Notice Accounts

Rudyson

Expotter said:

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!

I think a hell of a lot of people appreciate it. Thank you.

isasmurf

SuzzleBumpkin said:

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.

No they don't. The balance shown is the money available to withdraw after scheduled withdrawals, not what's in your account earning interest. What you've given notice on continues to earn interest until the scheduled withdrawal date

SuzzleBumpkin

Expotter said:

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!

I really, REALLY do. And I’m sure many others do, as well. I find money people aren’t always the most demonstrative, though. 😘😘😘

RG2015

SuzzleBumpkin said:

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.

Check out the edit on my earlier post. You can see the full accrued daily interest in the online version.

NameWithheld

Just noticed on the Oak North app. Swipe left to cancel pending withdrawals. I think that's a new feature.

SuzzleBumpkin

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.

Oooooh! Thank you for this! 😊 I didn’t know they were still calculating interest on it. They don’t make things very clear in their blurb. I actually topped up my account to make up for the shortfall. 

So, I take it all back. Which is good, because generally I like OakNorth. I like the very simple app and how reactive they are to interest rate rises. 

susanann_2

Are the existing Oak North accounts going to be increased to the new rate or does it have to be a completely new account, anyone know yet. 

SuzzleBumpkin

NameWithheld said:

Just noticed on the Oak North app. Swipe left to cancel pending withdrawals. I think that's a new feature.

Oooh. Thanks for that. 😊

SuzzleBumpkin

So many helpful people today! Thank you all. 😁👏

SuzzleBumpkin

susanann_2 said:

Are the existing Oak North accounts going to be increased to the new rate or does it have to be a completely new account, anyone know yet. 

Last rate rise they followed through with identical rate rises for existing clients quite quickly so I hope so. 😊 I really like OakNorth for that,