Notice accounts and rising rates

refluxer

janusdesign said:

I have a 95-day notice account where the last two BoE rate increases have been passed on in full - so it's now paying 1.50% to me, whereas new customers going to the bank can only get 0.85%... I don't think even a 1-yr fix could match that rate.

Which bank is that, out of interest ? I closed a notice account last year because the rate dropped but I'm wondering now whether it would have been a good idea to have left the account open, with the minimum amount in. I wasn't to know at the time I closed it that rates would start to rise at the rate they are now, but it could be a good learning point for the future.

janusd

refluxer said:

Which bank is that, out of interest ?

sorry, it's Recognise Bank - account opened in October @ 1.10% (i think), automatically upped to 1.25% a week after the December BoE rate increase, and upped again to 1.50% a week ago.

I suspect it's uncommon for most banks to do this (certainly in full and quickly!) - i've only had 3 accounts increase rates in the last six months... and the other two were by 0.1% and 0.04%!

btw - I do get text confirmations almost immediately on deposits with Recognise.