Notice Accounts

slinger2

SnowMan said:

slinger2 said:

For the DF 120 and 180-day rate reductions noted above they seem to have given the notice period + 14 days notice (134 and 194 days - near enough). I'm assuming the 90-day account will be next, probably 104 days notice.

I was expecting to get notice of a reduction on the 5.3% DF 90 day notice account (issue 1) but nothing so far.

Does anyone know what form the notice takes when they do decide to reduce rates, is it just the email mentioned above for the 180 day account, or does a message appear in the messages section when logged in as well?

I've heard nothing but, like you, am expecting something soon. A few weeks ago they reduced their rate on their 120 days account to 5.0% AER.

Of course they're a small bank and a lot will depend on their own cash-flow issues.

1spiral

Rudyson said:

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

Have you added funds after the 14 days? I emailed them a couple of weeks ago asking for clarity. After a few days I called them and was told the same as you i.e. no 14 day limit on deposits however I've subsequently received my email response re affirming the original statement i.e. you cannot add funds after 14 days. I have now secure messaged them seeking further clarity explaining that I've had 2 different responses. My account is only 7 days old so will not be able to test for another week.

Rudyson

1spiral said:

Rudyson said:

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

Have you added funds after the 14 days? I emailed them a couple of weeks ago asking for clarity. After a few days I called them and was told the same as you i.e. no 14 day limit on deposits however I've subsequently received my email response re affirming the original statement i.e. you cannot add funds after 14 days. I have now secure messaged them seeking further clarity explaining that I've had 2 different responses. My account is only 7 days old so will not be able to test for another week.

Yes. A/c opened and funded Oct 10th, further funds added in November

slinger2

Oxbury 90-day tracker (issue 6) now paying 4.90% AER. OakNorth 95-day now 4.89% AER.

Investec still offering 5.05% with 104-days notice of a rate reduction (min £5k) (or Vanquis 5.10%), so neither seems attractive ATM.

Burcot

Charter also offering just over 5% for 60d.  How long will the over 5's last now??

Opened the 60d account - about to deposit the £5k minimum.  Does anyone have thoughts / experience of this Charter Savings  Bank please? 

nottsphil

slinger2 said:

Oxbury 90-day tracker (issue 6) now paying 4.90% AER. OakNorth 95-day now 4.89% AER.

Investec still offering 5.05% with 104-days notice of a rate reduction (min £5k) (or Vanquis 5.10%), so neither seems attractive ATM.

It is to me though. Just checked and Vanquis are still offering the 5.10% for 90 days. If I funded today, I'd be guaranteed that rate until 6 February?

slinger2

nottsphil said:

slinger2 said:

Oxbury 90-day tracker (issue 6) now paying 4.90% AER. OakNorth 95-day now 4.89% AER.

Investec still offering 5.05% with 104-days notice of a rate reduction (min £5k) (or Vanquis 5.10%), so neither seems attractive ATM.

It is to me though. Just checked and Vanquis are still offering the 5.10% for 90 days. If I funded today, I'd be guaranteed that rate until 6 February?

I meant that neither Oxbury nor OakNorth look attractive. Vanquis seems ok

"If the rate decreases, we’ll let you know at least 14 days plus the account notice period before the change takes effect"

Seems clear enough. I make that 20 Feb 25 (for the 90 day) even if they did it today.

nottsphil

I've not funded the Vanquis yet because the terms and conditions don't state whether you can have overlapping notice periods (I got stung with this restriction many years ago, with one of the challenger banks). By overlapping, I mean if I gave 90 days notice for a portion of my capital at the weekend, could I also give notice in a month's time for an additional payment c. 8 March?

slinger2

nottsphil said:

I've not funded the Vanquis yet because the terms and conditions don't state whether you can have overlapping notice periods (I got stung with this restriction many years ago, with one of the challenger banks). By overlapping, I mean if I gave 90 days notice for a portion of my capital at the weekend, could I also give notice in a month's time for an additional payment c. 8 March?

Can't comment on Vanquis since I don't have an account with them. Works ok with Investec, I've got a few lined up with them over the next 2 months. Easy to cancel too by the look of it.

1spiral

Vanquis 90 day NLA