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Post by df on Apr 29, 2024 11:56:37 GMT
Ulsterbank still offering 5.2% Instant Access on balances over 5K Loyalty Saver An instant access savings account. Access your savings via mobile app, online banking, by phone or in branch On balances between £1 - £4,999 earn 2.25% AER/Gross p.a. (variable) On balances £5,000 and over earn 5.20% AER/Gross p.a. (variable) No deposit needed Available to UK residents aged 16+ I just googled this from MSE forum, is this why MSE don't list Ulster Bank ?
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Seduced by the promise of a good interest rate, and in the absence of any **warnings** on the comparison websites, I opened an Ulster Bank savings account although the process was far more labyrinthine than it usually is when opening an account. I paid quite a lot of money into it. The paying-in process was very easy. TOO EASY as I then discovered when I decided to try taking some money out. YOU CAN'T! So I then decided to just close the whole account. BUT YOU CAN'T! The guy on the phone was flummoxed and had to go away for a long time, and ask his line manager. When he came back he told me the only way you can get your money out of an Ulster Bank savings account is to have an Ulster Bank current account. OR (he suggested) go to a Natwest branch and ask them to do it. So I went to my local Natwest branch in London where the (very helpful) lady said there was nothing she could do. She did, however, manage to download a "close account" form which, however, she couldn't sign because she doesn't work for Ulster Bank. She suggested I write a letter to Ulster Bank in Belfast, giving all my details and enclosing the form the lady couldn't sign. Then she VERY KINDLY put the form and my letter in a NatWest envelope and posted it off for me. As of today 27 December I am waiting to see if they close my accoun as requested. so BE WARNED: UNLESS YOU LIVE IN NORTHERN IRELAND do NOT open any accounts with Ulster Bank. " I've been using this account for 5 months now and so far never had any problems with withdrawals. It's not clear from the above post why the bank denied the access to their money.
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Post by overthehill on Apr 29, 2024 12:35:31 GMT
I just googled this from MSE forum, is this why MSE don't list Ulster Bank ?
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Seduced by the promise of a good interest rate, and in the absence of any **warnings** on the comparison websites, I opened an Ulster Bank savings account although the process was far more labyrinthine than it usually is when opening an account. I paid quite a lot of money into it. The paying-in process was very easy. TOO EASY as I then discovered when I decided to try taking some money out. YOU CAN'T! So I then decided to just close the whole account. BUT YOU CAN'T! The guy on the phone was flummoxed and had to go away for a long time, and ask his line manager. When he came back he told me the only way you can get your money out of an Ulster Bank savings account is to have an Ulster Bank current account. OR (he suggested) go to a Natwest branch and ask them to do it. So I went to my local Natwest branch in London where the (very helpful) lady said there was nothing she could do. She did, however, manage to download a "close account" form which, however, she couldn't sign because she doesn't work for Ulster Bank. She suggested I write a letter to Ulster Bank in Belfast, giving all my details and enclosing the form the lady couldn't sign. Then she VERY KINDLY put the form and my letter in a NatWest envelope and posted it off for me. As of today 27 December I am waiting to see if they close my accoun as requested. so BE WARNED: UNLESS YOU LIVE IN NORTHERN IRELAND do NOT open any accounts with Ulster Bank. " I've been using this account for 5 months now and so far never had any problems with withdrawals. It's not clear from the above post why the bank denied the access to their money.
I've no idea but there must be a reason. I can't see any reason looking at the UB website. AFAIK MSE don't solicit, they rely on the banks/BS notifying them.
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benaj
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Post by benaj on Apr 29, 2024 22:57:19 GMT
No idea why Ulster would denied access for withdrawal. Back in mid March, I planned my withdrawal to empty the piggy bank in Ulster, for some strange reasons, the daily withdrawal limit wasn’t “reset” after 24 hours. I waited one extra day and nothing reset. So I picked up the phone in the morning and asked why it wasn’t reset. The staff didn’t know how to “fix” it but then I told them about the temporary higher withdrawal and the person guided me to make the higher limit payment. This month I also made three withdrawals with my Loyalty saver account. Ranging from £££ to £££££. Last withdrawal was this morning prior overthehill post. Edit: it seems closing an Ulster bank saving account can be done “easily” with internal transfer. Closing the only “savings” account with Ulster can be done in writing but might require further “identification check” www.ulsterbank.co.uk/support-centre/help-with-your-product/current-accounts/how-do-i-close-an-account.html#accordion-82926c060c-item-a2118ee6d7
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Mike
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Post by Mike on Apr 30, 2024 13:41:12 GMT
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ilmoro
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Post by ilmoro on Apr 30, 2024 13:49:01 GMT
Trading 212 pays 5.2% interest on uninvested funds with instant access. (Some potential important caveats - funds may be held in QMMFs)
Same rate for ISA, (not flexible though)
Currently offering 1% cashback on all ISA deposits made this financial year (last day today)
Free share for referrals.
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benaj
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Post by benaj on May 1, 2024 9:52:08 GMT
Yes I too found that the Chase account works smoothly once you are in it. Also had problems transferring funds to it caused entirely by the sending bank. they also could not say what amount would go under the fraud radar, they said it was not a fixed amount but rather one which their AI decided was unusual. I notice that Chase do not operate the account name checking system recently introduced by the clearing banks so I suspect that is the root of the problem. I don't think the inability to match the name is the problem. I have this habit to transfer £1 first, so I did that with Halifax - set up and transferred £1, it went through, no problem. Next I attempted to transfer the remaining £4999 and that brought me to fraud radar. I suppose it was an unusual transaction - since opening the account I didn't withdraw, except £5 monthly rewards. 😅 I didn’t know Halifax has been cheeky about “giving” out £5 monthly reward. Just discovered they stopped paying because I haven’t “renewed” my reward option. I couldn’t find anywhere renewal is a must in T&C for receiving rewards. Anyway, complaint raised and find the “hidden” option to renew monthly reward at the very bottom screen in the app.
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dave4
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Post by dave4 on May 1, 2024 11:38:59 GMT
I don't think the inability to match the name is the problem. I have this habit to transfer £1 first, so I did that with Halifax - set up and transferred £1, it went through, no problem. Next I attempted to transfer the remaining £4999 and that brought me to fraud radar. I suppose it was an unusual transaction - since opening the account I didn't withdraw, except £5 monthly rewards. 😅 I didn’t know Halifax has been cheeky about “giving” out £5 monthly reward. Just discovered they stopped paying because I haven’t “renewed” my reward option. I couldn’t find anywhere renewal is a must in T&C for receiving rewards. Anyway, complaint raised and find the “hidden” option to renew monthly reward at the very bottom screen in the app. Reward is 12 months, then really and select reward. It is clearly stated somewhere.
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ilmoro
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Post by ilmoro on May 1, 2024 12:25:03 GMT
I don't think the inability to match the name is the problem. I have this habit to transfer £1 first, so I did that with Halifax - set up and transferred £1, it went through, no problem. Next I attempted to transfer the remaining £4999 and that brought me to fraud radar. I suppose it was an unusual transaction - since opening the account I didn't withdraw, except £5 monthly rewards. 😅 I didn’t know Halifax has been cheeky about “giving” out £5 monthly reward. Just discovered they stopped paying because I haven’t “renewed” my reward option. I couldn’t find anywhere renewal is a must in T&C for receiving rewards. Anyway, complaint raised and find the “hidden” option to renew monthly reward at the very bottom screen in the app. It's always only been valid for a year. Pretty sure it stated as such when you signed up. Didn't you get reminder emails? I got them even though when I went to renew it told me I already had. Mentions a year in two places in the spiel
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benaj
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Post by benaj on May 1, 2024 12:48:00 GMT
Reward Extras Terms and Conditions These terms and conditions apply to Ultimate Reward Current Account and Reward Current Account customers who have selected Reward Extras. • To qualify for any Reward Extras Offer in any calendar month you will need to stay in credit and pay at least £1,500 mto your account • When you select Reward Extras, we will invite you to choose from the different Offers available for your account • You can only choose one Reward Extras Offer for each account, even if the account is in joint names • Tyou havl met ore son frons for our chosen Ofer the payment vil be made into your account or you vill eceive the lifestyle benefit during the following month. Your account must remain open for any chosen Offer to be provided to you; for example, if you have chosen the cash Monthly Reward and you meet the Offer conditions in April but close your account in May before the payment is made, you won't receive April's payment • We will contact you before the end of the Offer period, either by writing to you or, if you have agreed, by sending you an email or text message, to tell you what will happen next
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zlb
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Post by zlb on May 3, 2024 9:26:19 GMT
thanks. But they are top-ish of table now. Perhaps it's the usual end of year deal which will change shortly after year end... unless that practice is at an end these days. We're told the age of low interest is over but... Yes, best ISA deals tend to come out at the end of financial year. It's a good time to grab them even if you have ran out of your allowance because the funding window lets you deposit after 6th April. My experience has been that they offer these rates and then lower them very soon afterwards. Maybe online enables people to transfer out of these accounts more easily, so the banks etc are more inclined to keep rates up. Idk. Thanks for tip of funding window.
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p2pfan
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Post by p2pfan on May 3, 2024 11:43:10 GMT
I've been using this account for 5 months now and so far never had any problems with withdrawals. It's not clear from the above post why the bank denied the access to their money.
I've no idea but there must be a reason. I can't see any reason looking at the UB website. AFAIK MSE don't solicit, they rely on the banks/BS notifying them.
What's the process for somebody outside Northern Ireland withdrawing money from or closing down an Ulster Bank savings account? The 5.2% interest rate for an instant access savings account is enticing, but I've been reading that people have had to jump through a lot of hoops and suffered considerable hassle to withdraw larger sums from their Ulster Bank savings accounts?
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benaj
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Post by benaj on May 3, 2024 12:41:05 GMT
I've no idea but there must be a reason. I can't see any reason looking at the UB website. AFAIK MSE don't solicit, they rely on the banks/BS notifying them.
What's the process for somebody outside Northern Ireland withdrawing money from or closing down an Ulster Bank savings account? The 5.2% interest rate for an instant access savings account is enticing, but I've been reading that people have had to jump through a lot of hoops and suffered considerable hassle to withdraw larger sums from their Ulster Bank savings accounts? I have been using Ulster Loyalty Saver since October 23. Like any instant saving account, withdrawal is instant but subject to 20k daily limit. Anyone who have registered face biometrics can request one off high value payment (up to 100k), I managed to make an one off 50k withdrawal once. Closing the Ulster savings account can be straightforward as long as you can transfer the fund internally to another Ulster account. Otherwise, it has to be done in writing subject to “identity check”. www.ulsterbank.co.uk/support-centre/help-with-your-product/current-accounts/how-do-i-close-an-account.html#accordion-82926c060c-item-bf0d2d8b30
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Post by mostlywrong on May 7, 2024 13:36:29 GMT
Strictly speaking, this isn't a savings account offer and the offer has already closed but it shows something that became available at very short notice. I found this whilst searching the IPO page on ii.co.uk:
The offer was for a 6 month Gilt at a discount of ~2.5% and was open for 2 days only.
II reckons that is equivalent to 5.15% pa.
I could not see any mention of a fee and II does not usually charge for holding stock (although I might be wrong...).
The capital gain on a Gilt is tax-free. Bonus.
Do not be surprised if that link vanishes.
And keep your eyes open!
MW
Edited to correct my error: RTFM!
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cb25
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Post by cb25 on May 7, 2024 15:21:29 GMT
Strictly speaking, this isn't a savings account offer and the offer has already closed but it shows something that became available at very short notice. I found this whilst searching the IPO page on ii.co.uk:
The offer was for a 6 month Gilt at a discount of ~2.5% and was open for 2 days only.
II reckons that is equivalent to 5.15% pa.
I could not see any mention of a fee and II does not usually charge for holding stock (although I might be wrong...).
The capital gain on a Gilt is tax-free. Bonus.
Do not be surprised if that link vanishes.
And keep your eyes open!
MW
As the ii page says, it's NOT a Gilt but a "6 Months UK Treasury Bill Maturing on 28-Oct-2024". Not knowing the difference, I followed the Everything you need to know about UK Treasury Bills link. Downsides to Treasury Bills: "Can you sell them before they mature? No, you can’t" and "How are they taxed? They are not classified as gilts for taxation purposes ...This means that any gains from UK Treasury Bills are taxed as income, rather than capital gains."
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Post by mostlywrong on May 7, 2024 15:38:57 GMT
Strictly speaking, this isn't a savings account offer and the offer has already closed but it shows something that became available at very short notice. I found this whilst searching the IPO page on ii.co.uk:
The offer was for a 6 month Gilt at a discount of ~2.5% and was open for 2 days only.
II reckons that is equivalent to 5.15% pa.
I could not see any mention of a fee and II does not usually charge for holding stock (although I might be wrong...).
The capital gain on a Gilt is tax-free. Bonus.
Do not be surprised if that link vanishes.
And keep your eyes open!
MW
As the ii page says, it's NOT a Gilt but a "6 Months UK Treasury Bill Maturing on 28-Oct-2024". Not knowing the difference, I followed the Everything you need to know about UK Treasury Bills link. Downsides to Treasury Bills: "Can you sell them before they mature? No, you can’t" and "How are they taxed? They are not classified as gilts for taxation purposes ...This means that any gains from UK Treasury Bills are taxed as income, rather than capital gains." Thanks. I did not read the small print... mea culpa.
I will edit my script.
I assumed that it was a Gilt. No wonder I could not find it in the list of Gilts elsewhere.
MW
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