Notice Accounts

Blackbriar_040

Oxbury Bank 90 Day Notice, 5.32% - NLA 

masonic

Rheumatoid said:

allegro120 said:

Rheumatoid said:

Rheumatoid said:

allegro120 said:

Rheumatoid said:

allegro120 said:

Rheumatoid said:

allegro120 said:

Blackbriar_040 said:

My Shawbrook 120 day Notice just closed, so was considering the Oxbury and the DF Capital 90 Day Notice Accounts!

Apart from Oxbury being a Tracker and having a slightly higher rate, the other differences seem to be,

Oxbury, longer notice period of interest change, 104 days
DF, 30 days! (Doesn’t match notice period)
 
Oxbury, App/Web access 
DF, Web only!

Oxbury, No direct contact number
DF, Helpline number available 

Oxbury, No minimum withdrawal amount
DF, £1000 minimum 

Haven’t used Oxbury or DF Capital before,
looking at some reviews, the Oxbury App seems to be a bit temperamental when logging in, some people also mention the customer service can be slow to respond!

Also need to initially set up Oxbury account via PC/QR code!

Shame DF Capital don’t match the notice period, as I anticipate both accounts will drop the rate at some point!

DF Personal savings T&C, 26. "If we make a change to your managed variable rate, and that change is to your disadvantage, we will: ...b) provide you with a notice period of 14 days (plus the standard notice period required for withdrawals on your Notice Account) before applying the new rate to your account – always subject to a minimum period of notice of 30 days." - for 90 Day notice it is 104 days, exactly the same as Oxbury.  My DF 1 year fixed is maturing next week and they offered a variety of maturity options.  I've picked 180 Days' notice at 5.4% which will guarantee 6+ months of this rate.

In my personal experience Oxbury app is great and never failed on me.

Have DF removed the extra 14 days? This is from the T&C's on their 120 day 5.35% account:

 If we make a change to your managed variable rate, and that change is to your disadvantage, we will advise you in advance of the change taking effect (in writing either by post or by email); and b. provide you with the standard notice period required for withdrawals on your Notice Account before applying the new rate – always subject to a minimum period of notice of 30 days, and remind you within 14 days of the change taking effect

In my understanding "minimum period of notice of 30 days" applies to accounts with no notice or very short notice (for example 1 day notice).
90d and 120d exceed 30 days so it is irrelevant to these accounts.

Agreed but the t&c providing 14 days over the notice period now seems to have gone.

Are you sure?  I've downloaded t&c 23 days ago and "14 days" was still there.  I didn't receive any communication from DF about any changes in t&c.

The quote in my post above was from this morning

After a bit more digging they seem to have two lots of T&C's on their site.

The product summary box you read at application has the following link that includes the 14 days extra:

https://wp-dfc-retail-2019.s3.eu-west-2.amazonaws.com/media/2022/04/DF-Capital-Savings-Terms-and-Conditions.pdf

The link for T&C's at application are at the following link and exclude the 14 days:

savingstermsandconditions.pdf (dfcapital.bank)

Version 1 -  "provide you with a notice period of 14 days (plus the standard notice period required for withdrawals on your Notice Account) before applying the new rate to your account – always subject to a minimum period of notice of 30 days."

Version 2  -  "provide you with the standard notice period required for withdrawals on your Notice Account before applying the new rate – always subject to a minimum period of notice of 30 days, and remind you within 14 days of the change taking effect."

Aren't both versions saying the same thing, 14 days+standard notice period?

I don't read it that way. The second version just sends a reminder of the change taking effect. That will happen during the notice period and not add to it.

Yes, and the "within 14 days of the change taking effect" is not very good. That could be 14 days before, the day before, or 14 days after. Though I think there is a regulatory requirement for a reminder 14 days before a detrimental change comes into effect.

slinger2

Blackbriar_040 said:

Oxbury Bank 90 Day Notice, 5.32% - NLA 

Seems to be still available for existing customers (base rate tracker)

Rheumatoid

masonic said:

Rheumatoid said:

allegro120 said:

Rheumatoid said:

Rheumatoid said:

allegro120 said:

Rheumatoid said:

allegro120 said:

Rheumatoid said:

allegro120 said:

Blackbriar_040 said:

My Shawbrook 120 day Notice just closed, so was considering the Oxbury and the DF Capital 90 Day Notice Accounts!

Apart from Oxbury being a Tracker and having a slightly higher rate, the other differences seem to be,

Oxbury, longer notice period of interest change, 104 days
DF, 30 days! (Doesn’t match notice period)
 
Oxbury, App/Web access 
DF, Web only!

Oxbury, No direct contact number
DF, Helpline number available 

Oxbury, No minimum withdrawal amount
DF, £1000 minimum 

Haven’t used Oxbury or DF Capital before,
looking at some reviews, the Oxbury App seems to be a bit temperamental when logging in, some people also mention the customer service can be slow to respond!

Also need to initially set up Oxbury account via PC/QR code!

Shame DF Capital don’t match the notice period, as I anticipate both accounts will drop the rate at some point!

DF Personal savings T&C, 26. "If we make a change to your managed variable rate, and that change is to your disadvantage, we will: ...b) provide you with a notice period of 14 days (plus the standard notice period required for withdrawals on your Notice Account) before applying the new rate to your account – always subject to a minimum period of notice of 30 days." - for 90 Day notice it is 104 days, exactly the same as Oxbury.  My DF 1 year fixed is maturing next week and they offered a variety of maturity options.  I've picked 180 Days' notice at 5.4% which will guarantee 6+ months of this rate.

In my personal experience Oxbury app is great and never failed on me.

Have DF removed the extra 14 days? This is from the T&C's on their 120 day 5.35% account:

 If we make a change to your managed variable rate, and that change is to your disadvantage, we will advise you in advance of the change taking effect (in writing either by post or by email); and b. provide you with the standard notice period required for withdrawals on your Notice Account before applying the new rate – always subject to a minimum period of notice of 30 days, and remind you within 14 days of the change taking effect

In my understanding "minimum period of notice of 30 days" applies to accounts with no notice or very short notice (for example 1 day notice).
90d and 120d exceed 30 days so it is irrelevant to these accounts.

Agreed but the t&c providing 14 days over the notice period now seems to have gone.

Are you sure?  I've downloaded t&c 23 days ago and "14 days" was still there.  I didn't receive any communication from DF about any changes in t&c.

The quote in my post above was from this morning

After a bit more digging they seem to have two lots of T&C's on their site.

The product summary box you read at application has the following link that includes the 14 days extra:

https://wp-dfc-retail-2019.s3.eu-west-2.amazonaws.com/media/2022/04/DF-Capital-Savings-Terms-and-Conditions.pdf

The link for T&C's at application are at the following link and exclude the 14 days:

savingstermsandconditions.pdf (dfcapital.bank)

Version 1 -  "provide you with a notice period of 14 days (plus the standard notice period required for withdrawals on your Notice Account) before applying the new rate to your account – always subject to a minimum period of notice of 30 days."

Version 2  -  "provide you with the standard notice period required for withdrawals on your Notice Account before applying the new rate – always subject to a minimum period of notice of 30 days, and remind you within 14 days of the change taking effect."

Aren't both versions saying the same thing, 14 days+standard notice period?

I don't read it that way. The second version just sends a reminder of the change taking effect. That will happen during the notice period and not add to it.

Yes, and the "within 14 days of the change taking effect" is not very good. That could be 14 days before, the day before, or 14 days after. Though I think there is a regulatory requirement for a reminder 14 days before a detrimental change comes into effect.

Battle will commence for the extra 14 days once they notify of reduction. I have downloads of the KPI pertaining at the time with the link to T&C's indicating the 14 extra days.

1spiral

Just contacted Vanquis Bank to clarify the T&Cs on their 90 day notice account. I could only see that they would give you "at least" 30 days notice of a rate reduction. Just had this confirmed by their customer services so potentially you could be trapped for 60 days at an unfavourable rate if any reduction is too severe.

slinger2

1spiral said:

Just contacted Vanquis Bank to clarify the T&Cs on their 90 day notice account. I could only see that they would give you "at least" 30 days notice of a rate reduction. Just had this confirmed by their customer services so potentially you could be trapped for 60 days at an unfavourable rate if any reduction is too severe.

I think this may have come up elsewhere. Their T&Cs say:

"Your options if you’re not happy with a change we’re making"

"If you’re unhappy with a change we’re making, you can tell us but you may need to close your account. You must tell us before the change comes into force. If your Product Information document says you have to give us notice to close your account, this won’t apply from the date we give you notice until the date the change is made"

Not 100% clear but this could be interpreted to include a reduction in the interest rate. So you'd have the option to close your account without having to give notice.

1spiral

slinger2 said:

1spiral said:

Just contacted Vanquis Bank to clarify the T&Cs on their 90 day notice account. I could only see that they would give you "at least" 30 days notice of a rate reduction. Just had this confirmed by their customer services so potentially you could be trapped for 60 days at an unfavourable rate if any reduction is too severe.

I think this may have come up elsewhere. Their T&Cs say:

"Your options if you’re not happy with a change we’re making"

"If you’re unhappy with a change we’re making, you can tell us but you may need to close your account. You must tell us before the change comes into force. If your Product Information document says you have to give us notice to close your account, this won’t apply from the date we give you notice until the date the change is made"

Not 100% clear but this could be interpreted to include a reduction in the interest rate. So you'd have the option to close your account without having to give notice.

The paragraph before this says "If we make a change to this agreement (except interest rate changes), we’ll
give you at least two months’ written notice. However, if the change is to your benefit, we’ll make the change

immediately and tell you about it afterwards." It then goes to to state "If you’re unhappy with a change we’re making.................".

I would therefore read this as not applicable to interest rate changes.

I do find it somewhat odd that they can actually change the rate whilst you're locked in. It's tantamount to a fixed rate bond provider deciding part way through the term that they want to lower the rate and not give you a means to get out.

premierfella

1spiral said:

slinger2 said:

1spiral said:

I do find it somewhat odd that they can actually change the rate whilst you're locked in. It's tantamount to a fixed rate bond provider deciding part way through the term that they want to lower the rate and not give you a means to get out.

It is odd, which is why personally I'm not too concerned about it.

We'll know for sure in a couple of month's time when the base rate likely moves, but I would be very surprised if they don't in practice actually do what others do and either give the full notice period before applying the new rate, or allow a no-notice withdrawal or closure within the 30 day period.

Worst case I see (irrespective of what they've written in their terms) is they apply a maximum interest rate reduction equivalent to the reduction in base rate. If they did more than that without allowing a free out or giving the full notice period before applying the reduction they'd likely be falling foul of the treating customers fairly principles which override unfair terms.

1spiral

premierfella said:

1spiral said:

slinger2 said:

1spiral said:

I do find it somewhat odd that they can actually change the rate whilst you're locked in. It's tantamount to a fixed rate bond provider deciding part way through the term that they want to lower the rate and not give you a means to get out.

It is odd, which is why personally I'm not too concerned about it.

We'll know for sure in a couple of month's time when the base rate likely moves, but I would be very surprised if they don't in practice actually do what others do and either give the full notice period before applying the new rate, or allow a no-notice withdrawal or closure within the 30 day period.

Worst case I see (irrespective of what they've written in their terms) is they apply a maximum interest rate reduction equivalent to the reduction in base rate. If they did more than that without allowing a free out or giving the full notice period before applying the reduction they'd likely be falling foul of the treating customers fairly principles which override unfair terms.

I think you're probably right. The T&Cs does state "at least" which implies they could (and probably will) give longer. The only trouble is that its not a risk I'm willing to take with rates on the way down. When I spoke to CS yesterday I even added to them that it was odd and that the T&Cs could tie me to an unfavourable rate to which they just agreed but didn't add words such as I know it says that but in practice we do this. They just quoted the "at least 30 days".

janusdesign

Existing FirstSave 90-Day notice account rate dropping from 5.25% to 5.00% from 13th July - looks like new accounts are already 5.00% today.