Northern Rock E-Saver

molly_mandy_2

Just to add .....

When you have set up the E-saver, and see the new account number displayed, just go into silver savings and click on 'N.Rock transfer' and then transfer the money across to your new E-saver account which should now be on your flick down list.

In order to view the money transferred in your new e-saver - you have to look under 'uncleared transactions' in the new e-saver as the new account takes a day or two to be operable - although you will see the money has arrived immediately.

Oblivion

molly_mandy wrote: »

Just to add .....

When you have set up the E-saver, and see the new account number displayed, just go into silver savings and click on 'N.Rock transfer' and then transfer the money across to your new E-saver account which should now be on your flick down list.

In order to view the money transferred in your new e-saver - you have to look under 'uncleared transactions' in the new e-saver as the new account takes a day or two to be operable - although you will see the money has arrived immediately.

Thanks again. Just completed the set-up and transfer and it has to rank as one of the easiest on-line account set-ups I've ever experienced. Kudos to Northern Rock. :T If only all on-line banking websites were this clued up.

Dave.

earlgrey_3

molly_mandy wrote: »

I left £1 in Silver Savings to keep the account open just incase E-saver drops and silver savings goes up ....... you never know with NR :rotfl:

Bear in mind that if you close the SS account completely you'll get paid the interest due immediately. Then you can put that in your new e-saver account and get more interest on that interest. If there's a decent amount of interest due on any account it can be worth switching internally just for that reason.

The Silver Saver is now a closed account and no longer available to new applicants so there's no incentive for them to ever offer tempting rates on it again. The rate on closed accounts is usually allowed to just dwindle away to almost nothing to catch out those at the back of the class not paying attention.

Oblivion

earlgrey wrote: »

Bear in mind that if you close the SS account completely you'll get paid the interest due immediately. Then you can put that in your new e-saver account and get more interest on that interest. If there's a decent amount of interest due on any account it can be worth switching internally just for that reason.

The Silver Saver is now a closed account and no longer available to new applicants so there's no incentive for them to ever offer tempting rates on it again. The rate on closed accounts is usually allowed to just dwindle away to almost nothing to catch out those at the back of the class not paying attention.

Fair points, but keep in mind my earlier post. There is no guaranteed rate on the new e-saver, but there is on the Silver Saver. It is just possible that the SS will again become the winner for a while if rates drop quickly on the new account. I'm keeping a few quid in my SS just in case I need to use it again in the future.

Dave.

earlgrey_3

Oblivion wrote: »

Fair points, but keep in mind my earlier post. There is no guaranteed rate on the new e-saver, but there is on the Silver Saver. It is just possible that the SS will again become the winner for a while if rates drop quickly on the new account. I'm keeping a few quid in my SS just in case I need to use it again in the future.

Dave.

Base rate is currently 5% with some savings accounts now paying 2% above that. Seems unlikely that NR could ever be competitive without offering at least one account paying above base. Would be a very loyal customer who stayed if they didn't.

Need to work out how much interest is due and when it's scheduled to be paid to know how much not closing the SS account is costing you. E.g., if you've £1000 interest due that's not scheduled to be paid for 6 another months, then closing the account now and putting the interest in the new e-saver account should earn you enough to pay your internet bill for a month. If the interest due is only pennies then it's neither here nor there.

molly_mandy_2

I originally opted for my SS interest to be paid monthly and it's a lucky coincidence that it gets paid on the 19th of each month....Today! :j

So leaving £1 in SS, just incase I wish to use that account again is no big deal. With NR's track record, who knows what they will come up with next!