Northern Rock Fixed Rate Bond

Dan29

Has anyone given notice yet? Anyone done so without going into a branch?

Thanks
Dan

talexuser

yes, wrote in with notice about a week ago, but have heard nothing back yet. I would expect to get a letter with "window" dates. If I hear nothing in the next days I'll give them a ring.

Gaffy

Yes, I gave notice about two weeks ago via phone, everything was done there and then, they also gave me the two dates that I can withdraw the money from. I got a letter about a week later confirming the dates, also included was a form to withdraw the money.

They also said (which is not in the T&C's) that if I gave them my nominated bank details at the time of withdrawal they can do a BAC's to it.

Overall, I'm very impressed.

talexuser

got my 2 weeks in September arranged - alarm is in the phone now!

Now it will be interesting to see if anything has happened to interest rates by then.... inflation 10% and the BOE still writing letters to the Chancellor saying it is a temporary "blip"...?

skitskut

SnowMan wrote: »

As mentioned above if you want to give 180 days to withdraw you can just go into a branch and give that notice. You then have to arrange the withdrawal itself in the window starting 180 days after the notice and ending 194 days (i.e. 180 + 14) after the notice.

The question then arises: Are we absolutely sure you can give 180 days notice of the intention to close/withdraw and then make the decision whether or not to actually close/withdraw 180 days later? The slight question mark here is that if after 180 days you decide not to withdraw, can NR say 'tough we are actioning your closure/withdrawal anyway'.

If NR can't force the closure/withdrawal notice to be actioned then that creates one interesting tactic for savers to give notice to close every 180 days on a continuing cycle with the decision being taken 180 days later on whether actually to close. That brings down the average period to get hold of your money should you want to withdraw to 90 days rather than 180 days (although at any one time the time to withdrawal will be roughly between 0 and 180 days, so it is an average not an absolute).

It says withdrawals can't be made during the notice period but I am assuming (but don't know) you can have concurrent withdrawal notices (for example if you have 20K saved can you give 180 days notice of a 10K withdrawal and then presumable 90 days later you can give notice of a further 10k withdrawal). Again that creates interesting possibilities to create access to SOME of your funds at shorter than 180 days notice.

I am assuming you can't have concurrent withdrawal notices to withdraw in total more than the account balance (so you can't give notice to close the account after 180 days and then a further notice to close the account 3 months later).

Priority for most is getting the account open of course but just wanted to introduce some of the possibilities for those dithering and worried about the 180 days notice.

Does anyone know any more about whether you're able to have concurrent withdrawal notices?

charlieboycat

SnowMan wrote: »

As mentioned above if you want to give 180 days to withdraw you can just go into a branch and give that notice. You then have to arrange the withdrawal itself in the window starting 180 days after the notice and ending 194 days (i.e. 180 + 14) after the notice.

The question then arises: Are we absolutely sure you can give 180 days notice of the intention to close/withdraw and then make the decision whether or not to actually close/withdraw 180 days later? The slight question mark here is that if after 180 days you decide not to withdraw, can NR say 'tough we are actioning your closure/withdrawal anyway'.

If NR can't force the closure/withdrawal notice to be actioned then that creates one interesting tactic for savers to give notice to close every 180 days on a continuing cycle with the decision being taken 180 days later on whether actually to close. That brings down the average period to get hold of your money should you want to withdraw to 90 days rather than 180 days (although at any one time the time to withdrawal will be roughly between 0 and 180 days, so it is an average not an absolute).

It says withdrawals can't be made during the notice period but I am assuming (but don't know) you can have concurrent withdrawal notices (for example if you have 20K saved can you give 180 days notice of a 10K withdrawal and then presumable 90 days later you can give notice of a further 10k withdrawal). Again that creates interesting possibilities to create access to SOME of your funds at shorter than 180 days notice.

I am assuming you can't have concurrent withdrawal notices to withdraw in total more than the account balance (so you can't give notice to close the account after 180 days and then a further notice to close the account 3 months later).

Priority for most is getting the account open of course but just wanted to introduce some of the possibilities for those dithering and worried about the 180 days notice.

Snowman - Do you have answers to any of these questions?

At a more basic level, Mrs CBC has received the paperwork for her recently opened Issue 2 FRNB but it seems to be silent on the mechanism for giving notice. What is your practical experience (re Issue 1)? Is there a specific form to complete? Do you have to specify an amount? Do you get in return a form confirming the notice given that you then use 181-194 days later to make the withdrawal (or bin if you don't want to make the withdrawal)?

Thanks.

SnowMan

charlieboycat wrote: »

Snowman - Do you have answers to any of these questions?

At a more basic level, Mrs CBC has received the paperwork for her recently opened Issue 2 FRNB but it seems to be silent on the mechanism for giving notice. What is your practical experience (re Issue 1)? Is there a specific form to complete? Do you have to specify an amount? Do you get in return a form confirming the notice given that you then use 181-194 days later to make the withdrawal (or bin if you don't want to make the withdrawal)?

Thanks.

Had a bit of banter going earlier with talexuser on who was going to give notice first but must admit I haven't actually got round to giving notice yet so hard to answer your question

However I'm probably popping into a branch to give notice in the next few days so will post back after then. If you don't specify an amount then that may rule out concurrent notices.

Perhaps talexuser or another poster can help here on whether you have to specify an amount.

The information on how to go about making withdrawals is set out in the general 'terms and conditions' in section 4. The same terms applied to issue 1 and issue 2 I believe. However it doesn't cover the fine detail. Mrs CBC should have a paper copy of those terms and conditions otherwise bandana999 posted the wording earlier in this post

It does now appear certain that you can choose not to action the withdrawal should you choose (there was a slight doubt but looks like MSE checked it out based on what was in the top savings account article).

SnowMan

SnowMan wrote: »

........... but must admit I haven't actually got round to giving notice yet so hard to answer your question

However I'm probably popping into a branch to give notice in the next few days so will post back after then

Popped into my local Northern Rock branch this lunch time to give my notice on my 5 year fixed rate notice account issue 1. My window dates are 17 October to 31st October.

The withdrawal notice can be for a specified sum or for the entire balance (it didn't seem to be posssible to choose notice of an unspecified amount).

However if you give notice for the full balance, which is what I did, then your options in the window are a) make a withdrawal of the full balance (not sure if that includes accrued interest) or b) withdraw an amount less than the full balance or c) make no withdrawal at all.

I was given the impression that you might be able to make concurrent withdrawal notices for specified amounts totalling less than the full balance but don't rely on that information without checking with them.

I am still not clear whether if you opt for (say) a withdrawal of less than the full balance 5K (say) whether you can then withdraw more than 5K during the window.

charlieboycat

Thanks Snowman

Stompa

Has anybody received notification of their first annual interest payment yet? (Annual interest is paid on the first business day following 31 January).