Notice Accounts

1spiral

Ch1ll1Phlakes said:

StayinAlive said:

RCI Bank

Just had my monthly statement in and didn't agree with the amount of interest.

My calculations were based on receiving interest from (i.e. "on") the date of deposit.

However, when I modified the calcs to make it the day after deposit, the interest agreed.

Rang RCI and they had to check and rang back confirming that interest is payed from the day after deposit. 

However, in their T&C's it states 

"We’ll apply interest from the day we receive your money, but if we receive your
payment after 1pm it won’t show on your account until the next business day" (my bold).

My payments were before 1 p.m.

Has anyone else as pedantic as me noticed this?

Only thing I can think of here is that even if the payments were made before 1pm this does not mean that RCI received the payment before 1pm. If they didn't receive the payment until after 1pm it wouldn't show on your account until the next business day and only accrue interest.

If that is the case though, the statement should make it clear as to which date the money was credited. 

StayinAlive

Ch1ll1Phlakes said:

StayinAlive said:

RCI Bank

Just had my monthly statement in and didn't agree with the amount of interest.

My calculations were based on receiving interest from (i.e. "on") the date of deposit.

However, when I modified the calcs to make it the day after deposit, the interest agreed.

Rang RCI and they had to check and rang back confirming that interest is payed from the day after deposit. 

However, in their T&C's it states 

"We’ll apply interest from the day we receive your money, but if we receive your
payment after 1pm it won’t show on your account until the next business day" (my bold).

My payments were before 1 p.m.

Has anyone else as pedantic as me noticed this?

Only thing I can think of here is that even if the payments were made before 1pm this does not mean that RCI received the payment before 1pm. If they didn't receive the payment until after 1pm it wouldn't show on your account until the next business day and only accrue interest.

Couple of points here.

I have text messages from RCI stating "thanks for your deposit" timed at 10.11, 12.11 and 12.10 respectively.

Secondly, even if payments are made after 1 p.m. the T&C's state that it will not show on your account until the next day. The first part of the sentence still applies i.e. "We'll apply interest from the day we receive......".

Or, at least, that's the way I read it.

allegro120

Oak North launched new 95 days Notice Base Rate Tracker.  4.54%. Spread* vs Base Rate 0.54%.

Rheumatoid

RCI Down again:

Current rate	New rate
4.12%	4.00% AER Gross Variable Annual / 3.93% Gross Variable Monthly

Zaul22

Oaknorth keep issuing higher rates and there is no way to simply close your account of the previous issues, you have use customer service. 

allegro120

Zaul22 said:

Oaknorth keep issuing higher rates and there is no way to simply close your account of the previous issues, you have use customer service. 

If you bring your balance down to zero OakNorth will eventually close it due to inactivity.  At least this is what happened to a number of my notice accounts with OakNorth.

soulsaver

said:

Oak North launched new 95 days Notice Base Rate Tracker.  4.54%. Spread* vs Base Rate 0.54%.

If one is considering this, don't let the Marcus's 4.55% 1 year fix slip under the radar. May appear less attractive at first look, but unusually for a non isa there is access with 90 day interest penalty.

And it won't follow rates down.. (or, er, up..)