Northern Rock,new account.

roddydogs

Optimist wrote: »

Where do you get that? I thought the Silver Saver was variable therefore if interest rates go down so does the Silver Saver rates[/q

mary

Presumably this account will be around for quite some time, as I imagine when the flood gates opened and all the money exited, they will be now wanting to recoup as much as possible to make it a more viable proposition to the new owners.

Fella

mary wrote: »

Presumably this account will be around for quite some time, as I imagine when the flood gates opened and all they money exited, they will be now wanting to recoup as much as possible to make it a more viable proposition to the new owners.

Yeah, that's the point I was trying to make in post 32.

Calling this a Bond is quite misleading really. The clause that allows withdrawals makes this in many ways quite unlike bonds. It's actually more akin to a new product for the market; a bond-fixed-rate-account hybrid. (IMO).

I think the terms have been put together quite carefully too, i.e. allowing withdrawals by cheque but only by post, not at a branch. Possibly because if the public did panic again they don't want people queuing up again? (am not sure if that clause is common or not but it seems slightly odd to me).

worrypants

ive applied for mikne by post last week the day after it was announced so can anyone who has applied by post be willing to let us alll know when they have confrimation from NR that the account has been opened - thanks in advance

reason I ask is that I have opened a total of 12 new accounts this month in cluding another issue northern rock bond and all my new accounts have been opened and up and running promptly with the exception of Northern Rock and Chelsea:mad:

bristolleedsfan

mary wrote: »

Presumably this account will be around for quite some time, as I imagine when the flood gates opened and all they money exited, they will be now wanting to recoup as much as possible to make it a more viable proposition to the new owners.

Most providers close savings issues when a certain predetermined level of deposits have been reached, when people refer to "new owners" it should be noted that the current NR board are reported to be planning a in house rescue. ( their own bid)

NR basically offered a double piece of mind.

1. Top Fixed Rate.
2. Instant Withdrawals so as to cover all possible circumstances.

Offering nearly 7% at this moment in time merely tells the current board and prospective new owners whether the NR brand is tarnished for ever or not. ( Mr Branson cites NR brand beind dead as his justification for his plan to rename to Virgin Bank, whilst other two interested parties plan to keep the NR name)

Such accounts not being offered without Branch Access is not unusual as Branch Access costs money,( hence majority of top paying accounts being without Branch Access) clearly NR will gain from any withdrawals while withdrawal cheques are being posted and are in the post.

Froglet

roddydogs wrote: »

Surely youd be daft to transfer out of a Silver Saver as your getting 6.99% int until 1/4/08. Best thing it to open with a small amount and see what the situation is at 1/4/08, or have i got it wrong?. Then again, if its withdrawn, you cant then add more money

The .50% bonus is only added until the end of February.For every £1,000 pounds you withdraw from Silver Savings or any other account that has the bonus added,you will lose 8p by transferring it into the new bond,in the period from last friday to the end of Feb.

However,by then having it in the new account,it will earn you an EXTRA £4.10 per thousand pounds over the course of the year over and above the silver savings.And that is at the current rate which we know won't stay at that!!

Please confirm i have got this right,folks,it is sunday night and i have been hard at work all day so my brain may not be up to scratch!! but i feel anyone who hesitates just because of a few weeks bonus is quite frankly,bonkers!!

Beate

Right, I have done it now. Opened the bond in branch today, apparently it's instant and open already, got the account number so I can transfer in more money next week by internet banking once I have emptied my A&L Direct Saver on 1 February. So God willing the bond will still be open by then. The only thing I find complicated is taking money out - you have to do it by post or go to your nearest branch and tell them how much you want out, they send the request to Head Office and they then send you a cheque. I will request having the cheque sent into the branch for collection though when I withdraw everything next January - apparently that's possible and doesn't cost extra.

Optimist

4. Taking money out of your Account - Withdrawals
(a) You can only take money out of your Bond if you have sufficient
cleared funds in your Bond.
(b) You can take money out of your Bond by;
• Cheque
• CHAPS
• Transfer to another Northern Rock account;
but NOT
• via our branch network;
•by BACS;
• by giving us instructions by e-mail, facsimile or where we are
provided with only a copy of your instructions;
• by postal order;
• by standing order or direct debit instructions; or
• by giving us an instruction to send money abroad.

paulboy83

I sent my application by post at the end of last week with what I had immediate access to, i'm going to get the rest of the money together now to put in after the weekend, has anyone heard anything about when this might close?

Old_Slaphead

paulboy83 wrote: »

I sent my application by post at the end of last week with what I had immediate access to, i'm going to get the rest of the money together now to put in after the weekend, has anyone heard anything about when this might close?

Person in Customer Service told me that they are not informed until actual day of closure. It could be as short-a-notice as that. Often, but not absolutely always, banks honour funds in progress ie bank transfers & cheques in post (ie one or two days after official closure date).