Newcastlenet [Issue 7]

knights

Froglet wrote: »

What do others do? Do you open new better rate accounts and keep transferring or do you think you lose more than you gain if you have to put the money into yopur current account to transfer out again.It is a real jumble at present with the rates,isn't it?

Not worth the bother of transferring IMO unless you have a large amount in the account that you don't want to touch.

Personally I keep money in a few accounts for feeding Reg. Savers etc. I tend to draw down the least best first.

regards

sly_dog_jonah

That is despicable behaviour by Newcastle BS, they are still advertising only the 6.43% rate on their website on the front page, product info and the interest rates page.

If I didn't have my ISA tied up with them at 6.1% until next October I'd vote with my feet and transfer all my money elsewhere.

As it is I will let my freshly opened account expire without funding it with the £250 BACS payment (which incidentally bounced back anyway - clearly they don't want my money), just to give them more admin overhead.

bristolleedsfan wrote: »

:rotfl: thats typical Newcastle BS behaviour adding xtra .05% to the base rate decrease of 0.25%, made sure it was beseiged with applications before announcing decrease of 0.30%. :rotfl:

keep eyes peeled for issue 8. :rotfl:Before people think well they would just transfer their funds from issue 7 into issue 8, the in thing with Newcastle BS is not allowing people to transfer funds from an existing Newcastle account into a newly launched high paying account. :rotfl:

im suprised people didnt besige heritage bank. :rotfl: http://www.moneyfacts.co.uk/savings/bestbuys/instant-access-savings-accounts.aspx

imo theres only one good thing that Newcastle BS are good for and that is buying other Building Societies. :rotfl:

bristolleedsfan

sly_dog_jonah wrote: »

That is despicable behaviour by Newcastle BS, they are still advertising only the 6.43% rate on their website on the front page, product info and the interest rates page.

If I didn't have my ISA tied up with them at 6.1% until next October I'd vote with my feet and transfer all my money elsewhere.

As it is I will let my freshly opened account expire without funding it with the £250 BACS payment (which incidentally bounced back anyway - clearly they don't want my money), just to give them more admin overhead.

Would be prudent to ensure that you keep at least 100.00 in Newcastle BS after your ISA funds leave in October imo,;) you can do that by either opening a Mini or BMW e-saver with 100.00. or just keeping 250 in the Netsaver account.

http://www.bmw.co.uk/bmwuk/direct_finance/savings_and_inv/e-saver/overview/0,,,00.html

GjrBartlett

Why do you suggest that it would be prudent to keep funds with them, Bristolleedsfan?

Carpet-Bagging Potential?

Froglet

"Before people think well they would just transfer their funds from issue 7 into issue 8, the in thing with Newcastle BS is not allowing people to transfer funds from an existing Newcastle account into a newly launched high paying account. "

Yes,at least Bradford and Bingley allow you to move your funds directly between accounts,to open a better one.Newcastle really do shoot themselves in the foot doing that.I am definitely doing what sly dog is also contemplating.Perhaps you CAN have just too many accounts!!

bristolleedsfan

GjrBartlett wrote: »

Why do you suggest that it would be prudent to keep funds with them, Bristolleedsfan?

Carpet-Bagging Potential?

yip,:cool: especially if its on a virtual speculative no loss basis. ( i.e little or no interest loss)

GjrBartlett

I believe when I applied to open this account, I went for monthly interest, therefore would have to deposit £1000, whats the interest rate for deposits below this?

Is it worth cancelling my application and starting again? (Annual Inerest).

Thanks in advance.

LittleVoice

£250 is the minimum amount for operating the account for annual interest. Interest rates are not tiered on account balance.

I believe that, in theory, if you are a non-tax payer, the AER is higher if you take monthly interest and pay it into the account - but not worth the bother.

If you don't need a monthly income, then the annual interest option is almost certainly the better option.

GjrBartlett

Thanks for the reply,

I'll probably close down my application and go elsewhere as there are better rates available than 6.13%.

bristolleedsfan

Rate is now down to 5.83%. :rotfl: :rotfl: :rotfl: :rotfl:

http://online.newcastle.co.uk/invest/index.htm