Notice Savings Accounts

londoninvestor

Wheres_My_Cashback wrote: »

2.2. You may open more than one Notice Plus Account, but no two accounts can have the same notice period.

Nothing in the T&C though prevents lindabea doing what she described, within a single account.

https://www.investec.com/content/dam/united-kingdom/downloads-and-documents/private-banking/investec-private-banking-terms-and-conditions.pdf

Investec wrote:

74 Notice withdrawals

4.5. Unless you are using your immediate access percentage, you must give us notice in accordance with your chosen notice period to withdraw funds from your account.

Immediate access withdrawals

4.6. If you have chosen to have immediate access, the maximum amount you can withdraw without giving notice (‘immediate access balance’) is calculated as the immediate access percentage multiplied by your available balance (minus pending notice withdrawals).

4.7. Following an immediate access withdrawal, you cannot make any further immediate access withdrawals for a fixed number of days. This fixed number of days is equal to your chosen notice period.

4.8. Even if you withdraw less than your immediate access balance you cannot make any further immediate withdrawals for the fixed number of days explained in clause 4.7 above.

4.9. Once we have received your instruction, you cannot cancel it

So if you make an "immediate access withdrawal", you have to wait out the notice period before you make the next "immediate access withdrawal". But there's no such requirement for withdrawals where notice is given, so lindabea can use this account to do the "laddering" she described in her original post.

Wheres_My_Cashback

londoninvestor wrote: »

Nothing in the T&C though prevents lindabea doing what she described, within a single account.

https://www.investec.com/content/dam/united-kingdom/downloads-and-documents/private-banking/investec-private-banking-terms-and-conditions.pdf



So if you make an "immediate access withdrawal", you have to wait out the notice period before you make the next "immediate access withdrawal". But there's no such requirement for withdrawals where notice is given, so lindabea can use this account to do the "laddering" she described in her original post.

That would depend on whether you have immediate access at a lower rate or lock it all away at the higher rate. You can't have both. To take a lower rate you may as well open an account elsewhere at a higher rate giving you laddering with more than one account.

londoninvestor

Wheres_My_Cashback wrote: »

That would depend on whether you have immediate access at a lower rate or lock it all away at the higher rate. You can't have both. To take a lower rate you may as well open an account elsewhere at a higher rate giving you laddering with more than one account.

That's right, and that's why I referred explicitly to the plan lindabea set out in her original post, where she described giving notice for all her withdrawals.

Wheres_My_Cashback

londoninvestor wrote: »

That's right, and that's why I referred explicitly to the plan lindabea set out in her original post, where she described giving notice for all her withdrawals.

Ultimately i's down to priorities, rate v access.