Notice Accounts

slinger2

gwapenut said:

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.

I don't think you said, but if your balance was less than £1000 then you're getting no interest and so your interest rate wouldn't be changing and perhaps there'd be no need to notify you.

gwapenut

slinger2 said:

gwapenut said:

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.

I don't think you said, but if your balance was less than £1000 then you're getting no interest and so your interest rate wouldn't be changing and perhaps there'd be no need to notify you.

Good point, but I had more than 1K in there. Also, I might have been planning to top it up within the next 3 months, so I'd expect to be informed anyway, though I could better understand why I wasn't informed if my balance was below interest earning level.

1spiral

I asked the question of Investec recently as to how they know if I've been "contacted" about rate reductions. (I have an issue where sometimes emails I know have been sent go astray). They said they have a method of knowing if the email has been received and if not they'd text me. Without knowing what my email issue is and at what point it disappears into the ether, it's hard to say whether in this instance the email would be seen as delivered or not. I think with notice accounts they should notify you by more than 1 method. If Investec will text you if an email is not received, it begs the question as to why not send by both methods anyway. I will keep a close eye on this thread for any posted rate reduction updates just in case I miss them though email.

gwapenut

1spiral said:

I asked the question of Investec recently as to how they know if I've been "contacted" about rate reductions. (I have an issue where sometimes emails I know have been sent go astray). They said they have a method of knowing if the email has been received and if not they'd text me. Without knowing what my email issue is and at what point it disappears into the ether, it's hard to say whether in this instance the email would be seen as delivered or not. I think with notice accounts they should notify you by more than 1 method. If Investec will text you if an email is not received, it begs the question as to why not send by both methods anyway. I will keep a close eye on this thread for any posted rate reduction updates just in case I miss them though email.

Interesting, they may use unique trackers in images or something. That only works if your email displays images from the sender. I will experiment with not allowing images next time Investec contact me! 

It's a good idea to have a text backup though.... Or even, as you say, both text and email. 

This is one of a few ways in which Stafford railway did my head in. There was no consistency, sometimes it would be email, sometimes post. If challenged they would say the email was a mistake because it's a postal account. But why not save £1 a go and send via email and text, whether it's postal or not? They just seemed to lack common sense sometimes and were more mired in principles than pragmatism. Even then they only insisted on post when telling me something bad, but felt email was ok when enticing me to add more money to my regular saver...

Bridlington1

I've just noticed Prosper are offering a 5.6% 365 day notice account which tracks 0.35% above the base rate via the This is Money website. They also appear to have a 180 day notice tracker at 5.45%. The accounts require a minimum balance of £15k. See:
https://www.prosper.co.uk/savings/akoni-santander-international-365-day-notice-tracker?utm_source=this_is_money&utm_medium=website&utm_campaign=notice_account

hgt

Bridlington1 said:

I've just noticed Prosper are offering a 5.6% 365 day notice account which tracks 0.35% above the base rate via the This is Money website. They also appear to have a 180 day notice tracker at 5.45%. The accounts require a minimum balance of £15k. See:
https://www.prosper.co.uk/savings/akoni-santander-international-365-day-notice-tracker?utm_source=this_is_money&utm_medium=website&utm_campaign=notice_account

I spotted this one too, and it looks tempting. But from what I can gather, there's a paper based application process (which requires you to send certified copies of ID) for the savings platform, before you can even apply for the notice account.

gwapenut

I've not been able to find out enough information from prosper without giving my personal details. If they wish to vary the tracking margin of 0.35% can they do this and, if so, with how much notice?

slinger2

hgt said:

Bridlington1 said:

I've just noticed Prosper are offering a 5.6% 365 day notice account which tracks 0.35% above the base rate via the This is Money website. They also appear to have a 180 day notice tracker at 5.45%. The accounts require a minimum balance of £15k. See:
https://www.prosper.co.uk/savings/akoni-santander-international-365-day-notice-tracker?utm_source=this_is_money&utm_medium=website&utm_campaign=notice_account

I spotted this one too, and it looks tempting. But from what I can gather, there's a paper based application process (which requires you to send certified copies of ID) for the savings platform, before you can even apply for the notice account.

• How long does it take to open an account?

  Opening an account is easy and only takes a few minutes online. All you’ll need is your passport or driver’s license and bank details.

allegro120

hgt said:

Bridlington1 said:

I've just noticed Prosper are offering a 5.6% 365 day notice account which tracks 0.35% above the base rate via the This is Money website. They also appear to have a 180 day notice tracker at 5.45%. The accounts require a minimum balance of £15k. See:
https://www.prosper.co.uk/savings/akoni-santander-international-365-day-notice-tracker?utm_source=this_is_money&utm_medium=website&utm_campaign=notice_account

I spotted this one too, and it looks tempting. But from what I can gather, there's a paper based application process (which requires you to send certified copies of ID) for the savings platform, before you can even apply for the notice account.

Thanks for this info.  Very tempting, very attractive rates and 0.35% tracker is an excellent feature. But £15k minimum balance is a bit uncomfortable for me.  Most of my notice pot is locked in 120d Oxbury, closing this account tomorrow but by the time I get the funds this Prosper account will most certainly be NLA.  Don't want to "borrow" from my EA pot because I'm running a bit thin there due to a large number of RSs and I want to keep a substantial amount in EAs for emergency.  Still tempting because it is doable and most of my RSs allow closures and withdrawals in the event of emergency.  However, paper based application and certified copies of ID requirements put me off this product. If it is still available in 4 months time I might re-consider.

Bridlington1

hgt said:

Bridlington1 said:

I've just noticed Prosper are offering a 5.6% 365 day notice account which tracks 0.35% above the base rate via the This is Money website. They also appear to have a 180 day notice tracker at 5.45%. The accounts require a minimum balance of £15k. See:
https://www.prosper.co.uk/savings/akoni-santander-international-365-day-notice-tracker?utm_source=this_is_money&utm_medium=website&utm_campaign=notice_account

I spotted this one too, and it looks tempting. But from what I can gather, there's a paper based application process (which requires you to send certified copies of ID) for the savings platform, before you can even apply for the notice account.

Where have you seen this? My reading of the FAQs was that it was one of those that you uploaded a photo of your ID as part of the online application (similar to when I've opened accounts with NatWest/RBS, Metro, Zing etc).

allegro120 said:

hgt said:

Bridlington1 said:

I've just noticed Prosper are offering a 5.6% 365 day notice account which tracks 0.35% above the base rate via the This is Money website. They also appear to have a 180 day notice tracker at 5.45%. The accounts require a minimum balance of £15k. See:
https://www.prosper.co.uk/savings/akoni-santander-international-365-day-notice-tracker?utm_source=this_is_money&utm_medium=website&utm_campaign=notice_account

I spotted this one too, and it looks tempting. But from what I can gather, there's a paper based application process (which requires you to send certified copies of ID) for the savings platform, before you can even apply for the notice account.

Thanks for this info.  Very tempting, very attractive rates and 0.35% tracker is an excellent feature. But £15k minimum balance is a bit uncomfortable for me.  Most of my notice pot is locked in 120d Oxbury, closing this account tomorrow but by the time I get the funds this Prosper account will most certainly be NLA.  Don't want to "borrow" from my EA pot because I'm running a bit thin there due to a large number of RSs and I want to keep a substantial amount in EAs for emergency.  Still tempting because it is doable and most of my RSs allow closures and withdrawals in the event of emergency.  However, paper based application and certified copies of ID requirements put me off this product. If it is still available in 4 months time I might re-consider.

The £15k minimum balance puts me off too. I'm already eating into my 5.5% regular savers to fund other regular savers and will likely be needing to access most of my savings within the next few months anyway.

If it had a £1 minimum balance I'd open it speculatively but at £15k this one just wouldn't be worth it for me as I'd be needing to pull funds from the Coventry FHS at 5.6% just to meet the minimum balance.