Notice Accounts

slinger2

See: https://www.rcibank.co.uk/support-centre/legal-centre/your-agreement (see 95 day account about 2/3 of the way down the file)

I've received the email about the new increased rate of 4.75% from 10 March (currently I'm getting 4.95%). I can see that those who are currently on 4.70% perhaps wouldn't get a notification because it's a rate increase. However those currently on 4.90% surely should if their rate is to decrease to 4.75% at the same time.

slinger2

Just been comparing my four 90/95 days accounts. They've all been open for some time and I've received rate reduction notice on all of them.

RCI Bank reducing to 4.75% on 10 March. Investec 4.84% from 26 February. DF Capital 4.90% from 22 April. Vanquis 5.00% from 3 March. Vanquis are only offering 4.71% but I don't seem to have been notified of any reduction bellow 5.00% as yet.

Currently most of my notice account money is in DF Capital but I'm wondering whether to move to Vanquis. Not sure it's worth the bother for the extra 0.10% which may not last too long.

jaypers

I’ve gone right off Notice Accounts. Just waiting for my Investec money to come over in a few weeks and I’m out of them completely again. The difference between Notice and EA rates isn’t worth having now IMHO. My latest strategy is to drip feed multiple Regular Savers with money out of the best EA accounts. Many of them offer a fixed rate and quite a lot of flexibility with many of them, where they can be easily closed if I ever needed to. Yes, it can be a faff when you have a lot but a hour or so a month of effort seems worth it. 

1spiral

slinger2 said:

See: https://www.rcibank.co.uk/support-centre/legal-centre/your-agreement (see 95 day account about 2/3 of the way down the file)

I've received the email about the new increased rate of 4.75% from 10 March (currently I'm getting 4.95%). I can see that those who are currently on 4.70% perhaps wouldn't get a notification because it's a rate increase. However those currently on 4.90% surely should if their rate is to decrease to 4.75% at the same time.

Useful page. I can see why I'm getting 4.9 whereas others are 4.95 but it unfortunately doesn't show future reductions so I'm still unsure whether my account is or isn't going to be subject to a rate reduction in March. Presumably not as this iteration wasn't available when the email was sent out in November.

slinger2

It's the less faff that appeals to me. Knowing the rate for the next 104 days.

1spiral

slinger2 said:

It's the less faff that appeals to me. Knowing the rate for the next 104 days.

This is what I like but I get a bit paranoid about ensuring any notifications of reductions are forthcoming. If one goes astray, you can't just whip the money out like an EA account when you realise the issue so in that respect, the horse has already bolted. 

To date I've had all the emails I've expected (although I do need to confirm with RCI regarding the 95 day reduction in March) but I am aware of other email sources that do not get through to me from time to time despite normally arriving in a timely fashion. 

What I am surprised at is that none of the companies to my knowledge, send you internal secure messages regarding rate changes nor texts. If they did all 3 I wouldn't spend so much time trying to clarify incorrect messages (Kent Reliance) and trying to understand whether emails others post about apply to me also (RCI).

These companies don't like to make it easy for you.

slinger2

1spiral said:

slinger2 said:

It's the less faff that appeals to me. Knowing the rate for the next 104 days.

This is what I like but I get a bit paranoid about ensuring any notifications of reductions are forthcoming. If one goes astray, you can't just whip the money out like an EA account when you realise the issue so in that respect, the horse has already bolted. 

To date I've had all the emails I've expected (although I do need to confirm with RCI regarding the 95 day reduction in March) but I am aware of other email sources that do not get through to me from time to time despite normally arriving in a timely fashion. 

What I am surprised at is that none of the companies to my knowledge, send you internal secure messages regarding rate changes nor texts. If they did all 3 I wouldn't spend so much time trying to clarify incorrect messages (Kent Reliance) and trying to understand whether emails others post about apply to me also (RCI).

These companies don't like to make it easy for you.

I agree with your point. It would be much better if you could find this information about future rate changes via the online systems. Don't think that any of my 4 notice accounts provide it.

refluxer

In an unusual move, Charter have increased the rate on their 120 day notice account from 4.15% to 4.75%, making it the highest-paying 120 day notice account currently available (Cynergy had been top previously at 4.70% for the last month or so)

https://www.chartersavingsbank.co.uk/Products/NoticeAccount

slinger2

Charter are one of those providers that don't guarantee to give the notice period +14 days (in this case 134 days) notice of a rate reduction. They only promise 14 days notice. If they give less that the 134 days notice then you have the option to close the account "without notice, loss of interest or additional charges".

JJM03

Well Charter certainly gave me 60 + 14 days notice when they reduced the interest rate on my 60 Day Notice Issue 33 account earlier this month.