Notice Accounts

janusdesign

NameWithheld said:

janusdesigth gùn said:

RCi recently increased their 95-Day Notice to 5.30%.

Oxbury have just increased their rates - assuming existing issues (my existing 90-Day has been updated from 4.63%).

• 180-Day - 5.49%
• 120-Day - 5.39%
• 90-Day - 5.00%

I would assume Investec would go to at least 5.00% next week.

Thats a much bigger premium on the 120 compared with the 90. Previously it was only 0.04%

well last night Oxbury announced three new issues (possibly provoked by Tipton's offer) that brings that gap smaller to 0.08% and pushes them to the top of the table...

• 180-Day (Issue 15) - 5.59%
• 120-Day (Issue 23) - 5.53%
• 90-Day (Issue 9) - 5.45%
  

so in less than a few days, the 90-Day rate has gone from 4.63% to 5.45%.

Johnny-Cage

Can anyone advise pls
I gave the notice to withdraw and close my 90 day notice account with HTB.
Can I still credit money in to the account and all funds with be credited to my nominated account when it closes in Nov, Or is it better to credit any funds in to an alternative saving account

10_66

daz_f said:

Can anyone advise pls
I gave the notice to withdraw and close my 90 day notice account with HTB.
Can I still credit money in to the account and all funds with be credited to my nominated account when it closes in Nov, Or is it better to credit any funds in to an alternative saving account

The various 90 day accounts I've had over the last year have all allowed additions to them and keep the existing closure date.  I've not had one with Hampshire Trust though.

PhilFox1985

Investec 90 day notice saver up to 5% today (from 4.75%).

https://savings.investec.com/notice-saver

aaj123

None of the recent best buy Notice accounts across various providers tend to make their accounts remain at or even near bestbuy as time progresses. I suppose its the fact that the money cannot be immediately moved that gives providers very little incentive to up the rate on notice accounts.

jaypers

*aaj123 said:

None of the recent best buy Notice accounts across various providers tend to make their accounts remain at or even near bestbuy as time progresses. I suppose it’s the fact that the money cannot be immediately moved that gives providers very little incentive to up the rate on notice accounts.

It is for this very reason that I am no longer going to use Notice accounts. Just waiting for my Investec funds to be available and will use alternative savings solutions. 

Bricks

jaypers said:

*aaj123 said:

None of the recent best buy Notice accounts across various providers tend to make their accounts remain at or even near bestbuy as time progresses. I suppose it’s the fact that the money cannot be immediately moved that gives providers very little incentive to up the rate on notice accounts.

It is for this very reason that I am no longer going to use Notice accounts. Just waiting for my Investec funds to be available and will use alternative savings solutions. 

Same here - I think this fact has just become more visible now that interest rates are higher and I am paying more attention. I've just given notice on my Kent Reliance 60 day notice account because the interest rate, despite being raised in step with BoE changes, trails behind their latest release, but also is not significantly better than the rates I can get in instant access accounts.

I don't know if that's a temporary phenomenon though - that instant access accounts with similarly good interest rates are available?

janusdesign

aaj123 said:

None of the recent best buy Notice accounts across various providers tend to make their accounts remain at or even near bestbuy as time progresses. I suppose its the fact that the money cannot be immediately moved that gives providers very little incentive to up the rate on notice accounts.

some do allow immediate withdrawals if you're prepared to pay the x-day interest penalty (FirstSave & Dudley BS will do that) - though I agree it would be nice if one or two of them maintained their position towards the top.

i'm pondering what to do about Investec - I suspect i'll withdraw the balance (seems I can leave it with a zero balance earning no interest rather than having to close).. it's 5 weeks until the next BoE meeting, so even if the base rate goes up 0.25 and Investec match it, Oxbury will at worst still be at 5.45% (as they have to give at least 104 days notice to lower the rate) and the tracker account will be at 5.50%.

jaypers said:

*aaj123 said:

None of the recent best buy Notice accounts across various providers tend to make their accounts remain at or even near bestbuy as time progresses. I suppose it’s the fact that the money cannot be immediately moved that gives providers very little incentive to up the rate on notice accounts.

It is for this very reason that I am no longer going to use Notice accounts. Just waiting for my Investec funds to be available and will use alternative savings solutions. 

if you don't mind me asking, what "alternative savings solutions" are you thinking of using?

jaypers

janusdesign said:

aaj123 said:

None of the recent best buy Notice accounts across various providers tend to make their accounts remain at or even near bestbuy as time progresses. I suppose its the fact that the money cannot be immediately moved that gives providers very little incentive to up the rate on notice accounts.

some do allow immediate withdrawals if you're prepared to pay the x-day interest penalty (FirstSave & Dudley BS will do that) - though I agree it would be nice if one or two of them maintained their position towards the top.

i'm pondering what to do about Investec - I suspect i'll withdraw the balance (seems I can leave it with a zero balance earning no interest rather than having to close).. it's 5 weeks until the next BoE meeting, so even if the base rate goes up 0.25 and Investec match it, Oxbury will at worst still be at 5.45% (as they have to give at least 104 days notice to lower the rate) and the tracker account will be at 5.50%.

jaypers said:

*aaj123 said:

None of the recent best buy Notice accounts across various providers tend to make their accounts remain at or even near bestbuy as time progresses. I suppose it’s the fact that the money cannot be immediately moved that gives providers very little incentive to up the rate on notice accounts.

It is for this very reason that I am no longer going to use Notice accounts. Just waiting for my Investec funds to be available and will use alternative savings solutions. 

if you don't mind me asking, what "alternative savings solutions" are you thinking of using?

Using a combination. Just opened Tandem, which makes Investec 90 Day redundant alone. Do still have a couple of RS’s but won’t consider anything less than 6% now. I’m also laddering with fixed accounts…….opened a couple with £10k in but over next few months looking at £5k a month in 1 year fixed. 

Bricks

janusdesign said:

some do allow immediate withdrawals if you're prepared to pay the x-day interest penalty (FirstSave & Dudley BS will do that)

That's no help to you if you are chasing the best interest rates though. The penalty of x-days' worth of interest will always be much greater than difference between the account you are closing and the one you're moving the money to - unless the account you are moving to has an interest rate of something like double what you're moving from.