Notice Accounts

SuzzleBumpkin

Speaking of OakNorth, I just discovered how simple it is to open a new account (2.71%) and transfer funds across from my old account (2.4%). If I’d realised it would only take two minutes I would have done it sooner. Just open a new account in the app and transfer funds. Literally 2 minutes. I left behind enough to cover a withdrawal notice due in January so I can still get the money I want and get the newer rate of interest on the rest. Very impressed. 

soulsaver

@SuzzleBumpkin You know the notice starts at 90 days/none given in the renewed account?

SuzzleBumpkin

soulsaver said:

@SuzzleBumpkin You know the notice starts at 90 days/none given in the renewed account?

Yes. I have some money on notice in my old account and I’ve left that money in there, so I still get it in January. The rest I’ve moved across to the new account, so it’s getting better interest. When I’ve got my notice withdrawal in Jan I’ll close my old account. Thanks for pointing it out though. 😊

SuzzleBumpkin

i must admit, I’m a bit perplexed by people wanting to close their OakNorth accounts. I’m finding them REALLY competitive on rates, and the app is a doddle. 

jimexbox

SuzzleBumpkin said:

i must admit, I’m a bit perplexed by people wanting to close their OakNorth accounts. I’m finding them REALLY competitive on rates, and the app is a doddle. 

Only reason im closing my 90 day account, is that the money deposited is for 5% fix. 🤞. I was planning for January, but with my Santander esaver, I might as well be ready to jump whenever.

I would definitely look at oaknorth in the future. Easy to open and fund an account. Emails answered the same day. App seems fine. 

Bobblehat

SuzzleBumpkin said:

i must admit, I’m a bit perplexed by people wanting to close their OakNorth accounts. I’m finding them REALLY competitive on rates, and the app is a doddle. 

I'm closing my OakNorth 90 day because I have Easy Access accounts paying more (only just if you include the November uplift)! Plus, I'm not happy with this non-secure email malarky, nor having to choose between closing the account to get the savings and interest (in 1 go), or having to give multiple notices to withdraw the savings and the interest separately! Until short term notice savings account interest becomes significantly higher than Easy Access savings interest, I might as well have my savings "ready to jump" as jimexbox puts it!

t1redmonkey

DF capital 90 day notice account 2.8%: https://www.dfcapital.co.uk/savings/notice-accounts/

refluxer

SuzzleBumpkin said:

i must admit, I’m a bit perplexed by people wanting to close their OakNorth accounts. I’m finding them REALLY competitive on rates, and the app is a doddle. 

We all have different requirements, I guess. For me, the 90 day OakNorth notice account was only ever intended as a 3 month fix and in that respect it's served it's purpose, plus a couple of rate rises along the way have been appreciated. I opened it in July and gave notice of closure not long after, so the funds will be ready around the time of the next BoE meeting.

While OakNorth might be competitive on Notice account rates, easy access rates elsewhere have shot up recently (eg. Santander and Sainsburys at 2.75%, Ford Money at 2.5% etc) so notice accounts would need to be paying 3%+ in order for me to consider them again

Wheres_My_Cashback

SuzzleBumpkin said:

i must admit, I’m a bit perplexed by people wanting to close their OakNorth accounts. I’m finding them REALLY competitive on rates, and the app is a doddle. 

Certainly not competitive on the 90 day when you've been able to get instant easy access for 2.75% for the past couple of weeks.

Thumbs_Up

Shawbrook bond due 5th November.

Oak North notice due 14th November.

Zopa notice due 14th January.

My strategy has now change, now looking for between 1 or 5 year fixes.