Notice Accounts

EthicsGradient

Cynergy Bank 95 day (not, as the MSE page says in parts, 90 day) notice account: 4.0%. 120 day notice 4.1%.

Cynergy Bank

Burcot

I have the cynergy 95d account.  I am hoping they pass on the rate rise to previous 95d accounts still running? 

It looks like the new interest rate of 4% for 95d account not being passed on to present holders.  Only new accounts opened after 4th May.  If true not impressed at all. 

janusdesign

Oxbury increased their rates again yesterday (twice in the same week)...

• 180-Day (Issue 12) - 4.15%
• 120-Day (Issue 20) - 4.11%
• 90-Day (Issue 6) - 4.01%

as per Issue 5, i've opened an Issue 6 account and emailed them to transfer the balance from Issue 5 - though obviously that won't be actioned until at least Tuesday.

jimexbox

janusdesign said:

Oxbury increased their rates again yesterday (twice in the same week)...

• 180-Day (Issue 12) - 4.15%
• 120-Day (Issue 20) - 4.11%
• 90-Day (Issue 6) - 4.01%

as per Issue 5, i've opened an Issue 6 account and emailed them to transfer the balance from Issue 5 - though obviously that won't be actioned until at least Tuesday.

I wish Oxbury would operate like zopa and just increase rates on all notice accounts. They rely on saver apathy, which I dont have

SuzzleBumpkin

Oxbury is becoming REALLY ANNOYING. I already have two Oxbury accounts. Now I need to open a third and do a double transfer. 🙄 I’m glad I hadn’t got round to doing the first transfer because it would have been a waste of time. They could save all this hassle if they gave you the option to OPT IN to the new rate. That way people like us can get the new rate and the apathetic people won’t bother. 

Burcot

Just heard back from Cynergy - they will not allow transfer of money from my 95d account to the new better interest 95d account. 
"We regrettably like to inform that you cannot transfer the funds from your 95 day Online Notice Saver account ending *** to your newly opened 95 day Online Notice Saver account ending ***as it is blocked for the specific time period of 95 days. 
Understandable but disappointing they didn't pass the interest rise on to older accounts. 

refluxer

Burcot said:

Just heard back from Cynergy - they will not allow transfer of money from my 95d account to the new better interest 95d account. 
"We regrettably like to inform that you cannot transfer the funds from your 95 day Online Notice Saver account ending *** to your newly opened 95 day Online Notice Saver account ending ***as it is blocked for the specific time period of 95 days. 
Understandable but disappointing they didn't pass the interest rise on to older accounts. 

Just for info - this is something you can do with OakNorth, provided the new account has the same notice period or higher...

4. Transferring Money between your OakNorth accounts

4.1. You can request to transfer funds from an existing OakNorth Notice Account to a new issue OakNorth Notice Account without serving the applicable notice period of your existing Notice Account. This is providing that the destination Issue Notice Account has the same or longer notice period. For example, if you have a 35-day Notice Account you can transfer funds from it to the latest Issue 35-day, 90-day or 120-day Notice Account. However, if you have a 90-day Notice Account you can only transfer funds from it to another 90-day or 120-day Notice Account without serving the notice period.

Burcot

Refluxer - that is really helpful.  Its a pity Cynergy do not operate a similar system.  

SuzzleBumpkin

Burcot said:

Just heard back from Cynergy - they will not allow transfer of money from my 95d account to the new better interest 95d account. 
"We regrettably like to inform that you cannot transfer the funds from your 95 day Online Notice Saver account ending *** to your newly opened 95 day Online Notice Saver account ending ***as it is blocked for the specific time period of 95 days. 
Understandable but disappointing they didn't pass the interest rise on to older accounts. 

Had exactly the same problem. It’s these sorts of details that let some accounts down. They just aren’t paying attention to what account holders want. I’d say the Zopa model is by far best and easiest to use although they can sometimes be slow to raise rates. 

Failing that, they should at least offer a MONTHLY interest payment option. Offer to pay interest direct into the nominated account. Offer to transfer funds from a lower paying account to a new issue if the notice period Is compatible. Do their best to raise rates for customers with older issues. Why alienate the customers you already have?
It makes no sense to me to force customers to compound their interest or only get paid annually when they’d have MORE customers if they were more flexible. Now that interest rates are higher lots of customers want to bolster their monthly income with interest payments, using cash to generate an income. I’d say less than half of notice accounts make that a reasonably easy thing to do. 

smiley2085

Does anyone have a gatehouse notice account? 

I was wondering if you can transfer funds from an old account to a new account with a higher EPR like the above posters have mentioned.