Notice Accounts

refluxer

SJMALBA said:

refluxer said:

SJMALBA said:

No email from OakNorth this time, so, presumably, unlike the last time, they won't be applying the new rate to existing accounts?

It doesn't look like it at the moment - at least I haven't had an email so far yet either. Did the rise they applied to existing accounts last time come before or after the higher rate became available to new applications though ? I've a feeling it was after and this latest rate increase has only just been offered AFAIK, so there may still be time for this to occur.

SJMALBA said:

In which case, if you wish to take advantage of the new rate, you will have to open another new account, and transfer from existing account (which cancels any existing notice given)?

Yes, I believe that is an option. For perspective, you'll gain around 42p/month for every £10k saved by doing so. I didn't bother to do that last time and the new rate ended up being applied to my existing account anyway.

IIRC correctly (emphasis on 'If'), the application of the increase was 7 days after the new account became available; the notification of the increase came around the same time as the new account launch?

I can't remember but, to be fair to OakNorth, at least they give you the option to move to the new rate fairly easily if you want to, if the increase doesn't end up being applied to existing accounts. Personally, I only ever wanted it as a 3 month fixed rate (with a view to fixing it again either with them or elsewhere for a longer period of time towards the end of the year) so I'm happy to stick out my original notice period rather than continually cancelling the notice and moving from rate to rate for only a tiny gain and never getting my money back out If the rate does increase during the notice period, then that's a bonus.

Notepad_Phil

SJMALBA said:

No email from OakNorth this time, so, presumably, unlike the last time, they won't be applying the new rate to existing accounts?

In which case, if you wish to take advantage of the new rate, you will have to open another new account, and transfer from existing account (which cancels any existing notice given)?

Do you have to transfer/move the full account across? e.g. if you have £10k in the account and have asked for £1k to be withdrawn, then will they not allow you to transfer £9k across and keep the £1k at the old interest rate in the old account.

isasmurf

OakNorth at the top only for a day

BLME 90 day 2.52% (min £10k)
Al Rayan 120 day 2.4% (min 2.5k)

Expotter

I need to update my list of the top rate 90-95 day Notice Accounts again, 

As of 9/9/22, 15:00 PM  New No1

1. BLME Bank of London and the Middle East. 90 Day Notice Account (Issue 5). 2.52% Expected Profit. Paid Quarterly. Min £10k

2. DF Capital 90 Day Notice Account (Issue 1) 2.30%, paid Monthly. Min £1k

3. Oak North Bank Notice Savings Account. 90 Day. 2.26%, paid Monthly. Min £1

=3. Allica Bank 95-Day Notice Personal Savings Account (Issue 1) 2.26%, paid on Anniversary. Min £10k

5. Charter Savings Bank 95 Day Notice - Issue 48. 2.25%, paid on Anniversary or Monthly. Min £5k

=5. Close Brothers Savings 95 Day Notice Account (Issue 13). 2.25%, paid Yearly. Min £10k

=5. Mansfield BS Postal Savings 90 Day Notice (6th Issue). 2.25%, paid yearly. Min £1k. Postal Only.
 
8. Gatehouse Bank 95 Day Notice Account. 2.20%, paid on Anniversary or Monthly. Min £500

For information only, please do your own research.

Seems like OakNorth changed their mind about yesterday's increase or maybe it was a mistake.

StayinAlive

Don't know if this has been mentioned in this thread and I can't see it in the T&C's but, in respect of the OakNorth notice accounts, does anyone know if/how it is possible to rescind a withdrawal request once made (not that I'm currently planning to)?

soulsaver

@Expotter Nobody else seems to have said owt - but your list is correct: Oaknorth dropped their 2.31% back to 2.26% again... it may have been a mistake but they're honouring mine after I queried it... if I cba to open another ac.

SJMALBA

Notepad_Phil said:

SJMALBA said:

No email from OakNorth this time, so, presumably, unlike the last time, they won't be applying the new rate to existing accounts?

In which case, if you wish to take advantage of the new rate, you will have to open another new account, and transfer from existing account (which cancels any existing notice given)?

Do you have to transfer/move the full account across? e.g. if you have £10k in the account and have asked for £1k to be withdrawn, then will they not allow you to transfer £9k across and keep the £1k at the old interest rate in the old account.

I gave notice on mine a few weeks ago, so my current deposit balance is last month's interest (the original capital is the pending transaction); if I select 'move money', I'm given two options:

Full Balance, including all interest (the available balance includes any transactions that are pending, but excludes interest accrued this month. This will be added to the account when the funds are transferred)

Partial Amount (excludes any transactions that are pending, and interest accrued this month)

isasmurf

soulsaver said:

@Expotter Nobody else seems to have said owt - but your list is correct: Oaknorth dropped their 2.31% back to 2.26% again... it may have been a mistake but they're honouring mine after I queried it... if I cba to open another ac.

They are different issues. The 2.31% available yesterday was issue 22. That was pulled today and replaced by issue 23 @ 2.26%
https://www.oaknorth.co.uk/wp-content/uploads/2022/02/ONB_Personal-Notice-Account-Current-Interest-Rates-All-Issues.pdf

Patr100

LONDON, Sept 9 (Reuters) - The Bank of England on Friday postponed next week's interest rate decision following the death of Queen Elizabeth, it was rescheduling its next announcement on interest rates and other decisions until Sept. 22 from an original date of Sept 15.

soulsaver

isasmurf said:

soulsaver said:

@Expotter Nobody else seems to have said owt - but your list is correct: Oaknorth dropped their 2.31% back to 2.26% again... it may have been a mistake but they're honouring mine after I queried it... if I cba to open another ac.

They are different issues. The 2.31% available yesterday was issue 22. That was pulled today and replaced by issue 23 @ 2.26%
https://www.oaknorth.co.uk/wp-content/uploads/2022/02/ONB_Personal-Notice-Account-Current-Interest-Rates-All-Issues.pdf

If they weren't different issues you'd not need to open another account.