been received from Ulster Bank. Now they say that existing customers do need to have a current account before applying for the Limited Edition saver account.
Whereas new customers to Ulster Bank do not need to satisfy that condition.

This morning I logged into the app and I have been able to open the Limited Edition Saver without any problem at all. I'm not a current account holder with Ulster, but I do have another savings product with them.
Yesterday they first to told me that I could open the Limited Edition Saver and they provided a link to it that didn't work. Later in the day they said I needed to be a current account holder prior to applying for the Limited Edition Saver.
I'm thoroughly fed-up with their unreliable and incorrect information and I have raised a complaint.
It's only by chance that I discovered it possible to apply for the Limited Edition Saver account. They've not contacted me to inform that there has been some adjustment to the application process.

thevoid69

Just applied for Ulster. Happy to hear it's basically NatWest.
Waiting for it to appear on the app now. Does this take very long?

I presume the account works just like Chase and other banks, instant transfers and 4.5% interest providing the balance stays above £5k?

Is interest paid monthly on the 1st of each  month? 

Thanks

Steve_xx

thevoid69 said:

Just applied for Ulster. Happy to hear it's basically NatWest.
Waiting for it to appear on the app now. Does this take very long?

I presume the account works just like Chase and other banks, instant transfers and 4.5% interest providing the balance stays above £5k?

Is interest paid monthly on the 1st of each  month? 

Thanks

It can take up to a couple of days before the account appears in the app. 
Yes the transfers will be pretty instant. 
There is a question mark regarding the 4.5% interest. In the terms and conditions it states that the bonus element will not be paid if the account drops below 5K. However what those terms do not state is whether or not the 4.5% rate will be restored if the account balance is brought back above the 5K at any point. This to me is sloppy presentation of terms and conditions and it requires clarification. 
Interest is not paid monthly on the 1st of the month. Interest is paid monthly on the first business day of the month.

BestSeagull

Steve_xx said:

thevoid69 said:

Just applied for Ulster. Happy to hear it's basically NatWest.
Waiting for it to appear on the app now. Does this take very long?

I presume the account works just like Chase and other banks, instant transfers and 4.5% interest providing the balance stays above £5k?

Is interest paid monthly on the 1st of each  month? 

Thanks

 
There is a question mark regarding the 4.5% interest. In the terms and conditions it states that the bonus element will not be paid if the account drops below 5K. However what those terms do not state is whether or not the 4.5% rate will be restored if the account balance is brought back above the 5K at any point. This to me is sloppy presentation of terms and conditions and it requires clarification. 

Ulster. Out of habit I transferred a small amount of money into the new LE Savings account when it opened. Now I'm fearful that because it had a balance of less than 5k earlier today I'll loose the bonus for the whole year. 

I've been grossly misinformed by phone representatives yesterday and the day before so I no longer trust a word they say, and the website is such a contradictory mess that it's worse than useless.  So I'd rather just assume the worst.

I decided that the best way to proceed was to open a new LE saver and to transfer not less than £5,000 in, from the start. 

Steve_xx

BestSeagull said:

Steve_xx said:

thevoid69 said:

Just applied for Ulster. Happy to hear it's basically NatWest.
Waiting for it to appear on the app now. Does this take very long?

I presume the account works just like Chase and other banks, instant transfers and 4.5% interest providing the balance stays above £5k?

Is interest paid monthly on the 1st of each  month? 

Thanks

 
There is a question mark regarding the 4.5% interest. In the terms and conditions it states that the bonus element will not be paid if the account drops below 5K. However what those terms do not state is whether or not the 4.5% rate will be restored if the account balance is brought back above the 5K at any point. This to me is sloppy presentation of terms and conditions and it requires clarification. 

Ulster. Out of habit I transferred a small amount of money into the new LE Savings account when it opened. Now I'm fearful that because it had a balance of less than 5k earlier today I'll loose the bonus for the whole year. 

I've been grossly misinformed by phone representatives yesterday and the day before so I no longer trust a word they say, and the website is such a contradictory mess that it's worse than useless.  So I'd rather just assume the worst.

I decided that the best way to proceed was to open a new LE saver and to transfer not less than £5,000 in, from the start. 

Yes I agree with you. I'm also thinking I'll transfer 5k + into the Limited Edition Saver to be sure of the rate.
I've complained to them about this account as you will have read. I'm sure they will be telephoning me at some point to discuss the reasons why I was prevented from opening this account. During that discussion I will mention the ambiguity of the terms and conditions and I will ask them to make them clearer online.

topyam

Ulster

I transferred £1 to test. Plan on transferring enough to have it over £5k by end of day. Do they update after end of each day?? Hope so. I want the higher rate of interest.