Notice Accounts

Rudyson

Expotter said:

I was hoping someone could provide some information about Oak North. Do they increase their interest rates like Zopa or do you have to open a new account?

You have to open a new one.  You can then transfer all funds from the old account, but if you've given notice on the old account, transferring will cancel it and you have to give the full notice again.

refluxer

Rudyson said:

You have to open a new one.  You can then transfer all funds from the old account, but if you've given notice on the old account, transferring will cancel it and you have to give the full notice again.

Can you do all that online or does it require a phone call, out of interest ?

Thumbs_Up

Expotter said:

Thumbs_Up said:

I have just opened an account with Oak North 90 days notice at 2.02 %. Monthly interest payments too which is a must have for me. What’s not to like.

Did you give notice straight away? And what happens when notice is due, do they return the funds and close the account? I've never held an account with them so it'd be useful to find out how they operate.

Sorry, this didn’t flag up for me. Yes, I did give notice 2 days later. This banks a bit quirky – so I withdrawn my money and it shows £0 in the account, but on the statement it shows the amount of money on the date it’s due to be released . I doubt they will close the account, but like you it’s new to me.

Thumbs_Up

Expotter said:

I was hoping someone could provide some information about Oak North. Do they increase their interest rates like Zopa or do you have to open a new account?

To early yet for me to make judgment.

refluxer

refluxer said:

Rudyson said:

You have to open a new one.  You can then transfer all funds from the old account, but if you've given notice on the old account, transferring will cancel it and you have to give the full notice again.

Can you do all that online or does it require a phone call, out of interest ?

Don't worry - I just found the answer in the T&Cs... "Please notify us via email/phone in case you would like to serve notice to withdraw funds back to your nominated bank account and close your Notice Account."

Rudyson

refluxer said:

Rudyson said:

You have to open a new one.  You can then transfer all funds from the old account, but if you've given notice on the old account, transferring will cancel it and you have to give the full notice again.

Can you do all that online or does it require a phone call, out of interest ?

Online. And because you already have an account, you only have to confirm the details they already have for you.

refluxer

I opened an OakNorth notice account last night and paid in a £1 test deposit which has not yet showed up in the account so can I assume they're a Monday to Friday 9-5 bank ? That would seem odd considering I have my own sort code and account number and presumably implies that some human intervention is needed at their end.

Expotter

Investec Bank 90 days notice account now pays 2.1%. Min. £5k. Interest paid monthly to saver or linked account.

Thirty9

Thanks Expotter. That's a good rate and I've just requested an account. Part of the process is you send a pic of the front and back of your driving licence (or passport). At the end they say they'll email you to let you know if your application has been successful.

Thirty9

I'm still waiting for the confirmation email - I've never had to wait so long to lend my money before!