Notice Accounts

slacko2

There is also a 185 day notice paying 5.45%  same £15k. I read they are both variable with min 1 days notice

gwapenut

1 day's notice is really bad if that is for the interest rate differential, but ok if it is in response to a base rate change. 

I wouldn't close the oxbury 120 day notice, that 5% might be a good rate in 4 months' time and it only has a £1 minimum operating balance after you've met the £1000 minimum opening balance.

Rheumatoid

gwapenut said:

1 day's notice is really bad if that is for the interest rate differential, but ok if it is in response to a base rate change. 

I wouldn't close the oxbury 120 day notice, that 5% might be a good rate in 4 months' time and it only has a £1 minimum operating balance after you've met the £1000 minimum opening balance.

How can you withdraw all bar £1 without having to keep giving notice on future interest payments?

gwapenut

Rheumatoid said:

gwapenut said:

1 day's notice is really bad if that is for the interest rate differential, but ok if it is in response to a base rate change. 

I wouldn't close the oxbury 120 day notice, that 5% might be a good rate in 4 months' time and it only has a £1 minimum operating balance after you've met the £1000 minimum opening balance.

How can you withdraw all bar £1 without having to keep giving notice on future interest payments?

You can't, it would have to be iterative. But it's better than needing to keep £1k in, or £5k in the case of Investec if they also reduce their rates.

allegro120

gwapenut said:

1 day's notice is really bad if that is for the interest rate differential, but ok if it is in response to a base rate change. 

I wouldn't close the oxbury 120 day notice, that 5% might be a good rate in 4 months' time and it only has a £1 minimum operating balance after you've met the £1000 minimum opening balance.

T&C says "If your balance falls below £1,000 after account opening you will not receive interest on the balance." This is why I'm closing it tomorrow, otherwise I would go for interest withdrawals instead.  I'm still keeping Oxbury 60d running, 5.26% is still reasonable.  I keep 1K in Mansfield 90d tracker (5.25%, NLA), don't want to give up this one as it might become useful again in future.  The only inconvenience with Mansfield is next day delivery of withdrawals,  Oxbury is on the same day first thing in the morning. 

hgt

Bridlington1 said:

hgt said:

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).

Yes my initial impression was also that Prosper offer an online application process. But I started to go through the motions of applying.. It seems their cash savings platform is actually run by Akoni who seem to need a paper form.
If you try to apply for the account it asks you to enter a deposit amount (Min £15k), but whatever you enter it tells you that you have insufficient funds. If you try to deposit funds it sends you down the route of the paper based form... maybe I'm doing something wrong!

allegro120

Bridlington1 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.

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).

I followed the link.  It's a bit strange that you have to "verify your e-mail to begin", normally platforms give you a comprehensive description of the product prior to application so you know what you are applying for.

gwapenut

allegro120 said:

Bridlington1 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.

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).

I followed the link.  It's a bit strange that you have to "verify your e-mail to begin", normally platforms give you a comprehensive description of the product prior to application so you know what you are applying for.

It's worse than that, the link then makes you register for a platform account. Without any upfront terms and conditions of the savings I was interested in, I bailed, because I find their approach unprofessional. All the FAQs talk about investments rather than savings. I'm not impressed.

hgt

I stand corrected, I initially tried to do the Prosper / Akoni registration quickly on my phone... if you try from a web browser, you can indeed upload your documents online - they use Onfido to verify your identity.

premierfella

Prosper: I had no issues with signing up to the platform, but when I then still can't see the terms and conditions for the account without having to actually go through applying and (it sounds like) having to do identification verification first, I'm out.

This was a double out given they put a link to key features which has two basic paragraphs that frankly don't really even cover the basic detail, and given this is Santander International I'd want at least some certainty on the question of whether this is FSCS or not (as I don't know whether going through a platform brings it under UK depositor protection or not).

It's annoying, as the product information given makes it an account I'd be interested in, but I want to know whether or not Santander can just close the accounts or adjust the base rate tracking differential when interest rates start to rise again in the future (as if so it isn't worth the grief Vs a fixed rate account given the high opening balance requirement).