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Savings: frequently asked questions

Get a quick answer to all your savings questions by viewing our frequently asked questions below.

How can I withdraw from my account?

Withdrawals can generally be made to either your nominated bank account or via cheque to the address registered on your account.

Who will the cheque be made payable to?

All cheque withdrawals requested by telephone must be made payable to the account holder’s full name. 

If a cheque is required to be made to a third party, we require signed confirmation from the account holder. This cheque will be sent to the account holder's registered address.

How long does it take to transfer funds to my nominated bank account?

If you set up a payment online, our website will ask you for the date you wish for the funds to leave your account. As requested, the funds will leave that day and reach your nominated bank by close of business the following working day.

Do you offer a faster payment facility?

Unfortunately we don’t. We offer a Standard Payment facility for withdrawals; this will ensure your funds will reach your nominated bank account within two working days of leaving the Society. This came into effect as of the Payment Service Directive January 2012.

Do you offer a CHAPS facility?

We only offer CHAPS for house purchases and a charge of £30.00 is incurred.

What are the bank account details that I need to use for funding the account?

Please use the following details to fund your Newcastle Building Society account:

  • Sort code: 23-59-54
  • Bank Account number: 00000008
  • Reference: Your full individual NBS account or reference number (For example ABC 1234567 XYZ, failure to quote your full account number may result in the payment being returned.)

Please make sure that you correctly quote the beneficiary name and payment reference when you make a payment.

Confirmation of Payee

“Confirmation of Payee” has been introduced for electronic payments. This service checks the beneficiary name in the payment instruction against the name of the account where the payment is to be sent.
 

What is changing? 

When you attempt to make a payment to your savings account with us for the first time you may receive a warning message from your bank or building society. Some examples of the warning messages you may receive might be no match or unavailable. This means your bank have not been able to check the name of the account holder for the payment you are attempting to send and this is because we are not currently part of the Confirmation of Payee scheme.

What is Confirmation of Payee?

This is a service being launched between the largest UK banking groups (Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, Royal Bank of Scotland Group and Santander UK). This service has been designed to help protect payments from scams, fraudsters and payments going to the wrong account by checking the name in your payment instruction to the name of the account where the payment is to be sent, helping to make sure you’re paying the right person. 

We see the value in this new scheme and are keen to participate as soon as the scheme is able to support more banks and building societies.

Sending payments to us

As we are unable to participate in the scheme at this time, when you attempt to make a payment to us for the first time you may get a response from your bank informing you that the name does not match, or is unavailable due to the provider of the account you are attempting to send money to is not a member of the Confirmation of Payee scheme.

Until the scheme is extended we will unfortunately not be able to provide a name match response to your bank.

Should you wish to quote ‘Newcastle Building Society’ as the beneficiary (in the payee field) you should then receive a match status.

As always, we encourage you to double check the details you enter are accurate when moving money, including when sending payments to us. 

If you have any concerns please contact us on 0345 734 4345 (lines are open 8am - 6pm, Monday to Friday), or visit us in branch where we'll be happy to help.

For further information on Confirmation of Payee please visit UK Finance or Pay UK.

Can I send in a cheque to fund my account?

Yes, please make this payable to yourself with the reference: Newcastle Building Society. Also, please quote your account number on the back of the cheque or on the accompanying letter.

Can I change from a single to a joint account?

Yes you can, although you will need to complete an ‘addition of account holder form’. The additional applicant may be required to send paper documents to confirm their identity and address. Please note ISAs can only be held in a single name.

Can I change from a joint to a single account?

Yes, of course. We will ask you to send in written confirmation to us asking us to change the account to a single account. Please note, this must be signed by all existing account holders.

Can you send correspondence to another address?

No we can’t. We would only do this if Power Of Attorney were registered on the account, or as part of our death of investor process.

I have changed address, what do I need to do?

Change of address can be notified either in writing or by visiting any of our branches. If you are writing to us, the letter must detail both new and previous addresses. The letter must also be signed by all account holders and state all account numbers.

If you have an online savings account you can change your address by logging onto your account and going to the ‘change details’ section.

I’ve recently got married, what do I need to do to change my account details?

Congratulations! You can send us your original, or a certified copy, of your marriage certificate and a letter signed with your old and new signatures. Or, we can send a form for you to complete but we would still need sight of the marriage certificate. You can also visit one of our branches where our helpful staff will be able to process this change.

How can I change my e-mail address?

You may change this by writing to us with a signed and dated letter or alternatively, send us a secure message from your savings online account. You can also visit one of our branches to process this change. We cannot take this request over the telephone or via e-mail.

When will I start to earn interest on my account?

If a deposit is made by investment cheque, then two working days after the investment is made. If a deposit is made by electronic transfer, you will receive interest on the day we receive your funds.

ISA cheques receive interest from the date of the cheque.

When will you inform me of rate changes?

We will notify you by email or letter at least 14 days prior to any rate reduction on your account. 

Can I change from monthly to annual interest (or vice versa)?

Yes, we can take this request over a recorded line, or alternatively log onto your account and follow the on screen instructions. Please note this may be product specific; please check the product Terms & Conditions for more details.

Is it possible to receive my interest by cheque?

No, interest can only be credited into the Newcastle Building Society account, transferred to your third party interest account, or credited to another NBS account in your name.

Can I change the bank account I have setup for interest payments?

Yes, you can do so by completing the details under the ‘change details’ section on our website while logged into your account.

If you don’t have online access, please write to us with a signed and dated letter advising of this change. We need the sort code, account number and the account holder’s name (must be an account in the customer’s name) in order to process your request.

Why do companies check identity?

Whether you’re a new or existing customer, we need to confirm your identity when you open a new account with us. This is so that we can meet UK Money Laundering regulations to help stop criminals from using financial products or services for their own benefit. We only ask for enough information to allow us to open your account.

Will the identity search affect my credit history?

No, it won’t. This is not a credit search and will not affect your credit history or future applications for credit. This is a check against publicly available records and credit records using an electronic authentication system.

This search is performed on receipt of your account opening form. For the majority of applicants we will be able to confirm your identity and address this way. This also prevents us requesting sensitive documents from you through the post where possible.

What happens after I have applied for an account online?

You will be presented with a nine character reference number once you have completed the application, if you have not received this you may not have fully completed the form online.

You will also receive an email confirming your application reference as well as any additional details we may require to open your account.

If you pass our identity and residency checks we will send you a welcome pack three to five working days after we receive your application, which includes everything you need to start saving.

Why am I being asked to provide certain information about myself and my tax residence status

Please see the following link from the HMRC website for further information regarding this:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/386413/Automatic_exchange_of_information_-_account_holders.pdf

I have submitted my application online; can I cancel as I have changed my mind?

Yes, we understand that occasionally people may change their mind. If you choose to cancel your application after you have funded the account, you can do so by putting this in writing or cancelling your application over the telephone within 14 calendar days. Alternatively, if you do not fund your account it will automatically close within a set number of days depending on the product.

Am I able to transfer funds from my building society account to a bank account?

Yes you can. We offer electronic payments to one existing nominated bank account in your own name; funds will reach your nominated bank by close of business the following working day.

House purchase payments will be in the form of a CHAPS payment to the solicitor (within the U.K), which guarantees funds are received in the account on the same day of process. The fee is £30.00, providing our Investment Services department receives the request by 11am on the same day. Payments requested after this time will reach the account the following working day.

What is the maximum withdrawal I can make in branch?

This amount is £500 cash per day, per account. This is subject to the Terms & Conditions of your product.

Will I need to take identification with me when I want to make a withdrawal in a branch?

Yes, you do and this is about protecting your identity and making sure the correct person is accessing the account. It is always helpful to have documentary ID with you, just in case we need it, such as a passport or driving licence, a bank statement or other bill showing your address details. These must be three or more months old.

Is there a charge for cheque withdrawals?

Customers are able to withdraw funds by cheque without paying a fee. However, should you require more than 5 cheques in 1 day, there will be a fee of £3 for each additional cheque.

Who do I make the cheque payable to?

Please make this payable to yourself, if you are the account holder, or in the account holder’s name with the reference: Newcastle Building Society. Also, please quote your account number on the back of the cheque or on the accompanying letter.

How long will it take for my cheque to clear?

If you pay a cheque into your Newcastle Building Society account, please allow six working days for this to clear for a non-NBS cheque. If you are depositing an NBS cheque, this can be cleared straight away.

Do I have to come into branch to make a withdrawal?

No, we can issue cheques requested by post and phone. If you send us a letter, please state your name, address, account number, who the cheque is to be made payable to and for how much. If your account has a passbook, please enclose this with the letter to ensure that it is updated accordingly. We will then post it back to your registered address.

Can I have an interest statement for my account?

Yes, we can issue interest statements on request for your accounts. Please contact us to request an interest statement and we will issue this for you.

Can I make a withdrawal without my passbook?

For branch-based accounts we will require your account passbook/card to make a withdrawal. For telephone or postal accounts we do not require your passbook/card, however we recommend that you send us your passbook /card to keep it up to date. It is possible to make an investment without a passbook/card.

Is it possible for somebody else other than account holders to transact on my account on my behalf?

Yes, in order for a third party transaction to be processed an Authority to Withdraw form is required, and must be completed by the account holder(s). A letter of authority from the account holder can be accepted, but only if it contains the same amount of detail as the Authority to Withdraw form. Withdrawals in cash are limited to £100, but there is no stated limit for cheque withdrawals.

Following a third party withdrawal, why does the cheque need to be sent in the post?

Following the transaction, both the passbook/card and the cheque must be retained in the branch and sent out to the customer on the same day, a letter will also be sent out to the customer with these confirming the full details of the transaction. These are security measures to protect our members.

What if my passbook/card is lost or stolen?

Let us know as soon as possible. You must notify Newcastle Building Society in person at any branch, by telephone or by letter and the Society will issue you with a lost/stolen passbook declaration. For security, the account holder(s) must then complete a lost/stolen passbook declaration within the next three days. Following receipt of the declaration, a new passbook will be issued and sent to your address.

Can I pay bills from my account?

All Newcastle Building Society accounts are designed for savings and as a result there is no facility to have bills paid directly from your account. You may withdraw a cheque (depending on your account Terms and Conditions) to pay your bills.

Can I have money paid into my account?

Depending on your product Terms and Conditions, you are able to invest into your account by cash, cheque, faster payment or standing order. You need to ensure the person who is sending the payment has your relevant details, including sort code and your full account number (i.e. ABC 1234567 XYZ).

Where can I find help on using my online Newcastle Building Society Savings account?

A list of common questions can be found by following the link below:

https://online.newcastle.co.uk/online-savings-help

Why doesn’t the Society tell all customers about new accounts that pay a higher rate?

Due to the number of accounts the Society launches and the number of members we have, it would be impractical to notify all customers about our new products.

If you would like to discuss our current range of products, please call us on 0345 734 4345 *(8am - 6pm Monday to Friday) or contact your local branch.

Why are Newcastle Building Society interest rates lower than other providers?

The Society aims to offer our members value from their savings account. 

This means that while we may not always offer the highest rate, we will offer a rate that’s competitive and maintains value for our new and existing customers.

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