Notice Accounts

Rudyson

NameWithheld said:

OakNorth 90 day rate now up to 2.26%. But this time they are also increasing on older issues if you are prepared to wait until 1st September 

And 120 day Issues to 2.30%

Shedman

NameWithheld said:

OakNorth 90 day rate now up to 2.26%. But this time they are also increasing on older issues if you are prepared to wait until 1st September 

Its really good that they're now doing that instead of having to open a new one at the higher rate and move the money from the older one across to the new one, which meant having restart the clock on the notice period.  

Also like that you can (seemingly) continue to top up the existing account but keep the same end of notice date, so effectively getting shorter and shorter period notice accounts the closer you get to the notice end date when you top up, but you get the higher rate regardless (so potentially outstripping even the best 31 / 60 day notice accounts such as Zopa 31 day boost).

"Effective from 01 Sep 2022, the interest rate on your Notice Account ending in *****xxx will increase from 2.02% AER to 2.26% AER.

We’ll apply this higher rate to your account automatically, so you don't need to do anything.

If you wish to top up your account, you can do so by sending funds from your nominated bank account to your OakNorth savings account."

Rudyson

Shedman said:

NameWithheld said:

OakNorth 90 day rate now up to 2.26%. But this time they are also increasing on older issues if you are prepared to wait until 1st September 

Its really good that they're now doing that instead of having to open a new one at the higher rate and move the money from the older one across to the new one, which meant having restart the clock on the notice period.  

Also like that you can (seemingly) continue to top up the existing account but keep the same end of notice date, so effectively getting shorter and shorter period notice accounts the closer you get to the notice end date when you top up, but you get the higher rate regardless (so potentially outstripping even the best 31 / 60 day notice accounts such as Zopa 31 day boost).

"Effective from 01 Sep 2022, the interest rate on your Notice Account ending in *****xxx will increase from 2.02% AER to 2.26% AER.

We’ll apply this higher rate to your account automatically, so you don't need to do anything.

If you wish to top up your account, you can do so by sending funds from your nominated bank account to your OakNorth savings account."

I don't think you can add money to an account to give yourself a shorter notice period. Unlike Zopa. you don't give notice to turn the whole account into instant access, you give notice to withdraw an amount of money (not necessarily the whole account) in 90 days. You can continue to deposit funds at any time, and withdraw funds at any time (with 90 days notice).

10_66

Rudyson said:

Shedman said:

NameWithheld said:

OakNorth 90 day rate now up to 2.26%. But this time they are also increasing on older issues if you are prepared to wait until 1st September 

Its really good that they're now doing that instead of having to open a new one at the higher rate and move the money from the older one across to the new one, which meant having restart the clock on the notice period.  

Also like that you can (seemingly) continue to top up the existing account but keep the same end of notice date, so effectively getting shorter and shorter period notice accounts the closer you get to the notice end date when you top up, but you get the higher rate regardless (so potentially outstripping even the best 31 / 60 day notice accounts such as Zopa 31 day boost).

"Effective from 01 Sep 2022, the interest rate on your Notice Account ending in *****xxx will increase from 2.02% AER to 2.26% AER.

We’ll apply this higher rate to your account automatically, so you don't need to do anything.

If you wish to top up your account, you can do so by sending funds from your nominated bank account to your OakNorth savings account."

I don't think you can add money to an account to give yourself a shorter notice period. Unlike Zopa. you don't give notice to turn the whole account into instant access, you give notice to withdraw an amount of money (not necessarily the whole account) in 90 days. You can continue to deposit funds at any time, and withdraw funds at any time (with 90 days notice).

You can, you just give notice to close.

Rudyson

10_66 said:

Rudyson said:

Shedman said:

NameWithheld said:

OakNorth 90 day rate now up to 2.26%. But this time they are also increasing on older issues if you are prepared to wait until 1st September 

Its really good that they're now doing that instead of having to open a new one at the higher rate and move the money from the older one across to the new one, which meant having restart the clock on the notice period.  

Also like that you can (seemingly) continue to top up the existing account but keep the same end of notice date, so effectively getting shorter and shorter period notice accounts the closer you get to the notice end date when you top up, but you get the higher rate regardless (so potentially outstripping even the best 31 / 60 day notice accounts such as Zopa 31 day boost).

"Effective from 01 Sep 2022, the interest rate on your Notice Account ending in *****xxx will increase from 2.02% AER to 2.26% AER.

We’ll apply this higher rate to your account automatically, so you don't need to do anything.

If you wish to top up your account, you can do so by sending funds from your nominated bank account to your OakNorth savings account."

I don't think you can add money to an account to give yourself a shorter notice period. Unlike Zopa. you don't give notice to turn the whole account into instant access, you give notice to withdraw an amount of money (not necessarily the whole account) in 90 days. You can continue to deposit funds at any time, and withdraw funds at any time (with 90 days notice).

You can, you just give notice to close.

You can, but don't have to close the account, and there's nothing to suggest that you can add funds to an account you've asked them to close, and get a shorter notice period for the added money

10_66

Rudyson said:

10_66 said:

Rudyson said:

Shedman said:

NameWithheld said:

OakNorth 90 day rate now up to 2.26%. But this time they are also increasing on older issues if you are prepared to wait until 1st September 

Its really good that they're now doing that instead of having to open a new one at the higher rate and move the money from the older one across to the new one, which meant having restart the clock on the notice period.  

Also like that you can (seemingly) continue to top up the existing account but keep the same end of notice date, so effectively getting shorter and shorter period notice accounts the closer you get to the notice end date when you top up, but you get the higher rate regardless (so potentially outstripping even the best 31 / 60 day notice accounts such as Zopa 31 day boost).

"Effective from 01 Sep 2022, the interest rate on your Notice Account ending in *****xxx will increase from 2.02% AER to 2.26% AER.

We’ll apply this higher rate to your account automatically, so you don't need to do anything.

If you wish to top up your account, you can do so by sending funds from your nominated bank account to your OakNorth savings account."

I don't think you can add money to an account to give yourself a shorter notice period. Unlike Zopa. you don't give notice to turn the whole account into instant access, you give notice to withdraw an amount of money (not necessarily the whole account) in 90 days. You can continue to deposit funds at any time, and withdraw funds at any time (with 90 days notice).

You can, you just give notice to close.

You can, but don't have to close the account, and there's nothing to suggest that you can add funds to an account you've asked them to close, and get a shorter notice period for the added money

Where does it say you can’t add funds to an account on which you’ve given notice to “close”? Best to check with them for yourself, but I was told you can do so.

Rudyson

10_66 said:

Rudyson said:

10_66 said:

Rudyson said:

Shedman said:

NameWithheld said:

OakNorth 90 day rate now up to 2.26%. But this time they are also increasing on older issues if you are prepared to wait until 1st September 

Its really good that they're now doing that instead of having to open a new one at the higher rate and move the money from the older one across to the new one, which meant having restart the clock on the notice period.  

Also like that you can (seemingly) continue to top up the existing account but keep the same end of notice date, so effectively getting shorter and shorter period notice accounts the closer you get to the notice end date when you top up, but you get the higher rate regardless (so potentially outstripping even the best 31 / 60 day notice accounts such as Zopa 31 day boost).

"Effective from 01 Sep 2022, the interest rate on your Notice Account ending in *****xxx will increase from 2.02% AER to 2.26% AER.

We’ll apply this higher rate to your account automatically, so you don't need to do anything.

If you wish to top up your account, you can do so by sending funds from your nominated bank account to your OakNorth savings account."

I don't think you can add money to an account to give yourself a shorter notice period. Unlike Zopa. you don't give notice to turn the whole account into instant access, you give notice to withdraw an amount of money (not necessarily the whole account) in 90 days. You can continue to deposit funds at any time, and withdraw funds at any time (with 90 days notice).

You can, you just give notice to close.

You can, but don't have to close the account, and there's nothing to suggest that you can add funds to an account you've asked them to close, and get a shorter notice period for the added money

Where does it say you can’t add funds to an account on which you’ve given notice to “close”? Best to check with them for yourself, but I was told you can do so.

If you've been told you can, then fair enough, but there was nothing in Shedman's post that said you could, and that's the one I originally quoted and replied to.

10_66

Rudyson said:

10_66 said:

Rudyson said:

10_66 said:

Rudyson said:

Shedman said:

NameWithheld said:

OakNorth 90 day rate now up to 2.26%. But this time they are also increasing on older issues if you are prepared to wait until 1st September 

Its really good that they're now doing that instead of having to open a new one at the higher rate and move the money from the older one across to the new one, which meant having restart the clock on the notice period.  

Also like that you can (seemingly) continue to top up the existing account but keep the same end of notice date, so effectively getting shorter and shorter period notice accounts the closer you get to the notice end date when you top up, but you get the higher rate regardless (so potentially outstripping even the best 31 / 60 day notice accounts such as Zopa 31 day boost).

"Effective from 01 Sep 2022, the interest rate on your Notice Account ending in *****xxx will increase from 2.02% AER to 2.26% AER.

We’ll apply this higher rate to your account automatically, so you don't need to do anything.

If you wish to top up your account, you can do so by sending funds from your nominated bank account to your OakNorth savings account."

I don't think you can add money to an account to give yourself a shorter notice period. Unlike Zopa. you don't give notice to turn the whole account into instant access, you give notice to withdraw an amount of money (not necessarily the whole account) in 90 days. You can continue to deposit funds at any time, and withdraw funds at any time (with 90 days notice).

You can, you just give notice to close.

You can, but don't have to close the account, and there's nothing to suggest that you can add funds to an account you've asked them to close, and get a shorter notice period for the added money

Where does it say you can’t add funds to an account on which you’ve given notice to “close”? Best to check with them for yourself, but I was told you can do so.

If you've been told you can, then fair enough, but there was nothing in Shedman's post that said you could, and that's the one I originally quoted and replied to.

But Shedman did say that when he/she said;

“Also like that you can (seemingly) continue to top up the existing account but keep the same end of notice date, so effectively getting shorter and shorter period notice accounts the closer you get to the notice end date when you top up, but you get the higher rate regardless”. 

refluxer

I gave my 90 day notice to close my OakNorth account at the end of July and have had the closure date confirmed by OakNorth via email for the end of October. I wasn't intending to make further deposits into this account but might be tempted to do so now that they've increased the rate. I haven't read anything in the T&Cs which says I'm not able to make further deposits after giving notice of closure, but I've just emailed OakNorth for clarification so I'll let you know what the official response is when I hear back from them.

Bobblehat

After trying to make the initial deposit of a few £K to my new OakNorth 90 Day account on Monday, my nominated bank locked me out of online banking. Took some time to get it sorted with their "Fraud Squad" and I mentioned that later on this week I would be making another deposit to OakNorth of a similar amount and didn't want it blocked again. Should be OK the bank said. Well it wasn't and had to go through the same rigmarole again yesterday.  Today, I see that both deposits are now sitting in the 90 Day account ... phew! Compensation by my nominated bank has given a health boost to what I will gain with this venture with OakNorth, but it has been at the expense of some time on the phone, plus the annoyance factor!

So this leads me on to some questions that I would appreciate feedback on from you folk with more experience of OakNorth.

Given the problems I had with making deposits, would there be any advantage to, and any way to, keep a small balance in an existing OakNorth 90 Day account after withdrawing the initial deposits and the bulk (but not all) of the interest? Could this enable any future funds to this account (in the unlikely scenario of it still being the best rate) to be made easily, or to then transferred them to a better rate OakNorth 90 Day account (etc), should one exist and be applied for? I'd appreciate your thoughts on this.

My logic is that if I close the existing account down after 90 Days and have to start again with a new OakNorth account, I would maybe have to go through the same scenario with deposits from my nominated bank similar to what I've already experienced! If I keep the existing account open, it could just minimise problems. I don't think changing my nominated account with OakNorth will change much, as I suspect other banks will flag up OakNorth deposits in a similar way.