Notice Accounts

proudgecko

just been informed hat the interest rate on United Trust 200d notice issue 2 is reducing from 5.58% to 5.1% on 8th August
Account can be closed without notice until 9th Sept

janusdesign

I just had two emails from OakNorth stating that their rate drops on 1st September ...

• OakNorth 95-Day Notice Base Rate Tracker (Issue 1) dropping from 5.20% to 4.95%
• OakNorth 95-Day Notice Base Rate Tracker (Issue 2) dropping from 5.37% to 5.12%

They released Issue 3 of the account yesterday and that is 5.12%

slinger2

janusdesign said:

I just had two emails from OakNorth stating that their rate drops on 1st September ...

• OakNorth 95-Day Notice Base Rate Tracker (Issue 1) dropping from 5.20% to 4.95%
• OakNorth 95-Day Notice Base Rate Tracker (Issue 2) dropping from 5.37% to 5.12%

They released Issue 3 of the account yesterday and that is 5.12%

That's in line with the T&Cs which say (currently) "Following a change to the Bank of England base rate, the interest rate will remain unchanged for the remainder of that calendar month. On the 1st calendar day of the subsequent month, your interest rate on your savings account will be updated to reflect the relevant movement to the Bank of England base rate."

Fairly generous in this case, since it's a whole month of the higher rate.

slinger2

Vanquis notice accounts reduced: 30 day 4.80%, 60 day 5.05%, 90 day 5.10%, 120 day 4.95%. 90 day ISA 4.95%. No idea about existing account holders.

SirHugo

slinger2 said:

Vanquis notice accounts reduced: 30 day 4.80%, 60 day 5.05%, 90 day 5.10%, 120 day 4.95%. 90 day ISA 4.95%. No idea about existing account holders.

Was looking at these yesterday. Annoyed with myself for not opening the 60 day now when it was still 5.30%. Thought I'd wait an extra day as I had £10K released from an Oxbury notice account today. The new rates are all Issue 2 so maybe existing account holders will still be OK for a while.

Growingold

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.

So the 95 notice period doesn't apply to them as this is part of an email received from them:-

As the Bank of England has changed its base rate from 5.25% to 5.00%, the interest rate on your Notice Base Rate Tracker Savings Account ending in ***** will change to 5.12% AER on 01 Sep 2024. 

Yet we still have to give 95 days notice of withdrawal

gwapenut

Growingold 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.

So the 95 notice period doesn't apply to them as this is part of an email received from them:-

As the Bank of England has changed its base rate from 5.25% to 5.00%, the interest rate on your Notice Base Rate Tracker Savings Account ending in ***** will change to 5.12% AER on 01 Sep 2024. 

Yet we still have to give 95 days notice of withdrawal

Yes, they explained that very clearly on their landing page.

slinger2

Growingold 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.

So the 95 notice period doesn't apply to them as this is part of an email received from them:-

As the Bank of England has changed its base rate from 5.25% to 5.00%, the interest rate on your Notice Base Rate Tracker Savings Account ending in ***** will change to 5.12% AER on 01 Sep 2024. 

Yet we still have to give 95 days notice of withdrawal

In this case the clue is in the name: "base rate tracker". Oaknorth and others offer notice accounts with a longer notice period for interest rate reductions. Oaknorth's 90 day account requires them to give 104 days notice, but only pays 4.70% AER.

slinger2

RCI Bank E-Volve Savings 14 Day Notice Account down to 4.65% AER from 4.80%.

allegro120

DF 180d is still holding at 5.4%.  Probably not for long, but at least it guarantees the rate for 180 days + 14 days notice. The only notice account in my collection that is still worth funding, I've recently started depositing more into this account. 

I'm exiting all my Oxbury accounts - £1k minimum to receive interest rule is the main reason, it doesn't work well in wind down scenario.  I'll keep RCI and OakNorth accounts going at £1 just in case.  Today I finally gave notice to close my Mansfield tracker because it doesn't make sense to keep £1000 there any more.