Newcastle Building Society error

vigman

On 9th September I received an email from Newcastle BS saying my Double Access ISA ISS was due to mature on September 23rd with the 3.55% dropping to 1.22%.  Also the heading of the email text said my fixed rate ISA was maturing?

I rang NBS and an advisor said I just had to transfer to a new Double,Access account and could help me then. I wasn’t by my PC so declined. 

On the 10th I went into my account, found a new Double,Access account paying 3.55% but had some error messages which prompted me to ring NBS.

Thank goodness I did. They immediately apologised for the email which was an error because variable ISAs don’t mature and it had been sent out in error. When we looked at the accounts I had opened a new Double Access ISS account NOT an ISA. Unusual for me not to notice but in my defence I have a slipped disc and am on strong pain medication plus need urgent eye surgery. 

I so nearly transferred my ISA balance to the non ISA savings account, and had it been the day before when the advisor offered to do this for me, I might well have done so. 

Newcastle have sent out correction emails and told their advisors but I was one click away from going from a 3.55% Double Access ISA ISS account to a 3.55% Double Access ISS account. 

I’m still wondering if this mistake could have been reversed had I made the transfer, especially with the help of an advisor?

Because of this error I can make 5 penalty free withdrawals up to December 15th 2025. This may apply to others who received this incorrect email.