Northern Rock,new account.

SirSaveALot_2

Spad wrote: »

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I assume it would be better to get the interest Annual if I can live without it?
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Thanks
Alan

Marginally... I think... The monthly and annual rates are equivalent if componding is taken into account, however there's no option to add interest to the same account monthly, so on the assumption that available interest rates go down, adding it annually should be slightly better. If interest rates aren't going down, this may not be the best account anyway, but you can always get out (unusally;)).

Think I'm right on that, I'm sure someone will be kind enough to point out if I'm wrong.

regards

bristolleedsfan

SirSaveALot wrote: »

You are right that I didn't answer the direct question - that was because I wasn't sure if the orignal poster was comparing 2 specific products or the general terms. I'm a newcomer round here, and I'm not claiming to know every product.

The original poster did ask, "is one better than the other?" and as it's in this thread I explained what is good about this one.

Enough meta-discussion... I hope the original poster found my answer useful, anyway :beer:

cheerio

A Google search for "savings bond" gives these results.

http://www.google.com/search?q=savings+bond&rls=com.microsoft:*:IE-SearchBox&ie=UTF-8&oe=UTF-8&sourceid=ie7&rlz=1I7SUNA

Dunstonh an IFA has previously posted saying he hates "Bond" being used as regards fixed rate accounts because they arent "Bonds".

Do u appreciate that their are "Fixed Rate E-Savers" as well ?

Hope u find this info usefull. :beer:

bristolleedsfan

sloughflint wrote: »

Did we cross wires?Could you deal with posters you have issues with in a non public manner please?

28-01-2008, 9:07 AM #6 RayWolfe
Serious MoneySaving Fan


Join Date: Apr 2006
Post Count: 1,061
Thanked 376 Times in 272 Posts



Thanks BLF.
By the way, what's happened to your postings, you appear to have started using capitals at the beginning of sentences. Be careful, people will start to understand what you're saying! :-p


http://forums.moneysavingexpert.com/showthread.html?t=708415

roddydogs

"Instant access" to someone not near a NR branch involves sending a letter, then waiting for the Cheque, then paying in and waiting for the cheque to clear- Hardly "Instant Access" or Pay CHAPS fee!

Steve_xx

roddydogs wrote: »

"Instant access" to someone not near a NR branch involves sending a letter, then waiting for the Cheque, then paying in and waiting for the cheque to clear- Hardly "Instant Access" or Pay CHAPS fee!

Their terms and conditions are in conflict, slightly, with their section on "How fixed rate bonds work".

Their terms and conditions state that it is possible to transfer to another Northern Rock account, However, it seems that you have to write to them in order for them to do this. This would reduce the potential for loss of interest one would presume, since they would move it to another NR account then you could BACS it out of that.

On the other hand the "How fixed rate bonds work" section omits to mentions the above option!

These organisations drive me nuts with their ambiguity.

knights

Steve_xx wrote: »

Their terms and conditions are in conflict, slightly, with their section on "How fixed rate bonds work".

Their terms and conditions state that it is possible to transfer to another Northern Rock account, However, it seems that you have to write to them in order for them to do this.

That is correct

However as per our prev. exchange, I was told that when you write to them you must clearly tell them in your letter that it is part of their T&C's that this can be done, if you do not state that in your letter they will not do it.

I know that sounds odd but they were clear on that, maybe it is because they are only looking at their "How fixed rate bonds work" where as you say it is not given as an option.


regards

Steve_xx

knights wrote: »

That is correct

However as per our prev. exchange, I was told that when you write to them you must clearly tell them in your letter that it is part of their T&C's that this can be done, if you do not state that in your letter they will not do it.

I know that sounds odd but they were clear on that, maybe it is because they are only looking at their "How fixed rate bonds work" where as you say it is not given as an option.


regards

Isn't that just so irritating?

In effect they are purporting two sets of terms for the same account type. This is just the sort of thing that makes customers so angry that they vote with their feet. These banks act in a way that is almost hostile to their customers having access to their own cash. It's about time they learned from this and became a bit more user-friendly as a result.

Wolf_Man

Given that I have just had a letter from NR asking for more identification docs (something that I have never had to do before) I would recommend if at all possible that you open this 'bond' (don't want to get involved in THAT discussion ' at a branch.

They want a certified copy of my passport and someone is going to charge me £10 for that! And they say that they will keep the copy so you can't even get it back to use again...

I am off to my nearest branch where the NR bloke on the phone promises that they will make a certified copy for free.. though if that is true I will soon find out.

daveoc22

I went into my local branch and opened one of these yesterday.

I've just had a phonecall from them saying if I want to put more in I should do it today.

I guess they've been told something regarding it closing.

dave

merlinthehappypig

daveoc22 wrote: »

I went into my local branch and opened one of these yesterday.

I've just had a phonecall from them saying if I want to put more in I should do it today.

I guess they've been told something regarding it closing.

dave

Same here, Dave.

I hadn't had anything in writing back so just rang them to check that the account had been opened. She gave me the reference number over the phone as the account is on notice. She also recommended that I transfer the rest by CHAPS as the account will be closed before a BACS transfer gets there.