Notice Accounts

janusdesign

SuzzleBumpkin said:

Minty33 said:

Investec 90 days now 3.71% min £5000

Thanks for the heads up. I just checked my Investec 90/day ac and it’s gone up from 3.55 to 3.65, so I assume the 3,71 is for new accounts. I’ve not had an email yet though. 

are you sure it was showing 3.55% previously? the site usually shows the gross rate (which is now 3.65%), but i'm pretty sure it previously showed 3.49% rather than 3.55% (which was the AER rate)... in any event, you should effectively receive 3.71% if you're not having the monthly interest paid to an external account.

SuzzleBumpkin

janusdesign said:

SuzzleBumpkin said:

Minty33 said:

Investec 90 days now 3.71% min £5000

Thanks for the heads up. I just checked my Investec 90/day ac and it’s gone up from 3.55 to 3.65, so I assume the 3,71 is for new accounts. I’ve not had an email yet though. 

are you sure it was showing 3.55% previously? the site usually shows the gross rate (which is now 3.65%), but i'm pretty sure it previously showed 3.49% rather than 3.55% (which was the AER rate)... in any event, you should effectively receive 3.71% if you're not having the monthly interest paid to an external account.

Oooh! I’m being dense today, obviously. 🙄😁 I didn’t think to check. Thanks for that.

bob77

Oxbury are offering a 90 day notice account at 3.8%.  Does anybody know if they normally increase older issues to this new higher rate?

Burcot

Have received email from BLME rate rise to 3.8% 90day account.  Lets have the rest now...

SuzzleBumpkin

bob77 said:

Oxbury are offering a 90 day notice account at 3.8%.  Does anybody know if they normally increase older issues to this new higher rate?

I hope so. I also have an account with them. I just checked and it’s still showing 3.55%.

janusdesign

bob77 said:

Oxbury are offering a 90 day notice account at 3.8%.  Does anybody know if they normally increase older issues to this new higher rate?

their archive rates PDF (dated 20th April) implies not this time...

my Issue 1 was raised from 3.4% to 3.55% inline with the later issues when they were released - I got an email the same day... as Issue 4 was released on Thursday and i've heard nothing from them, I assume they're not increasing previous issues.

my recollection with Oxbury, and someone can correct me if i'm mistaken, is that we can't update older issues to newer ones without giving the required notice, e.g in this case 90 days... however, you should be able to update immediately to longer day issues, e.g I could go from 90-Day (Issue 1) @ 3.55% to 120-Day (Issue 18) @ 3.90% or 180-Day (Issue 11) @ 4.05%, but not to 90-Day (Issue 4).

i'll probably open a chat with them next week to confirm this is still the case.

Burcot

Have the decision to make next week either BLME or Oxbury...good to have the choice.  It was mentioned BLME do quarterly payments and do not give online viewing of account. Oxbury seems to have more options to view.  

SuzzleBumpkin

Burcot said:

Have the decision to make next week either BLME or Oxbury...good to have the choice.  It was mentioned BLME do quarterly payments and do not give online viewing of account. Oxbury seems to have more options to view.  

I have both accounts so I’ll do a compare and contrast for you 😊

BLME up the rate for *existing* customers frequently. I’ve had my 90 notice account since Sept last year and I’ve lost count of the number of times they’ve increased the profit rate. When the BoE rate goes up they do pass it it on and seem to want to stay as market leaders. I don’t know when the BoE rate will peak, it may be soon, but it’s something to bear in mind. It’s the main reason why I like my BLME account.

I haven’t been with Oxbury long enough to know their habits but they haven’t changed the rate for existing customers after bringing out this new 3.8% issue. 

BLME pay profit every 3 months. End of March, end of June etc. However I use a system where I make a small withdrawal every month that corresponds to a month’s profit. 
Oxbury pays interest monthly
BLME doesn’t have online banking but it’s easy to give notice whenever you want as they have a form on their website. They email you whenever you make a deposit so you know it went in. They email when you give notice on an amount. They send out paper statements every three months but you can email them for a statement anytime inbetween. 

Oxbury has online banking but I personally find the security measures awkward. By following their instructions I ended up with their app on my phone. I can’t log in on my iPad, as I do with my other accounts. I can only open a second account by logging in on my phone and a computer at the same time. I don’t know how easy it is to give notice. 

I hope that helps. 😊

SuzzleBumpkin

I would personally choose BLME because I think you’ll get a better return over time, because they increase rates more frequently than any of their competitors. 

janusdesign

SuzzleBumpkin said:

I would personally choose BLME because I think you’ll get a better return over time, because they increase rates more frequently than any of their competitors. 

also worth adding that you would need to deposit £10k initially with BLME (with a £1k min balance), whereas it's £1k to open, and maintain, the Oxbury account.

anyone know the process to close an Oxbury notice account? i'm assuming it's via the chat/email as it looks like withdrawing the balance doesn't automatically close it, it would just leave an account getting no interest (as the balance would be below £1k)... the help pages don't really give a clear explanation as to what to do.

Notice Account  You are unable to withdraw money from a Notice Account without waiting on the required minimum notice period as per the type of account opened. However, we understand you may encounter unexpected and exceptional circumstances in which case you will need to contact us via email for us to consider each case individually. 

don't mind waiting the 90-days, I just want it check how to close it, with the entire balance at the end of the 90 days, transferred to my nominated account.