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Investment Accounts

What documentation do I need to open an investment account?

Unless you are an existing account holder with the Newcastle Building Society, we will require proof of identity and residency before you can open an investment account. For further details please ask for our leaflet entitled "Proof of Residency and Identity".

When do I earn interest on my cheque investment?

If you make your investment by cheque, you will earn interest from the second working day after receipt (inclusive) until the day prior to withdrawal (working days do not include Saturdays, Sundays, or Bank Holidays). For security reasons, this cheque should be made payable to Newcastle Building Society Re: the person who is opening the account (the "account holder(s)").

Where do I find out about product Terms and Conditions?

We are committed to ensuring that you are fully familiar with the terms and conditions of your chosen account before you decide to invest. As a result you will find that any terms and conditions associated with your chosen account are printed in the associated product leaflet. In the event that the Society changes the terms and conditions of your account (other than a change to interest rates) you will be notified in writing. Notice will be given 30 days prior to the change if the change is considered to be detrimental and within 30 days of making the change if it is to your benefit.

Will I receive an account statement?

Statements will be issued to you in accordance with the terms and conditions associated with your account i.e. annually or monthly. In the event that you have a query with your statement, or passbook entry, please contact us on 0191 244 2000.

What if I have to change my personal Details?

In the event that you change your personal details such as name, address etc. you should notify the Society immediately in writing. Alternatively you can complete a "Change of Details Form" and return this to us together with suitable proof of residency and identity.

Will I receive account documents?

Account documents will be provided to you when you open an account. You are advised to produce these whenever you wish to make additional investments or withdrawals. You should also remember that your account documents belong to us and you must take care to keep your account documents safe and to prevent them from being lost, stolen or used by anyone else. If you do lose your account documents this should be reported to us immediately. Although we will endeavour to issue new account documents to you as quickly as possible this process could take up to fourteen days.

What do I need to operate a Direct account?

If your account is a non passbook account you will be given a password and / or unique User ID for security reasons. You will need to advise us of this information in order to operate your account. Please note that Newcastle Building Society can not be held liable for unauthorised use of your User ID / Password information.

In order to prevent the unauthorised use of your account you are advised to take the following precautions:

  • Destroy any notification you receive once the information has been memorised
  • If you need to make a note of this information please try to ensure that this is written in a way that is only recognisable by yourself i.e. in code and that the information is kept in a safe place
  • Take care to ensure that nobody else can observe you when you are using this information to gain access to your account
  • Never store this information on your PC

Failure to use the correct User ID and / or Password will mean that you will be unable to make any withdrawals from the account.

If you suspect that your User ID / Password has been discovered by someone else or you have lost these details please call us immediately on 0845 606 5522 so that we can place a stop on your account.

We will then provide you with a new User ID / Password. In certain circumstances it also may be necessary for you to provide us with suitable proof of residency and identity.

What if I need to stop a cheque?

If for any reason you need to stop a cheque you must contact us as soon as possible. We will then investigate the matter to see whether the cheque has been presented and if it can be stopped. A cheque can only be stopped if it has been lost or stolen and written confirmation will be required and you will be asked to indemnify the Society.

How soon can I withdraw against a cheque investment?

Six working days must elapse before withdrawals will be permitted against cheques paid into an account (other than by special clearance).

For example, taking the case of a cheque paid on a Monday:

  • Day 0 - Monday
    Customer pays in cheque
  • Day 2 - Wednesday
    Credit interest payable (if a feature of the account) or overdraft interest reduced.
  • Day 4 - Friday
    Customer allowed to withdraw the cheque proceeds (not necessarily for savings accounts)
  • Day 6 - Tuesday
    Certainty that cheque will not bounce. Proceeds can be withdrawn from a savings account if the account allows withdrawals

What if I lose a cheque you have issued?

If a cheque which we have given to you for a cheque withdrawal is lost or stolen you must inform us immediately and we will then do what we reasonably can to stop the cheque. (If the cheque has been presented for payment and honoured, then we will be unable to stop the cheque).

What would happen if my cheque were to be returned unpaid?

On occasion we do receive unpaid cheques from investors. If this situation should affect you we will notify you in writing to inform you of what actions are required.

What if I forget to present a cheque issued by the Newcastle?

In the event that a cheque is drawn from your account but not presented within 6 months, then the cheque will be re-credited to your account.

Who do I make cheques payable?

For security reasons you are advised to make your cheque payable as follows - Newcastle Building Society, Re Your Name, Account Number XXXXXXX (if known). In addition please remember to draw a line through any unused space on the cheque.

On what basis do you operate joint accounts?

If your account is a joint account the terms and conditions associated with the account will apply to both account holders, i.e. both together and separately.

Are both holders required to sign for withdrawals on a joint account?

At the time of applying to open a joint account you may be asked to specify whether you wish withdrawals and transfers to be permitted against any one of the account holders instructions or both account holders. Following this your account will be operated in accordance with these instructions.

What happens if there is a dispute between joint account holders?

In the event of a dispute between joint account holders or if they become divorced or separated the Society must be notified immediately in writing by one or both account holders. Following this we will only permit withdrawals from the account upon receipt of a signed instruction from both account holders.

What happens if one holder on a joint account dies?

In the event of the death of any customer the account will remain open in the name of the remaining account holder(s).

Do you send communications to both holders on a joint account?

Unless we receive written notification requesting correspondence to be sent to both account holders, all correspondence will be sent to the first named account holder only.

Who has membership rights on a joint account?

For membership purposes only the first named account holder on a joint account will be given membership rights of the Society.

How much can I withdraw from my account at one of your branch offices?

Withdrawals from investment accounts are available by cash or cheque from our branches, subject to cleared funds being available in your account, a passbook being produced and suitable identification being provided.

Cleared funds are defined as cash investments or cheques, which have been paid into your account six days previously. Withdrawals are available as follows:

  • A maximum of £500 cash from any account in any one day
  • Cheques totalling £50,000 from any account in any one day

What if I need a cheque for more than £50,000?

Cheques in excess of this amount are available by post within 3 working days from our Principal Office:

Portland House
New Bridge Street
Newcastle upon Tyne
NE1 8AL

Alternatively telegraphic transfers can be arranged with suitable notice and payment of the necessary fee. Please note: Details of withdrawal terms at our network of agents can be obtained from your local branch or our Principal Office.

Can I change my mind about opening an account once I've applied?

If you are not happy with your choice of account, you have the right to cancel the account within 14 calendar days (excluding public holidays) of your receipt of a letter from the Newcastle Building Society confirming that your account has been opened. Any requests to cancel must be made in writing to the Society's Principal Office. If you decide to cancel, the Society will send a cheque to cover your original investment, plus any interest earned. Interest will be paid at prevailing Nova Plus rates, subject to the deduction of the lower rate of tax (currently 20%). This right can be exercised regardless of the notice period applicable to the account.

Is my interest rate Fixed?

Unless otherwise specified on your product literature all interest rates are variable and may be changed at any time.

Why do you change interest rates?

We may need to vary the interest rate on your investment account to bring the interest rate into line with any variations applied by the Chancellor of the Exchequer, or the Bank of England.

I think I have an account with you. How can I trace it?

To help us trace your account you will need to complete a Dormant Savings Account (PDF) leaflet.