Notice Accounts

slinger2

allegro120 said:

slinger2 said:

See: https://oxbury-fs-plc.cdn.prismic.io/oxbury-fs-plc/Zh1VRzjCgu4jz1Jv_PersonalNoticeSummaryRates11.04.24.pdf

for old rates. The 120 day is no longer marketed. Can't really see why the new 120 day is so much lower than the 90 day rate.

This is because of the current trend across the board (longer term = lower rate), you can see this pattern clearly if you look at fixed term bonds currently available on the market.  Experts predict that BoE will be gradually reducing the base rate over next few years and banks behave accordingly.

Let's assume there's 1 base rate cut of 0.25% in the next year. Oxbury have to give 4+ months notice to the 120d account and only 3+ for the 90d account. So there'll be 1 month where the 120d gets 0.25% more interest than the 90d account. That works out at 0.02% when averaged over the year. So a difference of 0.26% (assuming it is maintained) implies that they think there'll be 13 rate cuts in the next year. Not sure that's "gradually reducing".

mugston

I'm relatively new to this sub.

Is there a reason that there is no thread with a sticky post outlining the top 10 notice accounts (apart from the fact that it takes a lot of selfless hard work )?

Thanks.

gwapenut

I'd imagine it's because there are far more combinations than for easy access accounts, and would just be duplicating money facts 

janusdesign

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.

just following up on this, I contacted Dudley today to ask if I closed the account (my only account with them), whether the login account would close too... here is their reply (received within an hour of asking).

As soon as your final account with us is closed, your online access will be disabled and you will be unable to login.

If you wanted to apply again in the future, you would need to go through the identification process again as a new customer.

so I might look at opening another account just to keep the login alive before closing the notice account... hope this helps others.

SirHugo

janusdesign said:

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.

just following up on this, I contacted Dudley today to ask if I closed the account (my only account with them), whether the login account would close too... here is their reply (received within an hour of asking).

As soon as your final account with us is closed, your online access will be disabled and you will be unable to login.

If you wanted to apply again in the future, you would need to go through the identification process again as a new customer.

so I might look at opening another account just to keep the login alive before closing the notice account... hope this helps others.

Thanks for posting this! Sorry, I've been a bit slack myself, obviously I haven't messaged them yet. Will have another think before doing so now.

gwapenut

RosieRooBear said:

@gwapenut, issue 23 5.53% is the one I’ve got and is being reduced as above. You should have received an email today informing you. I believe they are reducing their whole range regardless of issue number

I've still not had an email. I'd already gven notice (to withdraw, not close), but that shouldn't stop them from informing me?

Rheumatoid

My RCI 95 day account matured today. I can see it has been paid to my current a/c according to my RCI statement but it has not been received. Any idea how long they take to pay out?

slinger2

Rheumatoid said:

My RCI 95 day account matured today. I can see it has been paid to my current a/c according to my RCI statement but it has not been received. Any idea how long they take to pay out?

AFAIK withdrawals appear by 5pm on the following day, so you've got a bit more waiting.

allegro120

Rheumatoid said:

My RCI 95 day account matured today. I can see it has been paid to my current a/c according to my RCI statement but it has not been received. Any idea how long they take to pay out?

I've made many withdrawals from this account, they all arrived the day after between 11am and 2pm.

gwapenut

Someone asked about Oxbury minimum operating balance. From live chat:

"£1000 is the minimum balance to fund the account - once the account has been funded to this balance within 90 days, the account will then be considered "active". Your balance can drop below this figure after it has been funded, however please be aware that if your balance is below £1000 then it will not accrue interest. Interest is only applied on a balance of £1000 or more."

They also offered, unprompted, to raise a complaint for me for not receiving my rate reduction email, and say they will try to respond today but no later than 3 days from now. They are refreshingly good compared with some other banks.