Notice Accounts

NameWithheld

But remember they also brought out a new issue paying 2.31% which lasted for one day only before being pulled and replaced with the previous 2.25%. The 2.4% for all issues came a couple of weeks later

SuzzleBumpkin

NameWithheld said:

But remember they also brought out a new issue paying 2.31% which lasted for one day only before being pulled and replaced with the previous 2.25%. The 2.4% for all issues came a couple of weeks later

Yes, but I, Suzzle Bumpkin the 1st, (not sounding horrifically narcissistic or anything) managed to snag that account during the measly few hours it existed, which they honoured. So I got those few precioussss 0.06% points in interest before everybody else got it. Mwa ha ha ha haaah!

Daliah

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.

This doesn’t sound right, and is certainly not what happens on my Oaknorth accounts. You should be talking to them to clarify

RG2015

Daliah said:

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.

This doesn’t sound right, and is certainly not what happens on my Oaknorth accounts. You should be talking to them to clarify

This has already been answered.

And by way of confirmation, OakNorth shows the cumulative daily interest accrued on their online account webpage.

I have checked mine and the correct amount of interest is being accrued on my account on amounts for which notice has been given.

SuzzleBumpkin

Thank you everybody re: my misunderstanding of the OakNorth withdrawal stuff. I get it now, but thanks for your comments. 😊

RG2015

SuzzleBumpkin said:

Thank you everybody re: my misunderstanding of the OakNorth withdrawal stuff. I get it now, but thanks for your comments. 😊

And thank you to you for being so pleasant to everyone here.

I believe that I should follow your example much more than I currently do. 

SuzzleBumpkin

RG2015 said:

SuzzleBumpkin said:

Thank you everybody re: my misunderstanding of the OakNorth withdrawal stuff. I get it now, but thanks for your comments. 😊

And thank you to you for being so pleasant to everyone here.

I believe that I should follow your example much more than I currently do. 

..…..😁😘……

jimexbox

Can anyone with a notice oaknorth account let me know what happens when the notice period matures? Does the account close or can you renew or move to a different oaknorth account?

I'd like to open 95 day account and give notice immediately and see where rates are in early January. 

RG2015

jimexbox said:

Can anyone with a notice oaknorth account let me know what happens when the notice period matures? Does the account close or can you renew or move to a different oaknorth account?

I'd like to open 95 day account and give notice immediately and see where rates are in early January. 

The account remains open and you have to give 90 days notice to get the interest out. This is credited on the first of each month.

Edit. There are lots of posts on this thread starting on page 2.

SuzzleBumpkin

jimexbox said:

Can anyone with a notice oaknorth account let me know what happens when the notice period matures? Does the account close or can you renew or move to a different oaknorth account?

I'd like to open 95 day account and give notice immediately and see where rates are in early January. 

Notice accounts don’t mature like fixed rate accounts. They live forever!!! Or at least until, you see a shiny new and better interest rate elsewhere, give notice, and close the account. 😉😁