Notice Accounts

Rudyson

Kent Reliance 60d notice Issue 55 5.04% Min £1000

nottsphil

Will that rate be maintained over the notice period?

refluxer

nottsphil said:

Will that rate be maintained over the notice period?

Section 28 of their general account T&Cs says that the notice of a rate decrease will be 'at least 14 days plus the amount of notice you have to give us to make a withdrawal from, or to close, your account, before the change takes effect' so the answer is yes, but only if you gave notice to withdraw your cash (or close your account) within 2 weeks of being informed of the rate drop.

Rudyson

I popped into a branch of Kent Reliance tocay and found out something interesting about the notice a/c. When you give notice, money isn't automatically withdrawn, it works more like a Zopa boosted pot. They give you the date when you can withdraw and you get 21 days from that date to take out some or all of the amount you gave notice on. There's no need to cancel if you change your mind, you simply don't withdraw. A bit of added flexibility

1spiral

Another quirk of the KR account is that you have 7 days to deposit into it at which point it is deemed open. Once open, further funds can then only be added for 14 days.

allegro120

OakNorth. 95 days tracker issue 4. 5.14%AER.
I don't know if it was launched earlier, but I received e-mail this morning and opened the account.
It looks identical to issue 2 but pays 0.02% more.
https://oaknorth.co.uk/personal-savings/notice-base-rate-tracker-accounts/?utm_medium=email&_hsenc=p2ANqtz--OAk7UKDP-91uVdJ_w1VIdhCdJ0VfqSZFOimP6gXNHF7KDcD6pd0IQnnHjgQrouXpSL-yd4fMKsqR6PMtQ-HClF7SsKw&_hsmi=96586954&utm_content=96586954&utm_source=hs_email

Rudyson

1spiral said:

Another quirk of the KR account is that you have 7 days to deposit into it at which point it is deemed open. Once open, further funds can then only be added for 14 days.

No, that's wrong, it's badly worded. You can add funds at any time. That's what I went to the branch to ask about, because the next sentence read you can add funds to a notice or EA a/c at any time. That condition is only for a fixed term bond, they've put it in the wrong place

1spiral

That's good to know. I thought the term was more akin to a fixed term bond and as such was unusual for a notice account but this is very annoying because this is what was stated in the email for funding instructions. 

"Your account opening date will start from the date the initial deposit is received. You will then have 14 days from that date to make any further deposits into your account. After this time, any further deposits will not be accepted."

If that is incorrect, why the hell don't they remove it.

I sent funds across on Friday (to an easy access account) with the intention of moving it across to this account but after reading that term, I immediately sent the funds back as I won't be in a position over the next 2 weeks to fund the account completely.

refluxer

1spiral said:

That's good to know. I thought the term was more akin to a fixed term bond and as such was unusual for a notice account but this is very annoying because this is what was stated in the email for funding instructions. 

"Your account opening date will start from the date the initial deposit is received. You will then have 14 days from that date to make any further deposits into your account. After this time, any further deposits will not be accepted."

If that is incorrect, why the hell don't they remove it.

I've come across these kinds of cut-and-paste errors in emails from other banks, too. As you say, it's annoying and doesn't reflect well on them. In those situations, I always refer to the account summary box and T&Cs which will take precedent over any inaccurate information in an email.

winkowinko

Is there some kind of rule/law whereby notice accounts must give you x amount of warning time before they can drop their rate? For example the length of the term. Or does it vary from one bank to the next?