Any Money Market Account Customers?

[Shakespeare]

Does anyone here have a money market account with UB - it's held in NI but is in effect a savings account that rolls over on a monthly basis and has a fixed margin interest rate?
It is swept into the money market account from an account held here, each month

Does anyone know if there's any chance these will continue or what is likely to happen - can they just be removed?

Thanks
S

 

[RedOnion]

Is your account held with 'Ulster Bank Ltd' or 'Ulster Bank Ireland DAC'?

Ulster Bank Ltd is their Northern Ireland operation (they separated them a few years ago), and is not impacted by NatWest decision to exit.

They have Money Desk deposits available in both entities.

 

[Shakespeare]

Hi, thanks for your reply. The account held here is with Ulster Bank Ireland DAC, I just know that the account into which it is swept on a monthly basis is in the North.
Guess that doesn't bode well? It's pretty devastating to lose that if that's what is going to happen - how come our mortgages and loans get taken over without changes in Ts &Cs but these facilities can just be removed at will

 

[MrEarl]

I believe that they are terminating their Money Desk offerings.

While other deposit options will continue, for a while, I doubt that they'll be paying any interest on them.