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Ulster Bank: Easy Access Savings Account at 1.25% pa

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Ulster Bank: Easy Access Savings Account at 1.25% pa

edited 6 August 2017 at 9:54AM in Savings & Investments
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Hattie625Hattie625 Forumite
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edited 6 August 2017 at 9:54AM in Savings & Investments
Ulster Bank are now offering an Easy Access savings account paying 1.25% per annum, which easily beats all other offerings for accounts of this type. Funds can be withdrawn anytime with no penalty.

Opened and operated online. Minimum balance £1, maximum £5 million.

Available to UK residents of 18 or above (edited to correct age limit; previously incorrectly stated to be 16)

This would be useful to hold short-term money which is to be drip-fed into a regular saver account (or accounts).



(This has been mentioned on the Instant Access Savings Account Discussion thread, but I thought a separate thread would be useful to highlight this account).

EDITED TO ADD (28 JULY, FURTHER EDITED 6 AUGUST)


Before applying online to open this account, please be aware that the online opening process can be slow and it may be several weeks before you are in a position to fully operate the account (That said, my account was up and running within 2-3 weeks of initial application; while this is certainly slower than other savings account offerings, it was not undue and worth the wait).

PLEASE ALSO BE AWARE OF THE FOLLOWING:-

To withdraw funds from the account to another (non Ulster Bank) account, you require an Ulster Bank Anytime Banking card, a PIN for that card and a card reader. You need to apply for a card reader online (it will not be automatically sent). You should apply as soon as you have online access to the account. According to the Ulster Bank information for this account, an Anytime Banking card and PIN will automatically be sent to you when you apply for a card reader. However some people on this thread are reporting unacceptable delays in receiving the card, PIN or card reader, or UB denying that an online order was made. (Note:- if you have the card and PIN, it has been reported on this thread that a card reader issued by another bank will work to enable you to withdraw funds from this account). It has also been reported that you can use the Ulster Bank mobile phone app to withdraw (up to) £250 per day to another account without requiring the card, card reader and PIN. It is suggested that you do not rely on this but follow the commonsense rule which follows in bold lettering DO NOT LODGE FUNDS INTO THIS ACCOUNT UNTIL YOU ARE IN POSSESSION OF THE CARD, PIN AND A CARD READER AS IT WILL NOT BE POSSIBLE TO WITHDRAW FUNDS (BEYOND £250 PER DAY AFTER THE INCONVENIENCE OF DOWNLOADING AND USING THE MOBILE PHONE APP) UNTIL YOU HAVE THESE.
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Replies

  • alanqalanq Forumite
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    Hattie625 wrote: »
    Available to UK residents of 16 or above.

    "You'll need to be 18 or over and a UK resident"
    http://digital.ulsterbank.co.uk/personal/savings/instant-access-accounts/eSavings.html
  • Morus193Morus193 Forumite
    15 posts
    Would this account appear and work on the RBS app if opened?
  • I'm just opening one of these for house sale proceeds, they need to do a few more checks as I've just moved into a rental, but the initial application was easy.
  • fworfwor Forumite
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    Does anyone know if Ulster Bank uses Faster Payments for transfers out of the account?

    One of the problems I've had with, for example, RCI, is that their withdrawals process can be a bit protracted - IIRC you have to invoke the transfer before 10am for same day transfers to work - otherwise it's "next working day".
  • roddydogsroddydogs Forumite
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    Great, but I bet if I transfer my money, they'll drop the rate, just like West Brom BS have!
  • johnwhyjohnwhy Forumite
    8 posts
    This is information for anyone trying to open the New 1.25% On-line Savings account with Ulster Bank.
    It says you can use your Driving Licence for identification when applying for the account. At present this is not an option as you can only use either a Valid Passport or EU Card. (my passport ran out).
    I reported this issue to Ulster Bank yesterday 21/6/17.

    Hopefully they will sort it out soon.

    Thank you.
  • edited 22 June 2017 at 3:11PM
    alanqalanq Forumite
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    edited 22 June 2017 at 3:11PM
    How is it that Ulster Bank which is part of the RBS group can offer much better rate than NatWest which is part of the same group?

    Something to do with the IT meltdown a couple of years back damaging the Ulster Bank brand even more than that of RBS?
  • tg99tg99 Forumite
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    fwor wrote: »
    Does anyone know if Ulster Bank uses Faster Payments for transfers out of the account?

    One of the problems I've had with, for example, RCI, is that their withdrawals process can be a bit protracted - IIRC you have to invoke the transfer before 10am for same day transfers to work - otherwise it's "next working day".

    I asked them this before opening my account and they said they do use FPS for outgoing payments so in theory should turn up more or less instantaneously. Not been able to test it yet though as account only just opened. Max £20k per working day allowed to be transferred out.
  • fworfwor Forumite
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    tg99 wrote: »
    I asked them this before opening my account and they said they do use FPS for outgoing payments so in theory should turn up more or less instantaneously. Not been able to test it yet though as account only just opened. Max £20k per working day allowed to be transferred out.

    Thanks - I can live with the £20k per day. I might give them a go then (but staying ready to ditch them immediately if they do a quick rate drop!).
  • veryintriguedveryintrigued Forumite
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    alanq wrote: »
    How is it that Ulster Bank which is part of the RBS group can offer much better rate than NatWest which is part of the same group?

    Its the influence of the DUP already!
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