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Notice Accounts

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Comments

  • 1spiral
    1spiral Posts: 342 Forumite
    100 Posts Second Anniversary Name Dropper
    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
    StayinAlive Posts: 91 Forumite
    Fourth Anniversary 10 Posts
    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
    allegro120 Posts: 2,177 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Oak North launched new 95 days Notice Base Rate Tracker.  4.54%. Spread* vs Base Rate 0.54%.
  • Rheumatoid
    Rheumatoid Posts: 1,049 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    RCI Down again:

    Current rate

    New rate
     

    4.12%
     

    4.00% AER Gross Variable Annual / 3.93% Gross Variable Monthly
     


    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j
  • Zaul22
    Zaul22 Posts: 387 Forumite
    Third Anniversary 100 Posts Name Dropper
    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
    allegro120 Posts: 2,177 Forumite
    1,000 Posts Second Anniversary Name Dropper
    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
    soulsaver Posts: 6,746 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 17 October at 4:15PM
    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..)


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