Notice Accounts

isasmurf

Oaknorth 90 day new Issue @2.71% AER

RG2015

SuzzleBumpkin said:

One thing to bear in mind with OakNorth Bank. I recently gave notice for a smallish withdrawal. The money was moved out of the account into a kind of holding area until the payment date. So when I come to withdraw the whole amount I will lose literally THREE MONTHS INTEREST. Do any other accounts do this? It’s a lot of money to lose unless you plan on keeping your money in very long term. 

I don’t understand this. How do you lose 3 months interest?

I have this account but I don’t believe I will lose any interest. The only downside is having to give 3 month’s notice to withdraw the interest.

Edit. You can even see daily interest being added and this is correctly calculated on the full balance including amounts where notice has been given.

Edit 2. This is only shown online, not on the app.

StayinAlive

SuzzleBumpkin said:

One thing to bear in mind with OakNorth Bank. I recently gave notice for a smallish withdrawal. The money was moved out of the account into a kind of holding area until the payment date. So when I come to withdraw the whole amount I will lose literally THREE MONTHS INTEREST. Do any other accounts do this? It’s a lot of money to lose unless you plan on keeping your money in very long term. 

All they do is make a separate entry of "Pending" in your transactions list but you're still getting interest on that. I know because I gave notice straightaway on a recent deposit and they're still showing interest accruing. Interestingly, the pending withdrawal now has the ability to cancel so, given today's increase to 2.71%, I'm thinking of cancelling the notice and giving it again for a further 90 days notice. I assume that will be possible - bit reluctanrt to press the "cancel" button at the moment though.

Expotter

isasmurf said:

Oaknorth 90 day new Issue @2.71% AER

Well, you've put me out of date already, here's the new revised list

Top rate 90-95 day Notice Accounts (I've left out branch or postal accounts, so if you're interested in those you can find them on Moneyfacts.co.uk)

As of 7/10/22, 13:45 PM  

1. Oak North Bank Notice Savings Account. 90 Day. 2.71%, paid Monthly. Min £1

https://www.oaknorth.co.uk/personal-savings/notice-accounts/

2.Charter Savings Bank95 Day Notice - Issue 50. 2.70%, paid Monthly or on Anniversary. Min £5k

 https://www.chartersavingsbank.co.uk/Products/NoticeAccount

3. Oxbury Bank Personal 95 Day Notice Account - Issue 16. 2.65%, paid Monthly. Min £1000

https://www.oxbury.com/product-summary-personal-95-day-notice-nap0291111

4. BLME Bank of London and the Middle East. 90 Day Notice Account (Issue 5). 2.52% Expected Profit. Paid Quarterly. Min £10k
 https://www.blme.com/products-and-services/savings/notice-account/


5. RCI Bank UK95 Day Notice Savings Account. 2.40%, paid Monthly or on Anniversary. Min £1000

 https://www.rcibank.co.uk/savings/notice-savings-account

6. Investec Bank plc90-Day Notice Saver Issue 1. 2.35%, paid Monthly. Min £5k 

 https://savings.investec.com/notice-saver 

=6. Close Brothers Savings 95 Day Notice Account (Issue 13). 2.35%, paid Yearly. Min £10k 

 https://www.closesavings.co.uk/personal/savings-accounts/notice-account/95-day

=6.Market Harborough BS90 Day Notice Account.2.35%, paid Yearly. Min £5k

https://mhbs.co.uk/savings/90-day/

9.UBL UKRaisin UK - 95 Day Notice Account, 2.31% paid on closure. Min £1000

https://www.raisin.co.uk/term-deposit/ubl-uk-95-day-notice-account/

10.QIB (UK)Raisin UK - 95 Day Notice Account (Issue 9), 2.30%, paid monthly. Min £1000

https://www.raisin.co.uk/term-deposit/qib-95-day-notice-account/

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

https://www.allica.bank/personal/savings/95-day-notice-deposit

12. Zopa Smart Saver 95 day boosted pot. 2.25%. Paid Monthly. Min £1 (App only)

https://www.zopa.com/smart-saver

=12. ICICI Bank UK Raisin UK - 95 Day Notice Account. 2.25%. Paid Monthly. Min £1000

https://www.raisin.co.uk/term-deposit/icici-bank-uk-95-day-notice-account/#bank-product-details



For information only, please do your own research. Updates in BOLD.

SuzzleBumpkin

RG2015 said:

SuzzleBumpkin said:

One thing to bear in mind with OakNorth Bank. I recently gave notice for a smallish withdrawal. The money was moved out of the account into a kind of holding area until the payment date. So when I come to withdraw the whole amount I will lose literally THREE MONTHS INTEREST. Do any other accounts do this? It’s a lot of money to lose unless you plan on keeping your money in very long term. 

I don’t understand this. How do you lose 3 months interest?

I have this account but I don’t believe I will lose any interest. The only downside is having to give 3 month’s notice to withdraw the interest.

Hi! 😊
With my other notice accounts I give notice and the money stays in the account and continues to accredit interest  until the due date then they transfer it out. So it continues to get 90 or 95 days of interest  (say a £150 a month for generalisation purposes). So far, marvellous.
With OakNorth they move the money OUT OF THE ACCOUNT when you you give notice. So, for 90 days a large lump sum earns precisely NOTHING. It sits in the “withdrawals” section of your account earning nothin, as far as I can see.

RG2015

StayinAlive said:

SuzzleBumpkin said:

One thing to bear in mind with OakNorth Bank. I recently gave notice for a smallish withdrawal. The money was moved out of the account into a kind of holding area until the payment date. So when I come to withdraw the whole amount I will lose literally THREE MONTHS INTEREST. Do any other accounts do this? It’s a lot of money to lose unless you plan on keeping your money in very long term. 

All they do is make a separate entry of "Pending" in your transactions list but you're still getting interest on that. I know because I gave notice straightaway on a recent deposit and they're still showing interest accruing. Interestingly, the pending withdrawal now has the ability to cancel so, given today's increase to 2.71%, I'm thinking of cancelling the notice and giving it again for a further 90 days notice. I assume that will be possible - bit reluctanrt to press the "cancel" button at the moment though.

Based on previous rate increases, it will not be applied until 1st November. 

SuzzleBumpkin

Good. I hope that is extended to their previous issues/established clients. 
They seem to be great at passing on interest rises. So far. 😊

Expotter

SuzzleBumpkin said:

@Expotter , thank you for your hard work putting that together. It’s REALLY useful. I’m betting loads of forum lurkers wait for your updates. Better than the usual website lists for sure. 😊 👏

Thank you very much for your comment, it makes it all worthwhile knowing some people appreciate it!

isasmurf

StayinAlive said:

SuzzleBumpkin said:

One thing to bear in mind with OakNorth Bank. I recently gave notice for a smallish withdrawal. The money was moved out of the account into a kind of holding area until the payment date. So when I come to withdraw the whole amount I will lose literally THREE MONTHS INTEREST. Do any other accounts do this? It’s a lot of money to lose unless you plan on keeping your money in very long term. 

All they do is make a separate entry of "Pending" in your transactions list but you're still getting interest on that. I know because I gave notice straightaway on a recent deposit and they're still showing interest accruing. Interestingly, the pending withdrawal now has the ability to cancel so, given today's increase to 2.71%, I'm thinking of cancelling the notice and giving it again for a further 90 days notice. I assume that will be possible - bit reluctanrt to press the "cancel" button at the moment though.

You can open the new account and move all or some of the money across to the new account immediately. If moving money across you've given notice on, that automatically cancels the withdrawal. 

SuzzleBumpkin

Expotter said:

isasmurf said:

Oaknorth 90 day new Issue @2.71% AER

Well, you've put me out of date already, here's the new revised list

Top rate 90-95 day Notice Accounts (I've left out branch or postal accounts, so if you're interested in those you can find them on Moneyfacts.co.uk)

As of 7/10/22, 13:45 PM  

1. Oak North Bank Notice Savings Account. 90 Day. 2.71%, paid Monthly. Min £1

https://www.oaknorth.co.uk/personal-savings/notice-accounts/

2.Charter Savings Bank95 Day Notice - Issue 50. 2.70%, paid Monthly or on Anniversary. Min £5k

 https://www.chartersavingsbank.co.uk/Products/NoticeAccount

3. Oxbury Bank Personal 95 Day Notice Account - Issue 16. 2.65%, paid Monthly. Min £1000

https://www.oxbury.com/product-summary-personal-95-day-notice-nap0291111

4. BLME Bank of London and the Middle East. 90 Day Notice Account (Issue 5). 2.52% Expected Profit. Paid Quarterly. Min £10k
 https://www.blme.com/products-and-services/savings/notice-account/


5. RCI Bank UK95 Day Notice Savings Account. 2.40%, paid Monthly or on Anniversary. Min £1000

 https://www.rcibank.co.uk/savings/notice-savings-account

6. Investec Bank plc90-Day Notice Saver Issue 1. 2.35%, paid Monthly. Min £5k 

 https://savings.investec.com/notice-saver 

=6. Close Brothers Savings 95 Day Notice Account (Issue 13). 2.35%, paid Yearly. Min £10k 

 https://www.closesavings.co.uk/personal/savings-accounts/notice-account/95-day

=6.Market Harborough BS90 Day Notice Account.2.35%, paid Yearly. Min £5k

https://mhbs.co.uk/savings/90-day/

9.UBL UKRaisin UK - 95 Day Notice Account, 2.31% paid on closure. Min £1000

https://www.raisin.co.uk/term-deposit/ubl-uk-95-day-notice-account/

10.QIB (UK)Raisin UK - 95 Day Notice Account (Issue 9), 2.30%, paid monthly. Min £1000

https://www.raisin.co.uk/term-deposit/qib-95-day-notice-account/

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

https://www.allica.bank/personal/savings/95-day-notice-deposit

12. Zopa Smart Saver 95 day boosted pot. 2.25%. Paid Monthly. Min £1 (App only)

https://www.zopa.com/smart-saver

=12. ICICI Bank UK Raisin UK - 95 Day Notice Account. 2.25%. Paid Monthly. Min £1000

https://www.raisin.co.uk/term-deposit/icici-bank-uk-95-day-notice-account/#bank-product-details



For information only, please do your own research. Updates in BOLD.

Ha ha ha! You can just see them in the meeting room adding that 0.01% to get ahead. Love it!