Notice Accounts

Daliah

A notice account with BLME is as safe as a notice account with any other bank. Though I seem to remember a post saying the admin at BLME is a bit burdensome. Best do some more research before you commit

SuzzleBumpkin

Burcot said:

SB - thanks for response.  I have spread money around a number of accounts. I have not used this one because it is slightly different in payment of interest...  I was hoping to hear it is safe and that someone else has used it.  Lots of talk of Oaknorth, Investect  ect but not this one. 

I checked BLME ion the FCA Register, and it’s in the FSCS so it’s as safe as any other bank that’s covered, up to £85k. I had no problems opening an account. They don’t do online banking as such, so there’s no app, but that’s probably why they can afford the higher rate of interest. (It’s not actually interest it’s a predicted profit-share, but targets are usually met) Profit payments are made every quarter direct into your nominated bank account. You use an online form to give notice of withdrawal. Not seen any online grievances being aired by other clients, unlike say the Al Rayan bank, which seems to have admin problems. I’ve not had any problems at all. I would add that  you might be wise to wait because the interest rate rise is going to throw up some new products soon with better rates, so give it a week or two before you make any decisions. 

Burcot

Really appreciate the full and really helpful feedback SB. 

SuzzleBumpkin

Burcot said:

Really appreciate the full and really helpful feedback SB. 

You’re very welcome. 😊

ColdIron

I've had 6 of their fixed term savings accounts over the years, with 2 currently running. They are safe and operate exactly as they say

Expotter

Oak North 90 day Notice Savings Account 2.4%

Daliah

Not a Notice account and only available to people who had a YBS account for the last 12+ months: 2.5% Loyalty 6-access saver. £1 min, upper limit higher than £85k. Excellent as a holding account whilst we see rates creeping up.

Also not a Notice account but of potential interest for parking some money in the short term, available to everybody: 2.5% 2-access saver, £5,000 max

If you haven't got a YBS account yet, it's worth considering an instant access one and putting a fiver into it, as they seem to do attractive loyalty offers for 12+ months customers once in a while.

Bobblehat

Expotter said:

Oak North 90 day Notice Savings Account 2.4%

Would you know if that rate will be applied to current holders of the 90 Day Notice account (2.25%)? Haven't found any clues on their website yet.

refluxer

Bobblehat said:

Expotter said:

Oak North 90 day Notice Savings Account 2.4%

Would you know if that rate will be applied to current holders of the 90 Day Notice account (2.25%)? Haven't found any clues on their website yet.

If that doesn't happen, OakNorth usually allow you to transfer from one Notice account to the other, provided the new account has the same notice period or higher. Any notice you've already given on the old account would be reset.

jimexbox

2.25 to 2.40. Totally underwhelming tbh.