Closing and reopening an Ulster Bank eSavings Plus account?

V

VanZan

Registered User
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I have an eSavings ePlus account with Ulster Bank. However I no longer have over £15000 (which is the minimum amount in order to get interest) in savings in the account. I probably won't have this amount for another 2 years. Can I close the account now and reopen it in two years time and will I get the introductory bonus? Or will I be prohibited from opening another one and should just keep the existing one I have open? I have nothing in it at the moment. What little I do have is in an ordinary eSavings account. The question is probably academic anyway as hopefully by 2 years time they'll be something better. Thanks for any help :)
 
Strictly speaking no. It needs to be "new money". If you manage to persuade Ulster Bank they might let you.

Alternatively, go for the below account with a higher rate.

[broken link removed] (Discuss)
3.30% on €2,000 minimum to €2,000,000 maximum.
Note 1: Instant access.
Note 2: NB: Interest is reduced if more than 6 withdrawals are made a year (Apr-Mar).
Deposit Protection: UK Financial Services Compensation Scheme
Click to expand...
 
Just a note on the UB esavings plus account:
There are restrictions on this account which make it very awkward if you are depositing a large amount of money and you need to make big withdrawals.
1) you cannot withdraw more than (i think) 15k/day for security reasons.
2) if you make a withdrawal in a calendar month, you wont receive interest for that month on the whole amount deposited.
3) to withdraw a large amount you need to send a letter to UB stating what you need and they will post you out a cheque (or wire it via ebanking after the letter is processed)

If you have a large amount of money and deposit it here, it is very messy to try to withdraw a large portion of it, as you will end up losing a month's interest, or waiting on a cheque to be issued after you have sent UB a withdrawal letter!!
There are much better ebanking account out there.
 
Yeah, the Ulster Bank T&C's are very stringent and full of catches. They are all noted in the best buy threads.
 
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