Notice Accounts

Johnny-Cage

Rheumatoid said:

Oxbury notice Accounts down.

120 Day (that I have given notice on already):

On 24 April 2024, we wrote to you informing you that from 6 September 2024, your account's interest rate on balances above £ 1,000 will change from 5.39% Monthly Gross / 5.53% AER to 4.89% Monthly Gross / 5.00% AER.

We are writing to inform you that on 13 November 2024 your account's interest rate on balances above £ 1,000 will change again to 4.65% Monthly Gross / 4.75% AER. This further decrease in rate is in response to expected future market conditions and when it takes effect, we believe your account will continue to offer a competitive rate and great overall value.

90 Day - need to work out when to give notice (? 16/7)  :

We are writing to let you know that from 14 October 2024, your account's interest rate on balances above £ 1,000 will change from 5.14% Monthly Gross / 5.26% AER to 4.89% Monthly Gross / 5.00% AER.

No way to get the account closed any earlier due to decreased rates I guess 

Rheumatoid

Johnny-Cage said:

Rheumatoid said:

Oxbury notice Accounts down.

120 Day (that I have given notice on already):

On 24 April 2024, we wrote to you informing you that from 6 September 2024, your account's interest rate on balances above £ 1,000 will change from 5.39% Monthly Gross / 5.53% AER to 4.89% Monthly Gross / 5.00% AER.

We are writing to inform you that on 13 November 2024 your account's interest rate on balances above £ 1,000 will change again to 4.65% Monthly Gross / 4.75% AER. This further decrease in rate is in response to expected future market conditions and when it takes effect, we believe your account will continue to offer a competitive rate and great overall value.

90 Day - need to work out when to give notice (? 16/7)  :

We are writing to let you know that from 14 October 2024, your account's interest rate on balances above £ 1,000 will change from 5.14% Monthly Gross / 5.26% AER to 4.89% Monthly Gross / 5.00% AER.

No way to get the account closed any earlier due to decreased rates I guess 

Not much point unless you can get better. May as well see out notice period

Johnny-Cage

Rheumatoid said:

Johnny-Cage said:

Rheumatoid said:

Oxbury notice Accounts down.

120 Day (that I have given notice on already):

On 24 April 2024, we wrote to you informing you that from 6 September 2024, your account's interest rate on balances above £ 1,000 will change from 5.39% Monthly Gross / 5.53% AER to 4.89% Monthly Gross / 5.00% AER.

We are writing to inform you that on 13 November 2024 your account's interest rate on balances above £ 1,000 will change again to 4.65% Monthly Gross / 4.75% AER. This further decrease in rate is in response to expected future market conditions and when it takes effect, we believe your account will continue to offer a competitive rate and great overall value.

90 Day - need to work out when to give notice (? 16/7)  :

We are writing to let you know that from 14 October 2024, your account's interest rate on balances above £ 1,000 will change from 5.14% Monthly Gross / 5.26% AER to 4.89% Monthly Gross / 5.00% AER.

No way to get the account closed any earlier due to decreased rates I guess 

Not much point unless you can get better. May as well see out notice period

True but I have lump sum deposit scheduled for mid August that’s going in to a ISA 

allegro120

Johnny-Cage said:

Rheumatoid said:

Oxbury notice Accounts down.

120 Day (that I have given notice on already):

On 24 April 2024, we wrote to you informing you that from 6 September 2024, your account's interest rate on balances above £ 1,000 will change from 5.39% Monthly Gross / 5.53% AER to 4.89% Monthly Gross / 5.00% AER.

We are writing to inform you that on 13 November 2024 your account's interest rate on balances above £ 1,000 will change again to 4.65% Monthly Gross / 4.75% AER. This further decrease in rate is in response to expected future market conditions and when it takes effect, we believe your account will continue to offer a competitive rate and great overall value.

90 Day - need to work out when to give notice (? 16/7)  :

We are writing to let you know that from 14 October 2024, your account's interest rate on balances above £ 1,000 will change from 5.14% Monthly Gross / 5.26% AER to 4.89% Monthly Gross / 5.00% AER.

No way to get the account closed any earlier due to decreased rates I guess 

This is correct, notice accounts can't be closed earlier.

Bridlington1

OakNorth Bank 95 Day Notice Base Rate Tracker Account - Issue 2 has been launched at 5.37% The account can be opened with £1 and tracks the base rate plus a 0.12% ``spread". Oak North can decrease the spread subject to the notice period plus 14 days, so 109 days in this case.

Rate changes caused by BOE base rate changes are applied from 1st of the next calendar month.

1spiral

Bridlington1 said:

OakNorth Bank 95 Day Notice Base Rate Tracker Account - Issue 2 has been launched at 5.37% The account can be opened with £1 and tracks the base rate plus a 0.12% ``spread". Oak North can decrease the spread subject to the notice period plus 14 days, so 109 days in this case.

Rate changes caused by BOE base rate changes are applied from 1st of the next calendar month.

Just a little caveat with this one. Deposits don't accrue interest on the day deposited and after the notice period, funds arrive a day later in your account so the deposit/ withdrawal period loses 2 days interest. Not sure what time of day funds hit your nominated account but if late in the day, may also mean you can't get interest for that day either.

Not such a biggie for a notice account as your funds are there for at least 95 days but a deposit today with immediate serving of notice for withdrawal would lose you about 0.11% of your AER for the amount withdrawn reducing to 0.086% if you kept it there for a month before serving notice.

allegro120

1spiral said:

Bridlington1 said:

OakNorth Bank 95 Day Notice Base Rate Tracker Account - Issue 2 has been launched at 5.37% The account can be opened with £1 and tracks the base rate plus a 0.12% ``spread". Oak North can decrease the spread subject to the notice period plus 14 days, so 109 days in this case.

Rate changes caused by BOE base rate changes are applied from 1st of the next calendar month.

Just a little caveat with this one. Deposits don't accrue interest on the day deposited and after the notice period, funds arrive a day later in your account so the deposit/ withdrawal period loses 2 days interest. Not sure what time of day funds hit your nominated account but if late in the day, may also mean you can't get interest for that day either.

Not such a biggie for a notice account as your funds are there for at least 95 days but a deposit today with immediate serving of notice for withdrawal would lose you about 0.11% of your AER for the amount withdrawn reducing to 0.086% if you kept it there for a month before serving notice.If a withdrawal request has been made, interest will be calculated on the total amount until, but not including the day of the withdrawal.

I've made many withdrawals from 90d notice account, they always arrived on the same day and as far as I remember very quickly if not immediately.  I don't know about weekends, never tried that, I generally avoid weekend withdrawals unless I know for sure that they will arrive on the same day.

1spiral

allegro120 said:

1spiral said:

Bridlington1 said:

OakNorth Bank 95 Day Notice Base Rate Tracker Account - Issue 2 has been launched at 5.37% The account can be opened with £1 and tracks the base rate plus a 0.12% ``spread". Oak North can decrease the spread subject to the notice period plus 14 days, so 109 days in this case.

Rate changes caused by BOE base rate changes are applied from 1st of the next calendar month.

Just a little caveat with this one. Deposits don't accrue interest on the day deposited and after the notice period, funds arrive a day later in your account so the deposit/ withdrawal period loses 2 days interest. Not sure what time of day funds hit your nominated account but if late in the day, may also mean you can't get interest for that day either.

Not such a biggie for a notice account as your funds are there for at least 95 days but a deposit today with immediate serving of notice for withdrawal would lose you about 0.11% of your AER for the amount withdrawn reducing to 0.086% if you kept it there for a month before serving notice.If a withdrawal request has been made, interest will be calculated on the total amount until, but not including the day of the withdrawal.

I've made many withdrawals from 90d notice account, they always arrived on the same day and as far as I remember very quickly if not immediately.  I don't know about weekends, never tried that, I generally avoid weekend withdrawals unless I know for sure that they will arrive on the same day.

That's interesting to know. Do you have the key product information for that account? For the tracker account it states 

"After providing notice the funds will be credited back into your nominated account the next business day after the notice period has passed."

Which is clearly indicating an additional days delay. Weekends state next working day so will not arrive at weekends.

nottsphil

1spiral said:

Bridlington1 said:

OakNorth Bank 95 Day Notice Base Rate Tracker Account - Issue 2 has been launched at 5.37% The account can be opened with £1 and tracks the base rate plus a 0.12% ``spread". Oak North can decrease the spread subject to the notice period plus 14 days, so 109 days in this case.

Rate changes caused by BOE base rate changes are applied from 1st of the next calendar month.

Just a little caveat with this one. Deposits don't accrue interest on the day deposited and after the notice period, funds arrive a day later in your account so the deposit/ withdrawal period loses 2 days interest. Not sure what time of day funds hit your nominated account but if late in the day, may also mean you can't get interest for that day either.

Not such a biggie for a notice account as your funds are there for at least 95 days but a deposit today with immediate serving of notice for withdrawal would lose you about 0.11% of your AER for the amount withdrawn reducing to 0.086% if you kept it there for a month before serving notice.

I've never come across a savings or bank account that states it pays interest on the day of deposit and of withdrawal. That would be expecting 366 days interest for a one year deposit for example, so what you are describing is a loss of only one day.  Maybe more if it lands on a weekend, though?
To take that example to its extreme, for an instant access  account with midnight cut off times, would you expect to be able to deposit at 23.55 tonight then withdraw at 00.05 on 3 July 2025 and get 366 days interest when your money will have only been there for 364 days and 10 minutes? 😊

allegro120

1spiral said:

allegro120 said:

1spiral said:

Bridlington1 said:

OakNorth Bank 95 Day Notice Base Rate Tracker Account - Issue 2 has been launched at 5.37% The account can be opened with £1 and tracks the base rate plus a 0.12% ``spread". Oak North can decrease the spread subject to the notice period plus 14 days, so 109 days in this case.

Rate changes caused by BOE base rate changes are applied from 1st of the next calendar month.

Just a little caveat with this one. Deposits don't accrue interest on the day deposited and after the notice period, funds arrive a day later in your account so the deposit/ withdrawal period loses 2 days interest. Not sure what time of day funds hit your nominated account but if late in the day, may also mean you can't get interest for that day either.

Not such a biggie for a notice account as your funds are there for at least 95 days but a deposit today with immediate serving of notice for withdrawal would lose you about 0.11% of your AER for the amount withdrawn reducing to 0.086% if you kept it there for a month before serving notice.If a withdrawal request has been made, interest will be calculated on the total amount until, but not including the day of the withdrawal.

I've made many withdrawals from 90d notice account, they always arrived on the same day and as far as I remember very quickly if not immediately.  I don't know about weekends, never tried that, I generally avoid weekend withdrawals unless I know for sure that they will arrive on the same day.

That's interesting to know. Do you have the key product information for that account? For the tracker account it states 

"After providing notice the funds will be credited back into your nominated account the next business day after the notice period has passed."

Which is clearly indicating an additional days delay. Weekends state next working day so will not arrive at weekends.

No, just a generic info for Notice Savings Accounts https://oaknorth.co.uk/personal-savings/notice-accounts/ and t&c https://oaknorth.co.uk/legal/terms-and-conditions/personal/personal-savings/notice-accounts/
I don't think they have a key product information specifically for 90d, they are all treated the same but with different notice periods.