Notice Accounts

allegro120

SirHugo said:

Received a letter today from Dudley Building Society informing me that the interest rate on their 60 Day Notice Online account is decreasing from 5.40% to 4.35%.
This change takes effect from 3rd May 2024. There are no penalties for any withdrawals within 30 days of the date of the letter (the 17th April). 

I had already given notice on an amount that I withdrew today, so will be closing the account entirely now.
Moving my money to my Oxbury 90 day notice account at 5.51%. Just hope this doesn't start dropping now too.

Surprisingly Oxbury is still holding the rates for those who opened 90d and 120d before the reduction.  I hope it will stay as is for as long as possible

slinger2

I think Oxbury will give you much longer notice of a rate reduction: 90 days +

allegro120

slinger2 said:

I think Oxbury will give you much longer notice of a rate reduction: 90 days +

Yes, 14 days + notice period.  Considering the current trend (i.e. the rates are on decline) 120 days is in a better position than 90 days.

slinger2

allegro120 said:

slinger2 said:

I think Oxbury will give you much longer notice of a rate reduction: 90 days +

Yes, 14 days + notice period.  Considering the current trend (i.e. the rates are on decline) 120 days is in a better position than 90 days.

Indeed. In an environment where rates are expected to fall somewhat, some of the notice accounts that give you 14 days+notice period warning of a rate cut are looking quite tempting.

Bridlington1

Market Harborough BS 195 day notice account at 5.45% now NLA.

Burcot

Just noticed my RCi 95day is reducing from 5.46 to 4.95 from 21/4.  I had foolishly not been keeping up to date and was rushing  and had just cancelled my withdrawal meaning I am stuck for another 95 days.  

allegro120

Burcot said:

Just noticed my RCi 95day is reducing from 5.46 to 4.95 from 21/4.  I had foolishly not been keeping up to date and was rushing  and had just cancelled my withdrawal meaning I am stuck for another 95 days.  

They are reducing from 29th April. If you request withdrawal today, you'll get your money on 24th July... and don't forget to withdraw interest when it's credited too

janusd

SirHugo said:

Received a letter today from Dudley Building Society informing me that the interest rate on their 60 Day Notice Online account is decreasing from 5.40% to 4.35%.
This change takes effect from 3rd May 2024. There are no penalties for any withdrawals within 30 days of the date of the letter (the 17th April). 

I had already given notice on an amount that I withdrew today, so will be closing the account entirely now.
Moving my money to my Oxbury 90 day notice account at 5.51%. Just hope this doesn't start dropping now too.

got a similar letter - their 90-Day will go from 5.35% to 4.40% on the above date... that appears to be their top rate of all of their accounts.

it might have been nice to throw a small amount into an EA account to keep the online account alive, but £50 @ 2.45% doesn't appeal to me... they have a 4.40% RS that you don't need to pay into every month, so will have to check back to see if it was originally a hassle to open my first Dudley Account - that was back 2 years ago when they had their 4.75% 1-yr fix which I seem to remember was a leading rate then (but would only accept one deposit!).

slinger2

allegro120 said:

Burcot said:

Just noticed my RCi 95day is reducing from 5.46 to 4.95 from 21/4.  I had foolishly not been keeping up to date and was rushing  and had just cancelled my withdrawal meaning I am stuck for another 95 days.  

They are reducing from 29th April. If you request withdrawal today, you'll get your money on 24th July... and don't forget to withdraw interest when it's credited too

I've got the interest paid into my easy access account with them. Otherwise I assume you have to wait 95 days to get it out. Easy enough to pay it back in, if that's what you decide.

The difference in rates between the 95-day and the EA is only 0.2% (4.75 v 4.95) which seems surprisingly small.

refluxer

allegro120 said:

Burcot said:

Just noticed my RCi 95day is reducing from 5.46 to 4.95 from 21/4.  I had foolishly not been keeping up to date and was rushing  and had just cancelled my withdrawal meaning I am stuck for another 95 days.  

They are reducing from 29th April. If you request withdrawal today, you'll get your money on 24th July... and don't forget to withdraw interest when it's credited too

Better to request account closure (if you intend to empty the account) instead of requesting a withdrawal of the current balance, otherwise you'll get caught in that (almost) endless interest loop