Ulster Bank business days

1spiral

Yesterday I transferred funds from my Monument savings account as the rate was reducing to my Ulster bank loyalty saver.

The display indicating interest rate in UB this morning says  "Your interest rate is 2.00% gross, 2.00% AER. This is based on your balance from end of last business day. "

The funds arrived about 10am yesterday so does anyone have any idea why yesterday was not classed as a business day (web search indicates it was for NI) and is there anyone else out there in the same boat i.e. they only transferred funds yesterday (that surpassed the minimum balance for rate boost and have not yet seen that boost applied.

The statement seems pretty clear that the rate I see should be based on my balance from last night.

1spiral

OK after a bit of digging I have found that UB actually closed on Xmas eve and doesn't open again until Mon 30th. My PC google search couldn't locate this info originally but a google search on my tablet gave me the answer straight away. Money being returned to Monument for the rest of the weekend.

flaneurs_lobster

Ulster Bank branches may well have been closed yesterday (27/12) but AFAIK it was a normal banking day in the Real World. Is it not just likely that the rate displayed in the app/online just doesn't reflect that actually being applied? 

You must be shifting a heavy wodge of cash to make it worthwhile shunting it about for 2-3 days interest, I'd have clarified the situation with UB/NatWest before reversing that transaction.

tigerspill

Mine says 
Your interest rate is 4.75% gross, 4.75% AER.
This is based on your balance from end of last business day.

1spiral

flaneurs_lobster said:

Ulster Bank branches may well have been closed yesterday (27/12) but AFAIK it was a normal banking day in the Real World. Is it not just likely that the rate displayed in the app/online just doesn't reflect that actually being applied? 

You must be shifting a heavy wodge of cash to make it worthwhile shunting it about for 2-3 days interest, I'd have clarified the situation with UB/NatWest before reversing that transaction.

Monument reduced to 4.55, Ulster should've been 4.75. For 2 mins work was worth transferring to Ulster on Friday.

When the rate had not updated to 4.75 on Saturday there was no one to query with so was worth 2 mins work to send back to Monument even if the issue was just a display glitch. Would rather have 2 days at 0.2% less even if wrong than 2 days at 2.75 less if correct. If rate is correct I already have 1 day at 2.75 less.

flaneurs_lobster

1spiral said:

flaneurs_lobster said:

Ulster Bank branches may well have been closed yesterday (27/12) but AFAIK it was a normal banking day in the Real World. Is it not just likely that the rate displayed in the app/online just doesn't reflect that actually being applied? 

You must be shifting a heavy wodge of cash to make it worthwhile shunting it about for 2-3 days interest, I'd have clarified the situation with UB/NatWest before reversing that transaction.

Monument reduced to 4.55, Ulster should've been 4.75. For 2 mins work was worth transferring to Ulster on Friday.

When the rate had not updated to 4.75 on Saturday there was no one to query with so was worth 2 mins work to send back to Monument even if the issue was just a display glitch. Would rather have 2 days at 0.2% less even if wrong than 2 days at 2.75 less if correct. If rate is correct I already have 1 day at 2.75 less.

Fair enough if you've just flogged your house and there's a spare £200k looking for a home, few thousand I wouldn't have bothered until the banks open on Monday.