The New Top Easy Access Savings Discussion Area

janusd

Steve_xx said:

janusd said:

Steve_xx said:

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.

well done Steve - I made one yesterday too... out of character for me to do that, but as you say, this has been an utter shambles of a product launch - and continues to be... was looping around Cora on the app, telling me to use the app to make a complaint, logging me in, telling me to use the app and so on... used their online form in the end.

my reading of the interest rule is that for any day it's less than £5k, then it's 1.06%; if £5k+, then it's 4.50% - it doesn't feel like an Atom Reward Saver style account to me, but time will tell... though I don't think we can judge the account necessarily on what is in the terms as there is/was no mention of the current account nonsense in there.

I put a test £1 in there this morning, worked fine - just added another £4,999 to the account - again, appeared immediately... it seems the visible interest rate is from the last business day - so currently showing interest rate for yesterday of1.06%, will hopefully change to 4.50% tomorrow.

also spotted one other quirk of the account seemingly not mentioned in the terms - there is no option to have paperless statements for either the Limited Edition Saver or current account - so statements will be sent in the post monthly... there is an option for online statements for the Loyalty account, but not the other two - whether statements for these will be available online also, I don't know - frankly, I don't have the will to chat with Cora about this. 

Your reading of the interest rule is, at this point, debatable.

I wouldn't disagree that it's debatable, i'm just not going to waste time wondering about what it might mean - I will assume it's just badly worded and will check the rate again tomorrow - after the last few days, I wouldn't trust anyone at Ulster to give a definitive answer to this... personally, I don't expect the balance to drop below £5k anytime soon, so receiving a lower rate should be irrelevant for me after tomorrow.

Middle_of_the_Road

topyam said:

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.

Yes,
If the balance is £5k or over, the higher rate will apply. If it falls below this, the lower rate applies until it is increased to £5k.
You don't forfeit the high rate permanently, or even for that month.

janusd

@soulsaver Spring Easy Saver (AO) dropping from 4.30% to 4.11% AER on Friday 17th October (notification in the app).

I know it never made your top 10 (and wouldn't anyway after the drop), but it is a good savings account with instant deposits & withdrawals.

fonesaver

Middle_of_the_Road said:

topyam said:

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.

Yes,
If the balance is £5k or over, the higher rate will apply. If it falls below this, the lower rate applies until it is increased to £5k.
You don't forfeit the high rate permanently, or even for that month.

Yes correct, the rate will show in the app the following day, so if you dip below £5k for say one day you will only be on the lower rate for one day 

Steve_xx

fonesaver said:

Middle_of_the_Road said:

topyam said:

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.

Yes,
If the balance is £5k or over, the higher rate will apply. If it falls below this, the lower rate applies until it is increased to £5k.
You don't forfeit the high rate permanently, or even for that month.

Yes correct, the rate will show in the app the following day, so if you dip below £5k for say one day you will only be on the lower rate for one day 

That's what what would hope for. But the terms that do not clearly state that. Though I suspect that what you say will be correct. Nevertheless I will ask Ulster to clarify it.

Middle_of_the_Road

The terms are unclear, but there are no need for phone calls etc, you'll probably get inaccurate responses yet again.

The interest rate is correctly applied, daily at the close of business.

Steve_xx

Middle_of_the_Road said:

The terms are unclear, but there are no need for phone calls etc, you'll probably get inaccurate responses yet again.

The interest rate is correctly applied, daily at the close of business.

There is a need for accuracy. I would like them to agree to amend the terms and conditions to better reflect the intention. 

I'm not questioning whether or not the interest is paid daily and applied theretoo. I am debating whether when or if the account dips below 5K and then returns to a balance above 5K that the bonus payment having been lost, will then be restored.

Middle_of_the_Road

Steve_xx said:

Middle_of_the_Road said:

The terms are unclear, but there are no need for phone calls etc, you'll probably get inaccurate responses yet again.

The interest rate is correctly applied, daily at the close of business.

There is a need for accuracy. I would like them to agree to amend the terms and conditions to better reflect the intention. 

I'm not questioning whether or not the interest is paid daily and applied theretoo. I am debating whether when or if the account dips below 5K and then returns to a balance above 5K that the bonus payment having been lost, will then be restored.

Interest is not paid daily, the correct rate is applied daily. 

Steve_xx

Middle_of_the_Road said:

Steve_xx said:

Middle_of_the_Road said:

The terms are unclear, but there are no need for phone calls etc, you'll probably get inaccurate responses yet again.

The interest rate is correctly applied, daily at the close of business.

There is a need for accuracy. I would like them to agree to amend the terms and conditions to better reflect the intention. 

I'm not questioning whether or not the interest is paid daily and applied theretoo. I am debating whether when or if the account dips below 5K and then returns to a balance above 5K that the bonus payment having been lost, will then be restored.

Interest is not paid daily, the correct rate is applied daily. 

As I said I'm not questioning when interest is paid. I am seeking assurance from Ulster about the bonus element, ie if it is forfeited due to a sub 5K balance, is it then restored once a post 5K balance is restored.

Middle_of_the_Road

The displayed interest rate is based on your balance at the close of business, daily.
There would be no need to provide daily rates, if it was possible that the high rate could be permanently forfeited.