Northern Rock Question

Hi there,

I opened a Northern Rock Demand on-line account, and on Tuesday last (10th) I received an email saying my account had been opened and I also received a letter in the post that day, however so far the €1000 opening balance (which I instructed them to take from my BOI current account) hasn't appeared in the NR account or been taken from my BOI account.

Just wondering did others who opened an account experience this?

Thanks
Wollran

The cheque probably hasn't been cashed or cleared yet. Keep and eye on it and if the money doesn't move within the next few days query it with BoI.

Is it possible to transfer money from a deposit account to an account that I will open with Northern Rock?

I think the form allows for the opening balance to be transferred electronically or by direct debit or something like that. After that it's possible to transfer money in and out electronically or (as I do) in using the bill payment facility on my online banking.

My account is a saving one and I wounder if it is the same as paying bills etc?

I don't understand what you mean. Perhaps you can clarify?

wollran,

Can take a few days for lodgement to go through.

When transferring money electronically quote your account number with Northern Rock in the reference field.

You could always email Northern Rock when you have signed in to your account on the Northern Rock website.

ClubMan, I do not have a current account with BoI only a deposit account, I also I have not as yet opened a account with NR but am hoping to do so soon as the BoI rates are disgracefull!

Suggest you open an NIB [broken link removed] current a/c, Roy. I still have an old BoI deposit a/c, but only for my salary to be paid into and my (BoI) credit card to be paid out of (usually a close-run match!)

Wollran

The instructions for opening an NR account can be confusing. My understanding is that the nominated account is for sending your withdrawals, interest etc. You actually have to enclose a cheque or instruct your Bank (nominated account) to send the money to your new NR account.

Speaking of NR, I saw a good article in the Money section of the Sunday Times last week on deposit rate league tables. It pointed out that the min deposit is often shown but rarely will you see the max deposit amount allowed eg the new BoSI top rate of 3.75% is capped on deposits of 50k. Your NR account rate of 3.25% is capped at 3m. Both good numbers by any standard but something to watch out for when comparing deposit rates.

[broken link removed]