Newcastle Building soceity

apt

thor wrote: »

It is no surprise but Newcastle appear to be leading the field with this tactic. Has anyone else managed to have an account out that has got to issue 8?:eek:

No, but they just change the name as has Newcastle BS with its latest online easy access account which pays 2.5%.

Baldur

hansi wrote: »

I thought it was just an ordinary online instant account albeit with a reasonable rate of interest.

It doesn't pay to 'think' as far as accounts are concerned - read the Product Terms & Conditions.

apt

hansi wrote: »

I've just had a look at their website and it says the account will "mature in 2011". What's that all about?. I thought it was just an ordinary online instant account albeit with a reasonable rate of interest.

This is what it's about

'On maturity the account will automatically transfer to the Newcastle's maturity account. We will write to you prior to maturity to advise you of any amendments to the Terms & Conditions of your account. Following the day of maturity you have 28 days in which to withdraw funds penalty free, thereafter the maturity account Terms & Conditions will apply.'

Many of Newcastle's older accounts pay 0.01% including one called Extra High interest. So you would need to move your money 'on maturity' to avoid joining them.

thor

apt wrote: »

This is what it's about

'On maturity the account will automatically transfer to the Newcastle's maturity account. We will write to you prior to maturity to advise you of any amendments to the Terms & Conditions of your account. Following the day of maturity you have 28 days in which to withdraw funds penalty free, thereafter the maturity account Terms & Conditions will apply.'

Many of Newcastle's older accounts pay 0.01% including one called Extra High interest. So you would need to move your money 'on maturity' to avoid joining them.

I was going through Newcastle's account as well today and too saw this strange hybrid . 2.5% is actually not bad for the Newcastle in this climate so I immediately suspected a catch in the terms and conditions. But it seems getting trapped at maturity is the only one and would be very easy to navigate by making sure to remember to withdraw when the time comes. Being a veteren mse'er I was expecting short term bonuses, penalty for withdrawals, the rate being fixed etc but happily could not find any.
I can't believe I am actually considering putting some money back into them. It surely won't last before issues 2,3,4, etc arrive though!:mad: