Northern Rock,new account.

pem2

My concern in transferring from my existing Silver Savings to the 6.8 is that on the NR website there is a little get out clause which says that depositors may lose their .5% bonus. Has anyone asked NR what they mean by this?

Calchas

A 0.50% gross1 bonus for all our existing savers

Our customers mean a lot to us and we would like to say thank you and reward your loyalty by giving you an extra guaranteed 0.50% gross1 bonus for staying with us.

The bonus applies to all customers who keep their account open from 1 December 2007 until March 2008. It is payable on both existing balances plus any new money you wish to invest into your account. The bonus will be calculated daily on the balance of your Account between 1 January 2008 and 1 March 2008. Any interest which is payable due to this bonus will be added to your Account shortly after 1 March 2008. If you transfer money from an existing Northern Rock account you may not be eligible for your loyalty bonus of 0.50% gross. If you need further information regarding the loyalty bonus please contact us.

I suggest you do exactly as they state and contact them.

My crystal ball says move and you lose

bristolleedsfan

Fella wrote: »

Since it's hard to imagine that anything NRK do these day's isn't dictated by G Brown, I wonder whether the current Bond has been released in order to make the balance sheet more attractive to Branston et al? And if so, whether that means they intend to take a lot of money on it.

Because presumably after all the withdrawals during the run they don't have enough cash on the books to get themselves a coffee from the vending machine right now....

Strange re your "presumption", that they didnt have enough cash to get themselves coffee from vending machine, being as they had plenty of cash to satisfy any withdrawal request and pay the staff. ( not that vending machines in Banks/Building Societies require money. :rolleyes: )

Re: your other points, Branson wants NR in any event as he knows he can make a killing.

Present board have muted possibility about launching an in house rescue bid so its clearly in THEIR interest to show that they can bring in deposits. ( which will be the aim whoever takes the rock over, slim it down morgage wise and build it up deposit wise.

Launching a best buy account with no strings is a good way to evidence that the "Rock brand" isnt dead as Branson and others have claimed.

Did u plump for ICICI fix or are u toying with this one ? :think:

Swipe

I will be posting off my application form tomorrow with a cheque for £1 and once the account is set up I'll be transferring my sum in via BACS.

bristolleedsfan

Swipe wrote: »

I will be posting off my application form tomorrow with a cheque for £1 and once the account is set up I'll be transferring my sum in via BACS.

Would be funny if account was no longer available by time u get account opening details through the post, cos u wont be able to add anything then. :rotfl:

sloughflint

Mikeyorks wrote: »

..... there was a recent thread pointing out that the 6.49% account (above) + the 0.50% loyalty bonus currently on offer to Mar 08 (but baselined 1.12.07) ---- added to 6.99% (clever!). Except the OP of that thread had innocently grossed it up to 9.49%!

Even saying "added to 6.99% "is a bit misleading. ;)I contributed to that thread and worked out that it was equivalent to 6.58% over the year.
So:

I wonder if someone could tell me, how much more actual monthly interest (net) you would receive by having money in the 6.9% bond compared to leaving the money in silver savings 6.49%.
Based, for ease of calculation, per £1,000.
Don't really want to get caught up in the hype of this thread and go mad swapping money around again just for a few pounds.

the difference ( if the variable rate didn't change;)) is 0.32% over the year ie £3.20 per thousand per year.

My concern in transferring from my existing Silver Savings to the 6.8 is that on the NR website there is a little get out clause which says that depositors may lose their .5% bonus. Has anyone asked NR what they mean by this?

I am not a NR customer but would have thought leaving £1 in the account would satisfy the T&C as the interest is calculated on daily balance.

Froglet

pem2 wrote: »

My concern in transferring from my existing Silver Savings to the 6.8 is that on the NR website there is a little get out clause which says that depositors may lose their .5% bonus. Has anyone asked NR what they mean by this?

I take it to mean that if you take some money out of that account,or any other that is a qualifying account,then that amount will lose the bonus.It shouldn't mean the bonus on what is left in the account.You actually only lose .09% for 5 weeks,then after that obviously gain much more when interest rates come down further this year.

Swipe

bristolleedsfan wrote: »

Would be funny if account was no longer available by time u get account opening details through the post, cos u wont be able to add anything then. :rotfl:

Well, I don't have much choice as the sum I intend to put in there is not available until the 1st but that's the risk I take. Easy come easy go.

tawse57

I opened one today, put in a lump sum and opted for the monthly interest at 6.7%. The NR chap told me they had been ringing around current customers last week to get people to open one and yesterday they had 347 people opening the bond across the UK. Suspect that will grow as it becomes public!

molly_mandy_2

Re: losing the loyalty bonus if you open the bond.

The info. on the NR savings site, it seems to confirm that the bond "can be opened with an initial deposit of just £1 * "

and the asterisk below states :

" *if you transfer money from an existing account you won't be eligible for your loyalty bonus of 0.5% gross "

so I guess you do lose your bonus.