Notice Accounts

SJMALBA

karie said:

Sorry don’t know what I’m missing but can’t see an option to transfer between two Oaknorth issues (have opened both), could someone tell me where to find that in the app? Thanks so much! 

Don't know about the app, but with online banking, when you 'view' the account, there should be a transfer option towards the top right of the screen (along with the 'help', 'logout' and 'statement' options)? If not, have you made a withdrawal instruction for the earlier account? You need to have a deposit balance in the 'source' account - if you don't, deposit £1 into it, which cancels the withdrawal instruction, giving you a deposit balance, meaning that you should now have the transfer option from that account?

isasmurf

karie said:

Sorry don’t know what I’m missing but can’t see an option to transfer between two Oaknorth issues (have opened both), could someone tell me where to find that in the app? Thanks so much! 

Go into the account you want to transfer money from and you should have 'add money',  'move money',  'withdraw' at the top.  Choose 'move money' 

Daliah

Oaknorth seems to be a lot less flexible than Zopa. I can't figure out from my account / the Oaknorth website how giving notice works, they won't take calls (too busy, they say), and responses to emails might take 3 business days. Does anyone know the answers to these questions, please?

1. It seems the only way to give notice is to schedule a withdrawal, with a specified amount. How do I withdraw the interest?
   
   
2. Does the notice period start when you open the account?
   
   
3. Is it possible to cancel a withdrawal? If so, does the 90 day notice period start again on the cancellation date?
   
   
4. is there anywhere on the Oaknorth website which explains notice processing?

RG2015

Daliah said:

Oaknorth seems to be a lot less flexible than Zopa. I can't figure out from my account / the Oaknorth website how giving notice works, they won't take calls (too busy, they say), )and responses to emails might take 3 business days. Does anyone know the answers to these questions, please?

1. It seems the only way to give notice is to schedule a withdrawal, with a specified amount. How do I withdraw the interest?
   
   
2. Does the notice period start when you open the account?
   
   
3. Is it possible to cancel a withdrawal? If so, does the 90 day notice period start again on the cancellation date?
   
   
4. is there anywhere on the Oaknorth website which explains notice processing?

There are lots of posts on this on the early pages of this thread.

SJMALBA

Re. OakNorth

From earlier in this thread:

refluxer said:

If you want to withdraw all of your money plus interest, the best option to to notify them (by email) that you want to close your account. I did this recently and received a confirmation email the following day which specified the date the funds will be paid.

Otherwise, if you only apply to withdraw your balance, wait until the interest is credited and then give notice on that separately, that interest in turn will earn further interest and so on and so on ! 

The notice period starts when you action a withdrawal.

Depositing  further money, or transferring to a new issue cancels the withdrawal - not sure if there are any other ways? You have to action a new withdrawal to start a new notice period.

SJMALBA

@refluxer

refluxer said:

With the OakNorth notice accounts, if you want to give notice to withdraw your deposit(s) plus interest, you simply send them an email telling them you want to close the account.

I did this yesterday and, as far as I'm concerned, there should be nothing to stop me adding more funds in the meantime because I've given notice to close the account, not withdraw a specific amount. I may contact them to check my presumption is correct, though.

Did you receive any clarification about this?

refluxer

SJMALBA said:

@refluxer

refluxer said:

With the OakNorth notice accounts, if you want to give notice to withdraw your deposit(s) plus interest, you simply send them an email telling them you want to close the account.

I did this yesterday and, as far as I'm concerned, there should be nothing to stop me adding more funds in the meantime because I've given notice to close the account, not withdraw a specific amount. I may contact them to check my presumption is correct, though.

Did you receive any clarification about this?

No, I didn't end up contacting them about this in the end. I decided I won't actually be putting any more money into my 90 day notice account because the rate (2.02%) can be beaten elsewhere now and I now have other options for current additional funds. I'm also thinking I won't transfer to the new 90-day rate (2.21%) and reset the notice period as I'd prefer to sit out the last couple of months and reassess the situation then. I'm not even sure if they treat notice of account closure the same as notice to withdraw and allow this anyway as such a scenario isn't stated in their notice account T&Cs.

SJMALBA said:

Depositing further money, or transferring to a new issue cancels the withdrawal - not sure if there are any other ways? You have to action a new withdrawal to start a new notice period.

RE: depositing further money cancels the withdrawal - I had a quick look through the T&Cs out of curiosity and can't see any mention of this scenario. Then again, the T&Cs don't cover many of the situations discussed on this thread and elsewhere, TBH ! One thing I'm finding about notice accounts is that the T&Cs can vary from bank to bank and notice accounts with Zopa in particular (with their 'pot' system) work in quite a different way to a conventional notice account.

susanann_2

Daliah said:

Oaknorth seems to be a lot less flexible than Zopa. I can't figure out from my account / the Oaknorth website how giving notice works, they won't take calls (too busy, they say), and responses to emails might take 3 business days. Does anyone know the answers to these questions, please?

1. It seems the only way to give notice is to schedule a withdrawal, with a specified amount. How do I withdraw the interest?
   
   
2. Does the notice period start when you open the account?
   
   
3. Is it possible to cancel a withdrawal? If so, does the 90 day notice period start again on the cancellation date?
   
   
4. is there anywhere on the Oaknorth website which explains notice processing?

Some of Deliah questions mirror mine. Some of the questions are not answered by reading the thread that I can see as per RG2015

1. First part of question is answered but how do you withdraw the interest is not that clear. Is it every month you have to put notice on it or what. You will be forever trying to get the interest out. Someone comments he has emailed but not had confirmation.

2 the answer to that I think is you have to do a withdrawal but again what about the interest.

3 is it possible to cancel a withdrawal can’t see an answer for that one.

4 Can’t see an answer to this one.

Am hoping someone knows the answers to these. Thanks 

RG2015

susanann_2 said:

Daliah said:

Oaknorth seems to be a lot less flexible than Zopa. I can't figure out from my account / the Oaknorth website how giving notice works, they won't take calls (too busy, they say), and responses to emails might take 3 business days. Does anyone know the answers to these questions, please?

1. It seems the only way to give notice is to schedule a withdrawal, with a specified amount. How do I withdraw the interest?
   
   
2. Does the notice period start when you open the account?
   
   
3. Is it possible to cancel a withdrawal? If so, does the 90 day notice period start again on the cancellation date?
   
   
4. is there anywhere on the Oaknorth website which explains notice processing?

Some of Deliah questions mirror mine. Some of the questions are not answered by reading the thread that I can see as per RG2015

I didn’t mean to suggest that the answers were all there, just some which I hope will have helped @daliah.

I opened an account yesterday and I am happy to see what happens in 90 days. I am okay with waiting for the interest if it has to be that way.

movingon

I dont know if this helps but:
I  put an initial deposit in on 18th July and immediately gave notice. I then put more funds in on 1st August and gave notice on that. My account shows that I can expect my  first lot of funds on 17th Oct and second lot  on 31st Oct. I can see that interest is accruing now and that on 3st Oct that interest, plus my deposits being withdrawn will result in a nil balance. I expect the interest to accrue in the meantime. 
Of course, this is all an assumption that this is how it will work, and may not be accurate.