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  • FIRST POST
    • Hattie625
    • By Hattie625 22nd Jun 17, 11:12 AM
    • 751Posts
    • 599Thanks
    Hattie625
    Ulster Bank: Easy Access Savings Account at 1.25% pa
    • #1
    • 22nd Jun 17, 11:12 AM
    Ulster Bank: Easy Access Savings Account at 1.25% pa 22nd Jun 17 at 11:12 AM
    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 Funds can be withdrawn anytime with no penalty.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.
    Last edited by Hattie625; 06-08-2017 at 9:54 AM. Reason: Correction
Page 25
    • Chloe_G
    • By Chloe_G 6th Feb 18, 7:42 PM
    • 42 Posts
    • 8 Thanks
    Chloe_G
    I wish I hadn't opened it now.
    • glider3560
    • By glider3560 6th Feb 18, 7:48 PM
    • 3,582 Posts
    • 2,274 Thanks
    glider3560
    I've written a letter to close it.

    Given how short lived the "good" interest rate was and troubles getting a card for the reader, I'm not going to bother opening any further accounts with them.

    • Marksfish
    • By Marksfish 6th Feb 18, 7:59 PM
    • 192 Posts
    • 35 Thanks
    Marksfish
    Still not been notified of the change. Perhaps they are rolling it out in stages?
    • chels
    • By chels 6th Feb 18, 8:30 PM
    • 1,195 Posts
    • 4,589 Thanks
    chels
    I only received the email yesterday so it seems they are going out in batches.
    *2018*
    s GAINED: Cash 168.25 Vouchers 30.00
    LBs LOST: 0 / 28

    • Westin
    • By Westin 6th Feb 18, 9:37 PM
    • 1,371 Posts
    • 1,020 Thanks
    Westin
    I also got my notification of the interest rate reduction yesterday via email.

    What a disappointment this experience with Ulster Bank has been.

    A complete faff for many customers and I would expect a huge administrative burden on the bank.

    Fire those marketeers.
    • Yorkshire Pud
    • By Yorkshire Pud 6th Feb 18, 9:59 PM
    • 911 Posts
    • 610 Thanks
    Yorkshire Pud
    Seems pointless offering a market leading rate then failing to increase it when the BOE base rate increased, then reducing the rate making it a poor account. Not a great reward after the prolonged and painful account opening process. Barge pole, future, not.

    Ford money have consistently increased their savings rate on their easy access account, most recently from 1.17% to 1.22%. Not market leading but consistent and fair.
    • zilla6
    • By zilla6 7th Feb 18, 9:27 AM
    • 21 Posts
    • 2 Thanks
    zilla6
    lower rate April
    I have this account with Ulster and they have just emailed me to say that from Apr 6th the rate will drop to 1%.
    • roddydogs
    • By roddydogs 8th Feb 18, 8:01 AM
    • 5,995 Posts
    • 2,508 Thanks
    roddydogs
    It's just the way it is, no best rate stays best for long, it's just to lure you in and rely on the fact that some won't bother to switch. Lost count of the number of times I've switched!
    • Tom99
    • By Tom99 8th Feb 18, 9:02 AM
    • 2,261 Posts
    • 1,531 Thanks
    Tom99
    It's just the way it is, no best rate stays best for long, it's just to lure you in and rely on the fact that some won't bother to switch. Lost count of the number of times I've switched!
    Originally posted by roddydogs
    I have taken my money out of Ulster but re other banks, I have had an easy access account with Coventry for many years which now pays 1.4% after they put the rate up by 0.25% in December.
    • verntern
    • By verntern 8th Feb 18, 12:00 PM
    • 247 Posts
    • 136 Thanks
    verntern
    Will be interesting to see how quickly (or slowly) they close down this account for me. Fed up with the hassle. Posted my letter of closure (first class stamp) on Sunday Feb. 4th. Hopefully arrived with them Wednesday Feb.7. Such a primitive procedure. Chuckle, asked for faster payment into my main bank account. We will see
    • miller
    • By miller 8th Feb 18, 3:30 PM
    • 1,246 Posts
    • 441 Thanks
    miller
    Will be interesting to see how quickly (or slowly) they close down this account for me. Fed up with the hassle. Posted my letter of closure (first class stamp) on Sunday Feb. 4th. Hopefully arrived with them Wednesday Feb.7. Such a primitive procedure. Chuckle, asked for faster payment into my main bank account. We will see
    Originally posted by verntern
    There was a freepost address (this was taken from the signature verification envelope which I had from account opening, no special frankings or anything on it, so assume it could be penned onto a blank envelope). Not sure if freepost travels at the speed of first class or not, but anyway for the benefit of others who may have missed it:

    Freepost RRJA-GSKU-BXRB
    Ulster Bank
    Danesfort
    Stranmillis Road
    BELFAST
    BT9 5UB
    • adindas
    • By adindas 8th Feb 18, 7:17 PM
    • 3,561 Posts
    • 2,208 Thanks
    adindas
    Will be interesting to see how quickly (or slowly) they close down this account for me. Fed up with the hassle. Posted my letter of closure (first class stamp) on Sunday Feb. 4th. Hopefully arrived with them Wednesday Feb.7. Such a primitive procedure. Chuckle, asked for faster payment into my main bank account. We will see
    Originally posted by verntern
    Withdraw the balance and leave 1.01 will not do harm at all.
    When they have a new good product you do not need to experience a painful ID verification like the one you had when opening this account.

    When they are getting annoy with 1.01 account, let them do the job to close it.
    Last edited by adindas; 08-02-2018 at 7:34 PM.
    • verntern
    • By verntern 12th Feb 18, 3:27 PM
    • 247 Posts
    • 136 Thanks
    verntern
    Hope those who have gone through the tedious, primitive process of writing to them to CLOSE this account have a better outcome than me. Probably at least 4/5 working days now since they received my letter. Correctly addressed, containing my customer number, account number, sort code of my bank account for the proceeds to be paid into and my signature. Still nothing. This sorry saga may eventually beat the record of time taken to open the account to that of closing it.
    Last edited by verntern; 12-02-2018 at 3:28 PM. Reason: Additional text
    • glider3560
    • By glider3560 12th Feb 18, 5:30 PM
    • 3,582 Posts
    • 2,274 Thanks
    glider3560
    I posted a closure letter on Sunday 4th February to the freepost address given in this thread. Closing statement received today, dated 8th February.

    Note sure if this was due to the letter, or becasue I lowered the balance to zero. Either way, it's closed.

    • darren72
    • By darren72 12th Feb 18, 7:32 PM
    • 1,187 Posts
    • 258 Thanks
    darren72
    I posted a closure letter on Sunday 4th February to the freepost address given in this thread. Closing statement received today, dated 8th February.

    Note sure if this was due to the letter, or becasue I lowered the balance to zero. Either way, it's closed.
    Originally posted by glider3560
    Sounds very straightforward. I'm going to wait until nearer the time of the rate drop - but thanks for the update.
    • Marksfish
    • By Marksfish 2nd Mar 18, 8:23 AM
    • 192 Posts
    • 35 Thanks
    Marksfish
    I still haven't received any notification of the rate dropping. What happens if I don't get any notification, does it still drop?
    • Tom99
    • By Tom99 2nd Mar 18, 8:31 AM
    • 2,261 Posts
    • 1,531 Thanks
    Tom99
    I still haven't received any notification of the rate dropping. What happens if I don't get any notification, does it still drop?
    Originally posted by Marksfish
    Yes it will drop - you then complain but I am not sure how far that will get you.
    • miller
    • By miller 15th Mar 18, 10:32 AM
    • 1,246 Posts
    • 441 Thanks
    miller
    The closure was done within a week. However, if you want a paper closure statement, I'd recommend turning paper back on before sending the request. It's no big deal, but the only way I'd known the request had been actioned was when my online access stopped working.
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