120 days notice account

Lindagreenacre

If you have a notice account, is it permissible to give the required 120 days notice and then when the time is up, not take your money out and give another 120 days notice and so on and so on?

MDMD

Lindagreenacre said:

If you have a notice account, is it permissible to give the required 120 days notice and then when the time is up, not take your money out and give another 120 days notice and so on and so on?

It will depend on the terms and conditions of the account in question.

schiff

Lindagreenacre said:

If you have a notice account, is it permissible to give the required 120 days notice and then when the time is up, not take your money out and give another 120 days notice and so on and so on?

I have a 120 day notice account, maybe yours is the same. If you have given notice for a withdrawal and you don't then want it to go ahead, you have to cancel the withdrawal instructions before the date; you can't just wait till the date to cancel. 

jbuchanangb

In the case of my 95 day notice account, I haven't figured out how to cancel a requested withdrawal. The pending withdrawals are nowhere to be seen on the online interface. So my approach has been to allow the withdrawal to take place by transfer to the nominated account, and then transfer it back. Lose a couple of days interest.

masonic

Some will allow you to cancel a request previously submitted, some won't. One strategy with notice accounts is to have a withdrawal request in play each month and cancel as the date approaches if you don't need the money. If you can't cancel, simply pay the money back in ASAP. The cost in interest is unlikely to be more than if you had saved in an instant access account.