Notice Accounts

Burcot

Very impressive - Vanquiss 90-day rate. 

Are there specific days each month that particular banks announce their 'new rates'? 

financialbliss

Burcot said:

Very impressive - Vanquiss 90-day rate. 

Only noticed the Vanquis 90 day account yesterday and was going to apply today - was to replace my 95 day pots in Zopa of which I've gave notice on (5.35% vs 4.27%) and looks like the Vanquis account has been pulled - says it's fully subscribed now.

Burcot

Blimey, I did open an account but have only put £1 in.  Think given month to put the rest of the money in..Hope so.  Better get sorted now.  Can see others competing if they are withdrawing the offer??

EDIT: Just checked and I did not fund with a £1.  I have spoken with Vanquis Bank.  All details on way. Good. 

Bricks

I have a general question about notice accounts - are they a bad idea when interest rates are in flux a lot (like now)?

I have a Kent Reliance 60 days notice account that's been sitting there for a while. They do adjust the rates, so the interest rate is not bad (currently 4.35%) but I'm currently able to find instant access accounts with interest rates that are just as good or slightly better.

I'm wondering whether to move out of that 60 days notice account.

It seems to me that notice accounts just restrict your ability to move funds around to accounts with better interest rates. Because, obviously, I can't do it instantly.

If they are offering significantly better rates in return for this restriction, then fair enough, but right now that just doesn't seem to be the case.

flobbalobbalob

Bricks said:

I have a general question about notice accounts - are they a bad idea when interest rates are in flux a lot (like now)?

I have a Kent Reliance 60 days notice account that's been sitting there for a while. They do adjust the rates, so the interest rate is not bad (currently 4.35%) but I'm currently able to find instant access accounts with interest rates that are just as good or slightly better.

I'm wondering whether to move out of that 60 days notice account.

It seems to me that notice accounts just restrict your ability to move funds around to accounts with better interest rates. Because, obviously, I can't do it instantly.

If they are offering significantly better rates in return for this restriction, then fair enough, but right now that just doesn't seem to be the case.

Less of a risk with accounts that don't have issue numbers. Eg. Investec

PhilFox1985

Bricks said:

I have a general question about notice accounts - are they a bad idea when interest rates are in flux a lot (like now)?

I have a Kent Reliance 60 days notice account that's been sitting there for a while. They do adjust the rates, so the interest rate is not bad (currently 4.35%) but I'm currently able to find instant access accounts with interest rates that are just as good or slightly better.

I'm wondering whether to move out of that 60 days notice account.

It seems to me that notice accounts just restrict your ability to move funds around to accounts with better interest rates. Because, obviously, I can't do it instantly.

If they are offering significantly better rates in return for this restriction, then fair enough, but right now that just doesn't seem to be the case.

You should be able to get them to transfer you to the latest issue (48) of their 60 notice saver.

This pays 4.75%.

Bricks

PhilFox1985 said:

Bricks said:

I have a general question about notice accounts - are they a bad idea when interest rates are in flux a lot (like now)?

I have a Kent Reliance 60 days notice account that's been sitting there for a while. They do adjust the rates, so the interest rate is not bad (currently 4.35%) but I'm currently able to find instant access accounts with interest rates that are just as good or slightly better.

I'm wondering whether to move out of that 60 days notice account.

It seems to me that notice accounts just restrict your ability to move funds around to accounts with better interest rates. Because, obviously, I can't do it instantly.

If they are offering significantly better rates in return for this restriction, then fair enough, but right now that just doesn't seem to be the case.

You should be able to get them to transfer you to the latest issue (48) of their 60 notice saver.

This pays 4.75%.

Didn't know that might be an option without penalty - I will ask them.

Zaul22

Unfortunately with Vanquis even newer digital banks are still unverifiable and you have to post them a statement. 

Wheres_My_Cashback

Zaul22 said:

Unfortunately with Vanquis even newer digital banks are still unverifiable and you have to post them a statement. 

It’s because many digital banks do not report to Experian, who Vanquish check with.

Zaul22

Hm... so If I changed my nominated account to a High Street bank it might verify? I wonder if I even an do that at this stage...