Notice Accounts

1spiral

Does anyone know if the "following day withdrawal" Vanquis apply to EA accounts also applies to notice accounts so in effect you'd receive withdrawals on day 91 as opposed to day 90 or is that delay already in built to the 90 day notice?

refluxer

1spiral said:

Does anyone know if the "following day withdrawal" Vanquis apply to EA accounts also applies to notice accounts so in effect you'd receive withdrawals on day 91 as opposed to day 90 or is that delay already in built to the 90 day notice?

I can't say for certain as I don't have that particular account, but I'd be surprised if 90 days didn't mean 90 days, in which case I'd expect any delays like that to be factored in. You'd know for sure when you request a withdrawal or account closure though, as they should specify the exact date you'd get your money. Weekends and bank holidays may cause additional delays for certain banks who don't process payments on those days.

1spiral

refluxer said:

1spiral said:

Does anyone know if the "following day withdrawal" Vanquis apply to EA accounts also applies to notice accounts so in effect you'd receive withdrawals on day 91 as opposed to day 90 or is that delay already in built to the 90 day notice?

I can't say for certain as I don't have that particular account, but I'd be surprised if 90 days didn't mean 90 days, in which case I'd expect any delays like that to be factored in. You'd know for sure when you request a withdrawal or account closure though, as they should specify the exact date you'd get your money. Weekends and bank holidays may cause additional delays for certain banks who don't process payments on those days.

You would think they should include it but Oaknorth don't hence the reason for asking. I really think these EA accounts that don't send funds same day should be classified as 1 day notice accounts and if this delay is added to notice accounts, they should be 91 day notice accounts etc.

I haven't funded my account yet so can't attempt a test withdrawal but have sent them a message requesting clarification.

janusdesign

OakNorth 95-Day rate changes from 1st December...

• Issue 1 - 4.95% down to 4.70%
• Issue 2 - 5.12% down to 4.87%
• Issue 3 - 5.13% down to 4.88%
• Issue 4 - 5.14% down to 4.89% (matches current issue 5)

yes I know it's a tracker account, but there is the option in the t&c for them to change the spread on any issue, which they have chosen not to do on this occasion.

I have £1 in each of these issues, so I could probably close the first 3 issues - I hadn't so far in case they tweaked the spread on any of the accounts.

slinger2

Just received an email from DF Capital that they're reducing the interest rate on their existing 90 day account from 5.30% AER to 5.11% AER as from 23 February 2025 (roughly the 104 days notice expected)

As I write they're offering the 5.11% account for new customers. Presumably the rate has been selected to just pip the 5.10% from Vanquis. Investec will be down to 5.05% for existing customers in the new year.

Likely 5.11% will be about the best notice account next February.

mebu60

slinger2 said:

Just received an email from DF Capital that they're reducing the interest rate on their existing 90 day account from 5.30% AER to 5.11% AER as from 23 February 2025 (roughly the 104 days notice expected)

As I write they're offering the 5.11% account for new customers. Presumably the rate has been selected to just pip the 5.10% from Vanquis. Investec will be down to 5.05% for existing customers in the new year.

Likely 5.11% will be about the best notice account next February.

Charter 95 Day Issue 63 reduces from 5.0% to 4.7% on 03:03:25 (if that's not already been mentioned). 

slinger2

mebu60 said:

slinger2 said:

Just received an email from DF Capital that they're reducing the interest rate on their existing 90 day account from 5.30% AER to 5.11% AER as from 23 February 2025 (roughly the 104 days notice expected)

As I write they're offering the 5.11% account for new customers. Presumably the rate has been selected to just pip the 5.10% from Vanquis. Investec will be down to 5.05% for existing customers in the new year.

Likely 5.11% will be about the best notice account next February.

Charter 95 Day Issue 63 reduces from 5.0% to 4.7% on 03:03:25 (if that's not already been mentioned). 

Charter seem to be one of those providers that use the "issue" system to maintain a multitude of different rates for exactly the same product. I see they're currently offering 4.96% (issue 68) on this product.

StayinAlive

1spiral said: I really think these EA accounts that don't send funds same day should be classified as 1 day notice accounts

I tend to agree with this sentiment, in fact I've just found another that actually says it.

DF Capital Easy Access Account Issue 3 quotes "Yes, you can make unlimited withdrawals subject to providing 1 working day’s notice".

At what point does an EA become a Notice Account?

1spiral

I've just had Vanquis confirm that a scheduled withdrawal from their 90 day notice account arrives the day after the "withdrawal date" so they are in effect a 91 day notice account.

1spiral

StayinAlive said:

1spiral said: I really think these EA accounts that don't send funds same day should be classified as 1 day notice accounts

I tend to agree with this sentiment, in fact I've just found another that actually says it.

DF Capital Easy Access Account Issue 3 quotes "Yes, you can make unlimited withdrawals subject to providing 1 working day’s notice".

At what point does an EA become a Notice Account?

According to ChatGPT in response to "at what point does an easy access account become a notice account"

"An easy access account becomes a notice account when the bank introduces a requirement for prior notice before withdrawals."

Mmm. It seems though for some reason that one day is not considered notice but "admin".