Notice Accounts

flaneurs_lobster

premierfella said:

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).

I may have followed a different route to you but I've signed up (I think) to the platform without having to submit any documents for ID verification. In any case I do seem to be able to access the T&C of the Santander International 365 day product - and there is one obvious (to me) question; why are they headed "Supplementary Terms and Conditions for Non-Personal Accounts" [my bold]? 

hgt

With the prosper account, it's not even clear (to me) whether additional deposits are allowed. The information does seem far too vague.

premierfella

flaneurs_lobster said:

premierfella said:

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).

I may have followed a different route to you but I've signed up (I think) to the platform without having to submit any documents for ID verification. In any case I do seem to be able to access the T&C of the Santander International 365 day product - and there is one obvious (to me) question; why are they headed "Supplementary Terms and Conditions for Non-Personal Accounts" [my bold]? 

Sounds like the same route. Non-personal accounts I assumed is because it's via the Akoni platform. I spent 2 seconds reading that document because it wasn't account-specific, or even specific to notice accounts, so added very little in trying to find the terms of this account!

@hgt I clearly was doing a lot of assuming as I thought that would be a given!

Anyway, unless someone is brave enough to fly blind and actually open the account (at which point I'd hope they'll have seen some useful terms and conditions document!) it's a hard pass for me!!!

flaneurs_lobster

premierfella said:

Anyway, unless someone is brave enough to fly blind and actually open the account (at which point I'd hope they'll have seen some useful terms and conditions document!) it's a hard pass for me!!!

If it was possible for a tenner I might have risked it, but £15K?......

As you say, not enough information, bit too rough around the edges, unknown quantity, tortuous chain of institutions  and just a hint of the hard sell (reduced/zero rates only available to "Founding Members").

Bridlington1

Charter Bank now have a 95 day notice issue 63 account at 5.25% (£5k min).

slinger2

Oxbury now have a 90 Day Notice Base Rate Tracker currently paying 5.32% AER. As the name implies the "Base Rate Tracker" tracks the BOE base rate, giving 0.07% over base rate AER. They can change the 0.07% but they need to give you 104 days notice of that. Minimum £1k.

This has replaced their old 90 day account which I think was paying 5.26% AER when last available.

gwapenut

slinger2 said:

Oxbury now have a 90 Day Notice Base Rate Tracker currently paying 5.32% AER. As the name implies the "Base Rate Tracker" tracks the BOE base rate, giving 0.07% over base rate AER. They can change the 0.07% but they need to g"
ive you 104 days notice of that. Minimum £1k.

This has replaced their old 90 day account which I think was paying 5.26% AER when last available.

"Oxbury can also make changes to the Margin added or subtracted to the Bank of England base rate to determine the account's AER"

I would have been interested in this account despite its near instant responses to base ate decreases, but if they can also changed the margin (subject to their generous 100 day notice) then I would rather use the old 90 day notice with its slightly lower rate.

slinger2

gwapenut said:

slinger2 said:

Oxbury now have a 90 Day Notice Base Rate Tracker currently paying 5.32% AER. As the name implies the "Base Rate Tracker" tracks the BOE base rate, giving 0.07% over base rate AER. They can change the 0.07% but they need to g"
ive you 104 days notice of that. Minimum £1k.

This has replaced their old 90 day account which I think was paying 5.26% AER when last available.

"Oxbury can also make changes to the Margin added or subtracted to the Bank of England base rate to determine the account's AER"

I would have been interested in this account despite its near instant responses to base ate decreases, but if they can also changed the margin (subject to their generous 100 day notice) then I would rather use the old 90 day notice with its slightly lower rate.

Same here, especially since I'm getting 5.32% until August anyway.

Johnny-Cage

gwapenut said:

slinger2 said:

Oxbury now have a 90 Day Notice Base Rate Tracker currently paying 5.32% AER. As the name implies the "Base Rate Tracker" tracks the BOE base rate, giving 0.07% over base rate AER. They can change the 0.07% but they need to g"
ive you 104 days notice of that. Minimum £1k.

This has replaced their old 90 day account which I think was paying 5.26% AER when last available.

"Oxbury can also make changes to the Margin added or subtracted to the Bank of England base rate to determine the account's AER"

I would have been interested in this account despite its near instant responses to base ate decreases, but if they can also changed the margin (subject to their generous 100 day notice) then I would rather use the old 90 day notice with its slightly lower rate.

Was gonna ask if it’s possible to switch from the 90 day at 5.26% to this tracker but guess with impending rates going down if allowed stay where I am

FIREmenow

Any advice for a newbie to notice accounts?

I'm think of putting a few £k into 45 day 5.16% with Shawbrook as the difference in rate for the longer notice periods doesn't seem worth it and I don't want a tracker. 

Got most of my cash in regular savers at 6% plus, and the rest in Ulster loyalty 5.2%. But aware Ulster is looking lonely at the top of the pots and could drop soon.

Many thanks 👍