Notice Accounts

Bobblehat

Charter Savings Bank

Charter dropping some of their rates .... notification by email today ...... example:-

60 Day Notice Iss33 5.06% AER/4.95% Gross down to 4.81%/4.71% 24th March

Some EA accounts dropping too.

1spiral

Received email yesterday from Kent stating rate on 60 day notice issue 65 reducing to 4.79 on 25/3. They also state in this email that they provided notification in November that the rate is reducing on 28/1. I only have previous notifications from Kent for Easy access accounts reductions from November so could someone please enlighten me as to what the change on 28/1 is going to be? Thanks.

1spiral

1spiral said:

They also state in this email that they provided notification in November that the rate is reducing on 28/1.

So just got off the phone to Kent and they have informed me that the rate notifications in November were for easy access products, not notice accounts and there is no rate reduction later this month. So why does my email state

"We've already provided you with notice that your DN55 60 DAY NOTICE ACCOUNT MI interest rate will be decreasing as of 28/01/2025. We emailed you in November 2024, please refer to that message for further information."

Seems pretty clear what they're stating here, no room for interpretation. Anyone else got the same?

fonesaver

1spiral said:

1spiral said:

They also state in this email that they provided notification in November that the rate is reducing on 28/1.

So just got off the phone to Kent and they have informed me that the rate notifications in November were for easy access products, not notice accounts and there is no rate reduction later this month. So why does my email state

"We've already provided you with notice that your DN55 60 DAY NOTICE ACCOUNT MI interest rate will be decreasing as of 28/01/2025. We emailed you in November 2024, please refer to that message for further information."

Seems pretty clear what they're stating here, no room for interpretation. Anyone else got the same?

Yes got the same email and was also confused, assumed if was a mistake. Expected a follow-up correction!

1spiral

Oaknorth have updated their T&Cs for the tracker accounts to now state rates will be updated by rather than on 1st of the month following a change in base rate. This change will allow them to make the change an average of 2 weeks quicker than previously.

Rudyson

fonesaver said:

1spiral said:

1spiral said:

They also state in this email that they provided notification in November that the rate is reducing on 28/1.

So just got off the phone to Kent and they have informed me that the rate notifications in November were for easy access products, not notice accounts and there is no rate reduction later this month. So why does my email state

"We've already provided you with notice that your DN55 60 DAY NOTICE ACCOUNT MI interest rate will be decreasing as of 28/01/2025. We emailed you in November 2024, please refer to that message for further information."

Seems pretty clear what they're stating here, no room for interpretation. Anyone else got the same?

Yes got the same email and was also confused, assumed if was a mistake. Expected a follow-up correction!

From an email received today from KR:

We emailed you recently to let you know the interest rate on your DN55 60 DAY NOTICE ACCOUNT is changing (email dated 9th January 2025). Within that email we also told you that we'd already provided you with notice that your account's interest rate was changing on 28/01/2025, this was a mistake and we're sorry for any confusion caused.

 

We'd like to confirm that the only change to your account is detailed below and this will happen on 25th March 2025.

From 25th March 2025 the interest rate on your account will be

Previous Rate:GROSS* 4.93% / AER** 5.04%

New Rate: GROSS* 4.69% / AER** 4.79%

proudgecko

Got an email from RCI today saying

We have an update on your 95 Day Notice Account interest rate change We previously emailed to let you know the interest rate on your RCI Bank 95 Day Notice Account is due to change as of 10th March 2025 to 4.70% AER Gross Variable. However we have since been able to further adjust our rates and therefore your new rate will now be 4.75% AER Gross Variable as of 10th March 2025.  The current rate and new rate payable on your account are detailed below for your information.

Current rate   New rate   4.95% AER Gross   4.75% AER Gross Variable Annual / 4.65% Gross Variable Monthly

1spiral

proudgecko said:

Got an email from RCI today saying

We have an update on your 95 Day Notice Account interest rate change We previously emailed to let you know the interest rate on your RCI Bank 95 Day Notice Account is due to change as of 10th March 2025 to 4.70% AER Gross Variable. However we have since been able to further adjust our rates and therefore your new rate will now be 4.75% AER Gross Variable as of 10th March 2025.  The current rate and new rate payable on your account are detailed below for your information.

Current rate   New rate   4.95% AER Gross   4.75% AER Gross Variable Annual / 4.65% Gross Variable Monthly

Could I kindly ask you when you received the previous email? I only opened this account on 2nd Jan and have received no such email. To date I also haven't received the mail you mention from today but I can't see an issue number for the account so assume there is only one.

proudgecko

I can’t find the previous email - must have deleted it

but I did find a post on here by @slinger2 on 17nov saying
” RCI Bank 95-day account down from 4.95% to 4.70% as of 15 Nov for new customers.”

and another on 21nov saying
” Email today from RCI giving 109 days notice of a rate reduction on my account (10 Mar 2025) to 4.70%.”

1spiral

proudgecko said:

I can’t find the previous email - must have deleted it

but I did find a post on here by @slinger2 on 17nov saying
” RCI Bank 95-day account down from 4.95% to 4.70% as of 15 Nov for new customers.”

and another on 21nov saying
” Email today from RCI giving 109 days notice of a rate reduction on my account (10 Mar 2025) to 4.70%.”

Strange, as I mentioned, I opened my account after this and there was no mention of a forthcoming rate reduction and I can't see an issue number for the account. Normally when companies announce rate reductions and they don't have issue numbers, that rate applies from day 1 for new customers but my rate is 4.79 gross = 4.9 AER with no mention of any forthcoming reduction. I do note however that your current rate is higher than mine although after the reduction, it will be lower.

I don't know whether their T&Cs permit multiple accounts but it may be that it is worth opening the new one each time it is announced (although with 1K min balance it does over complicate matters)