Notice Accounts

SuzzleBumpkin

soulsaver said:

SuzzleBumpkin said:

soulsaver said:

SuzzleBumpkin said:

CooperSF said:

I have a 90 day notice saver with OakNorth.

Is it possible to request that account is closed and the balance/interest due is sent back to my connected current account?

My understanding is that I would have to:

• Request my current balance 
• Wait 90 days
• Request remaining interest awarded throughout 90 day wait
• Wait another 90 days

Surely there has to be a way of just getting it al out in one go (even if I have to wait the 90 days)?

Also Oak North have brought out a new issue 90 day account with better rates. If you wanted to you could check if you can transfer your funds to their new account if you’re looking for a better rate. I don’t know, but it might be possible. I seem to remember somebody on here who did that.

You can, but why would you lock your money away for 90 days for a rate that is equalled or beaten by easy access accounts?

Because you’d get a higher rate of interest during the 90 day notice period, if OakNorth do an immediate transfer of funds into a newer issue higher rate account.

But that starts the 90 day clock again. 

Not if you put in notice straight away. From what you said, you haven’t given notice yet.

soulsaver

SuzzleBumpkin said:

soulsaver said:

SuzzleBumpkin said:

soulsaver said:

SuzzleBumpkin said:

CooperSF said:

I have a 90 day notice saver with OakNorth.

Is it possible to request that account is closed and the balance/interest due is sent back to my connected current account?

My understanding is that I would have to:

• Request my current balance 
• Wait 90 days
• Request remaining interest awarded throughout 90 day wait
• Wait another 90 days

Surely there has to be a way of just getting it al out in one go (even if I have to wait the 90 days)?

Also Oak North have brought out a new issue 90 day account with better rates. If you wanted to you could check if you can transfer your funds to their new account if you’re looking for a better rate. I don’t know, but it might be possible. I seem to remember somebody on here who did that.

You can, but why would you lock your money away for 90 days for a rate that is equalled or beaten by easy access accounts?

Because you’d get a higher rate of interest during the 90 day notice period, if OakNorth do an immediate transfer of funds into a newer issue higher rate account.

But that starts the 90 day clock again. 

Not if you put in notice straight away. From what you said, you haven’t given notice yet.

If you give notice straight away, that's the 90 day clock started again, isn't it?

refluxer

CooperSF said:

I have a 90 day notice saver with OakNorth.

Is it possible to request that account is closed and the balance/interest due is sent back to my connected current account?

My understanding is that I would have to:

• Request my current balance 
• Wait 90 days
• Request remaining interest awarded throughout 90 day wait
• Wait another 90 days

Surely there has to be a way of just getting it al out in one go (even if I have to wait the 90 days)?

Just to clarify, if you want to withdraw all your money plus interest after 90 days then you need to email them and ask them to close the account. When I did this, they replied the following day to confirm the date the funds would be released. If you attempt to withdraw the balance using the app or online banking site instead, then you will end up in the endless loop you described.

With OakNorth, it is possible to shift from one notice account to another in order to get a better rate but the new account must have the same notice period or higher. I don't think it states whether you can do this midway through any notice period or not but if that was possible, then the notice period would presumably either be reset or (more likely) cancelled altogether. 

The only time I can see this being useful is if, for example, you give notice and then they release a new account with a higher rate a few days later and the higher rate isn't applied to previous issues. You could simply request that they move your funds to the new account (assuming you're able to cancel your notice) and give notice to close the new account immediately which means you'd benefit from the higher rate for the whole of the notice period and you'd have only delayed getting hold of your funds by a few days.

soulsaver

@refluxer I can confirm from personal experience, Oaknorth allows you to move part way through notice period*, but it opens the new account with zero notice - you'd have to issue full notice again ie 90days ticking down. 

I am 'suffering' 2.4% until Nov 20th IIRC on my £smallish taster.

eta *..to its new offering, not w/d.

Wheres_My_Cashback

Up until last month Notice accounts were a good viable option, but that's currently not the case as the easy access market is so volatile and rising faster than Notice account companies can keep up.

Remember, if you've opened a Notice a/c in the last 14 days and you're now having doubts simply close it. This can easily be done under the 14 day cooling off period regulations. I did it with OakNorth, no quibbles, funds + interest received next day.

SJMALBA

Having already given notice on my OakNorth Notice account a couple of months ago, I emailed them this week to see if the account could also be closed on the same day that the notice funds were due to be withdrawn (rather than go through the cycle of giving notice on accrued interest once it has been applied to the deposit balance), and received a reply within 90 minutes confirming that my account would be closed on the same day, with all funds transferred to my nominated account.

I have been impressed with OakNorth, from the ease of opening through to the operation of the account (inc. the ability to switch to a new, higher interest account); just wish they handled interest more 'normally' (i.e. paid it out to your nominated account each  month). Otherwise, excellent experience (so far!).

jimexbox

Wheres_My_Cashback said:

Up until last month Notice accounts were a good viable option, but that's currently not the case as the easy access market is so volatile and rising faster than Notice account companies can keep up.

Remember, if you've opened a Notice a/c in the last 14 days and you're now having doubts simply close it. This can easily be done under the 14 day cooling off period regulations. I did it with OakNorth, no quibbles, funds + interest received next day.

I opened a oaknorth account 7 days ago, 90 notice. Also opened the santander esaver. Rates are currently very similar. The decision is obviously do I invoke the notice period with oaknorth or leave it.

I thinking the santander account has already factored in the next base rate rise. Not so oaknorth, so I can see 90 notice accounts hitting 3% before Christmas. I don't need the money yet, so the notice period isn't an issue. 

refluxer

SJMALBA said:

I have been impressed with OakNorth, from the ease of opening through to the operation of the account (inc. the ability to switch to a new, higher interest account); just wish they handled interest more 'normally' (i.e. paid it out to your nominated account each  month). Otherwise, excellent experience (so far!).

While it's always good to get the option of having interest paid out to an external account, I suspect that a high proportion of people won't be relying on the interest for regular income and/or will have selected monthly interest to spread it over multiple tax years and would therefore prefer to have the money paid into the account, otherwise you'll end up with the (normally lower) gross interest rate than the AER.

I certainly fall into this category at least - I've got numerous accounts paying interest monthly and have them all paying into (rather than out of) the account in order to match the annual interest option.

I guess one exception to this could be if you're having it paid out and transferring it into an account at a higher rate (regular saver ?) but then you've got to offset that increase against the lower (gross) rate you'll achieve in the original account.

refluxer

jimexbox said:
I opened a oaknorth account 7 days ago, 90 notice. Also opened the santander esaver. Rates are currently very similar. The decision is obviously do I invoke the notice period with oaknorth or leave it.

If you're able to cancel any notice period or closure request (I don't know as I've not needed to do this), then you've got nothing to lose by giving notice straight away, as far as I can see. It also sounds like you've also got the option to cancel and get your money back if it's less than 14 days since you opened the account, judging by the post above. 

The worst-case scenario is that you get your money after 90 days and simply open another one, most-likely at a higher rate. OakNorth do have a record of applying rate rises to existing accounts too (although they haven't with the current issue) so it's possible your rate might actually increase within the notice period if rates rise again. No guarantees though.

Thumbs_Up

Re: OakNorth, I have found this account to be least user friendly compared to my other notice account Zopa.

Thanks for the so called loop syndrome mentioned above, I have now ask via email for the account to be closed.