Notice Accounts

SuzzleBumpkin

Al Rayan easy access (3.22 as of today) is better than both my Oak North 90 day notice a/c and my DF Capital 90 day a/c. It’s so annoying when they used to be quite competitive. 

refluxer

Burcot said:

Did notice this on CHIP web site.'..The compensation limit is £85,000 of eligible deposits per banking licence. If you have money with different banks and building societies who share the same licence, you’ll only have a total of £85,000 protection through the FSCS.'  ....Hope they are not associated with the other popular high interest providers.

No need to hope ! You can do your own FSCS checks on the checker halfway down this MSE article : https://www.moneysavingexpert.com/savings/safe-savings/

Chip aren't listed, so presumably you'd have to look up Clearbank (who don't appear to share their protection with another financial institution)

The question I would want answering is what if you also have savings with another bank who use Clearbank ? Would that be an issue, as far as FSCS protection goes ?

Band7

refluxer said:

Burcot said:

Did notice this on CHIP web site.'..The compensation limit is £85,000 of eligible deposits per banking licence. If you have money with different banks and building societies who share the same licence, you’ll only have a total of £85,000 protection through the FSCS.'  ....Hope they are not associated with the other popular high interest providers.

No need to hope ! You can do your own FSCS checks on the checker halfway down this MSE article : https://www.moneysavingexpert.com/savings/safe-savings/

Chip aren't listed, so presumably you'd have to look up Clearbank (who don't appear to share their protection with another financial institution)

The question I would want answering is what if you also have savings with another bank who use Clearbank ? Would that be an issue, as far as FSCS protection goes ?

ALL deposits held with Clearbank add to the £85k limit. AFAIK, not too many others currently use Clearbank, Raisin are using them as a transient bank for deposits and withdrawals. Emma are a concierge service, like CHIP, using Clearbank. I haven't heard of others but it is important that people check when taking out accounts that they stick to the £85k per financial institution which provides the FSCS cover. Unless they feel particularly brave and/or don't care should they lose any of their money.

allegro120

SuzzleBumpkin said:

Al Rayan easy access (3.22 as of today) is better than both my Oak North 90 day notice a/c and my DF Capital 90 day a/c. It’s so annoying when they used to be quite competitive. 

3.22% is EPR (gross), AER is 3.27%.  Islamic banks do not quote the AER as it could be misinterpreted as an interest-based calculation.
I gave up on OakNorth, have only scheduled interest withdrawals left. They have been behind for a while now.

SuzzleBumpkin

whatleytom87 said:

Looks like Cynergy have launched some new Notice savers; 3.60% for the 95-day 

For some reason Moneyfacts have taken this off their list. Maybe because of the confusion which I’ve noted below.  It is available though, because I just opened an account. The sign-up process is a bit weird. It’s not clear. It feels like you might be signing up for the 120 day account until one of the last questions where you choose the notice period. (I wanted 95 days). That might put a few people off, so be aware if you want to open an account for 30 0r 95 days. Other than wondering if you’re signing up for the wrong account (😂) it’s very straightforward.

Burcot

Did have accounts with Cynergy but moved for better rates.  Tried to open new 95 day account today (after seeing above) but told not allowed.  Have emailed to ask why.

EDIT: response if that because all my accounts were now closed I could not use 'fast track option to open an account.  Suggested I open a new account by registering again as if first timer.  

Future reference perhaps leave 1 account open with £1.  Not sure that would allow all accrued interest to be paid though.  Anyway onwards and upwards with the new bank hike today. Will it get passed on to savers? 

SuzzleBumpkin

Burcot said:

Did have accounts with Cynergy but moved for better rates.  Tried to open new 95 day account today (after seeing above) but told not allowed.  Have emailed to ask why.

So, even more weirdness. Sort out your weirdness, Cynergy!!!! 🤣 It doesn’t fill you with confidence when their sign up is so glitchy.

aaj123

Those looking for a business notice account - here is a very decent one that has come back on offer.

Business 120d Notice Base Rate Tracker – 4.25% Gross/AER

https://www.utbank.co.uk/deposits/business-accounts/business-notice-accounts/#

SuzzleBumpkin

aaj123 said:

Those looking for a business notice account - here is a very decent one that has come back on offer.

Business 120d Notice Base Rate Tracker – 4.25% Gross/AER

https://www.utbank.co.uk/deposits/business-accounts/business-notice-accounts/#

Ive got the Mansfield 90 day notice rate tracker (no longer available) Wish others would follow suit. It’s great to know where you stand with them all the time and its a brilliant rate now at 4.25%.

Burcot

Can someone explain does the business account have to a business. 
The 90-day Mansfield looks impressive - didn't see that, lol.