Notice Accounts

Daliah

movingon said:

I dont know if this helps but:
I  put an initial deposit in on 18th July and immediately gave notice. I then put more funds in on 1st August and gave notice on that. My account shows that I can expect my  first lot of funds on 17th Oct and second lot  on 31st Oct. I can see that interest is accruing now and that on 3st Oct that interest, plus my deposits being withdrawn will result in a nil balance. I expect the interest to accrue in the meantime. 
Of course, this is all an assumption that this is how it will work, and may not be accurate. 

How did you give notice?

refluxer

susanann_2 said:

1. First part of question is answered but how do you withdraw the interest is not that clear. Is it every month you have to put notice on it or what. You will be forever trying to get the interest out. Someone comments he has emailed but not had confirmation.

2 the answer to that I think is you have to do a withdrawal but again what about the interest.

Here are a few pointers that I think might help...

1. As I keep mentioning, the best way to withdraw all your money plus interest is to simply give notice to close the account. In the current climate of rising interest rates, there is no benefit to keeping the account open for further deposits beyond the notice date. If you want to deposit further funds in a notice account at a later stage, it's entirely likely that the rates will have increased (either with the same or different provider) in which case opening a new notice account for those additional deposits would be the best option.

FWIW, I am currently treating notice accounts just like fixed rate accounts (ie. open an account, deposit a lump sum and then give notice to close it straight away) but I appreciate that there will be others who are treating their's differently, so my approach may not be suitable for all.

2. The notice period doesn't start when you open an account - that approach is very specific to the way Zopa operate their notice 'pots'. With OakNorth (and all other notice account providers I expect) you have to specifically give notice to either withdraw a certain amount or close the account (if you want the deposits plus interest), via whichever method is appropriate.

isasmurf

susanann_2 said:

Daliah said:

Oaknorth seems to be a lot less flexible than Zopa. I can't figure out from my account / the Oaknorth website how giving notice works, they won't take calls (too busy, they say), and responses to emails might take 3 business days. Does anyone know the answers to these questions, please?

1. It seems the only way to give notice is to schedule a withdrawal, with a specified amount. How do I withdraw the interest?
   
   
2. Does the notice period start when you open the account?
   
   
3. Is it possible to cancel a withdrawal? If so, does the 90 day notice period start again on the cancellation date?
   
   
4. is there anywhere on the Oaknorth website which explains notice processing?

Some of Deliah questions mirror mine. Some of the questions are not answered by reading the thread that I can see as per RG2015

1. First part of question is answered but how do you withdraw the interest is not that clear. Is it every month you have to put notice on it or what. You will be forever trying to get the interest out. Someone comments he has emailed but not had confirmation.

2 the answer to that I think is you have to do a withdrawal but again what about the interest.

3 is it possible to cancel a withdrawal can’t see an answer for that one.

4 Can’t see an answer to this one.

Am hoping someone knows the answers to these. Thanks 

1. The interest becomes part of the balance that can only be withdrawn by making a withdrawal request once received and serving the notice period.  I prefer to have interest paid away on notice accounts to avoid this problem but it isn't an option with Oaknorth.  Any interest received or accrued during a notice period to close the account will be paid on closure.

2. Each withdrawal has its own notice period which starts when you request the withdrawal.  

3. With Oaknorth withdrawals cannot be cancelled other than by transferring the money to a new Oaknorth notice account of the same or longer length.

4. Not that I'm aware. 

refluxer

Daliah said:

movingon said:

I dont know if this helps but:
I  put an initial deposit in on 18th July and immediately gave notice. I then put more funds in on 1st August and gave notice on that. My account shows that I can expect my  first lot of funds on 17th Oct and second lot  on 31st Oct. I can see that interest is accruing now and that on 3st Oct that interest, plus my deposits being withdrawn will result in a nil balance. I expect the interest to accrue in the meantime. 
Of course, this is all an assumption that this is how it will work, and may not be accurate. 

How did you give notice?

I gave my account closure notice via email and received a confirmation reply the next day. You can give notice to withdraw specific amounts via online banking (and the app IIRC) however notice of closure has to be given by email or phone.

From the notice account T&Cs...

3. Withdrawal of funds 

3.1. Withdrawals from your Notice Account to your nominated bank Account can be triggered via Online Banking, email, the mobile app, or telephone requests.

and...

6. Closure of Accounts

6.1. Please notify us via email/phone in case you would like to serve notice to withdraw funds back to your nominated bank account and close your Notice Account. We will send you (both joint Account holders in case of a joint Account) an Account closure statement when you close your Notice Account.

karie

@isasmurf @SJMALBA thanks… I really don’t think I have that option but feel
like im going crazy! I have only deposited £100 so it’s no big deal, but would be good to know how to do so I can transfer my main funds to a newer issue in a month or two if one comes

pic attached I hope… 

intalex

Email from Paragon yesterday with an exclusive existing customer only 180-day notice account at 2.37% gross / 2.40% AER.

MaisieP

karie said:

@isasmurf @SJMALBA thanks… I really don’t think I have that option but feel
like im going crazy! I have only deposited £100 so it’s no big deal, but would be good to know how to do so I can transfer my main funds to a newer issue in a month or two if one comes

pic attached I hope… 

If you have a joint account you won't be able to transfer your money to another account by yourself. I send an email to them, asking to transfer all the money to my new account. I've had no problems, they respond quickly to this
(businessdesk@oaknorth.co.uk)

karie

Thanks @maisie I will just do that instead, it’s not joint 

refluxer

intalex said:

Email from Paragon yesterday with an exclusive existing customer only 180-day notice account at 2.37% gross / 2.40% AER.

That's not a bad rate and beats both the current best 180 day notice account available (Allica Bank @ 2.30%) as well as the best 6 month fixed rate (2.15% with Hampshire) but I think that 90 or 95 days notice (at between 2.21 and 2.26%) would probably be the sweet spot for me in the current climate of rising rates.

That said - if those banks pass on any rate rises to existing notice accounts, then that could also make a difference to any decision. As the 95 and 180 day Allica notice accounts are both 'Issue 1' then that implies that Allica do increase the rates of existing accounts - not sure about other providers.

NameWithheld

OakNorth 90 day rate now up to 2.26%. But this time they are also increasing on older issues if you are prepared to wait until 1st September