Notice Accounts

Bobblehat

Don't know if anyone knows the answer to this ...but no harm asking! I have a Cynergy Online 95 Day Notice Saver (Iss4) paying 5.4%. I deposited the minimum of £500 in after opening, and now a couple of months later, wish to add a regular amount every month. I have been told that this account does not allow this ..... the CSA I spoke to today on the phone implied that you can only fund the account during the initial 14 day window .. not after. Is that right?

I can't find any specific reference in the T&C's to funding after the 14 day initial period. Do other Banks' Notice accounts operate the same way ... or are there examples you know of that allow further random deposits.

NameWithheld

A feature of Oxbury's notice accounts is that they have 90 day initial funding windows. If you aren't sure it meets your needs you can open one anyway and leave it empty. Fund it with the minimum £1000 at anytime within the next 90 days or let it lapse.

janusdesign

Bobblehat said:

Don't know if anyone knows the answer to this ...but no harm asking! I have a Cynergy Online 95 Day Notice Saver (Iss4) paying 5.4%. I deposited the minimum of £500 in after opening, and now a couple of months later, wish to add a regular amount every month. I have been told that this account does not allow this ..... the CSA I spoke to today on the phone implied that you can only fund the account during the initial 14 day window .. not after. Is that right?

I can't find any specific reference in the T&C's to funding after the 14 day initial period. Do other Banks' Notice accounts operate the same way ... or are there examples you know of that allow further random deposits.

that sounds bizarre - Moneyfacts says Issue 7 can have additional deposits - as does Cynergy's FAQ... so unless Iss4 was entirely different, you should be ok.

Online Notice Saver FAQs (cynergybank.co.uk)

Q. How many times can I add money to my account?

After you have opened an account and deposited at least £500, you can make unlimited additional deposits subject to the maximum Online Notice Saver balance of £1m. It is important we receive your initial deposit within 14 days from account opening, or the account will be closed.

you could try depositing a £1 - worst case it might bounce back to your nominated account, but if accepted it should show up the same day (usually within an hour I think from my EA experience with them).

janusdesign

Bricks said:

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.

I appreciate that, but it wasn't the point I was making - I was merely stating that not all notice accounts require the notice to be served (at a cost)... I wasn't suggesting withdrawing with a penalty just to invest the balance elsewhere.

for me, having notice accounts that have immediate access are useful - not least cos I know in an absolute emergency, I can get hold of the balance... and under those circumstances, I could care less about the penalty (though I can't really conceive of a situation where this is likely).

jaypers said:

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. 

thanks - when you said "alternative solutions", I just thought you had something kinky in mind and was curious!

Bobblehat

janusdesign said:

Bobblehat said:

Don't know if anyone knows the answer to this ...but no harm asking! I have a Cynergy Online 95 Day Notice Saver (Iss4) paying 5.4%.  ... 

that sounds bizarre - Moneyfacts says Issue 7 can have additional deposits - as does Cynergy's FAQ... so unless Iss4 was entirely different, you should be ok.

Online Notice Saver FAQs (cynergybank.co.uk)

Q. How many times can I add money to my account?

After you have opened an account and deposited at least £500, you can make unlimited additional deposits subject to the maximum Online Notice Saver balance of £1m. It is important we receive your initial deposit within 14 days from account opening, or the account will be closed.

you could try depositing a £1 - worst case it might bounce back to your nominated account, but if accepted it should show up the same day (usually within an hour I think from my EA experience with them).

Thanks for that quote from the FAQ's ... which I hadn't spotted earlier! Having read it (several times!) .... I was intrigued by the ambiguity. The information that is missing in the FAQ answer is whether you can deposit AFTER the 14 day initial funding window (assuming you have initially deposited the £500 minimum within the 14 days of opening the account).

The Cynergy CSA I spoke to this morning was slightly vague about the point above, so I decided to ring again (free call up to 1 hour) to be a bit more specific about the question of depositing after 14 days. The 2nd CSA confirmed that the "unlimited additional deposits" must be within the 14 day initial deposit window also! In effect that 14 days is not just an initial deposit window .... it's the only funding window!

Needless to say, that wasn't clear to me when I opened the account, and consequently I can not use the account as I was intending to do ... time to add a closure notice and wait 95 days to get my £500 back!

Hope this is useful to others on the forum.

Can anyone suggest any 90/95 Day Notice accounts that do allow multiple deposits as and when, after the initial funding period?

Rudyson

Their rates probably aren't worth it at the moment, but Oaknorth allow you to deposit and withdraw whenever you like, you just have to give notice for the withdrawals.

janusdesign

Bobblehat said:

Hope this is useful to others on the forum.

indeed - i'll never get a notice account with Cynergy if that's their rules.

Bobblehat said:

Can anyone suggest any 90/95 Day Notice accounts that do allow multiple deposits as and when, after the initial funding period?

I thought they all did - I still think that most do... certainly every one i've come across personally... for sure the previously mentioned Oxbury will allow that and I think that's the only one that will currently beat Cynergy's rate.

that said, if you need to wait for your Cynergy funds to be released before funding a new account, it might be worth holding off opening a new account until the 90 days is up... there will be 2 Bank of England meetings before then so rates will likely have risen by then and you'll be in a better position to determine which will offer the best rate.

not to go off-topic, but in the meantime you could take a look at the Santander Edge Saver that pays 7% for £1 ->  £4,000 - you'll need to get a Santander Edge current account, but the Saver will be instant access rather than requiring a notice period... take a look at the Easy Access thread where it has been discussed today - you won't get a notice account that will beat that.

Barkin

Bobblehat said:

janusdesign said:

Bobblehat said:

Don't know if anyone knows the answer to this ...but no harm asking! I have a Cynergy Online 95 Day Notice Saver (Iss4) paying 5.4%.  ... 

that sounds bizarre - Moneyfacts says Issue 7 can have additional deposits - as does Cynergy's FAQ... so unless Iss4 was entirely different, you should be ok.

Online Notice Saver FAQs (cynergybank.co.uk)

Q. How many times can I add money to my account?

After you have opened an account and deposited at least £500, you can make unlimited additional deposits subject to the maximum Online Notice Saver balance of £1m. It is important we receive your initial deposit within 14 days from account opening, or the account will be closed.

you could try depositing a £1 - worst case it might bounce back to your nominated account, but if accepted it should show up the same day (usually within an hour I think from my EA experience with them).

Thanks for that quote from the FAQ's ... which I hadn't spotted earlier! Having read it (several times!) .... I was intrigued by the ambiguity. The information that is missing in the FAQ answer is whether you can deposit AFTER the 14 day initial funding window (assuming you have initially deposited the £500 minimum within the 14 days of opening the account).

The Cynergy CSA I spoke to this morning was slightly vague about the point above, so I decided to ring again (free call up to 1 hour) to be a bit more specific about the question of depositing after 14 days. The 2nd CSA confirmed that the "unlimited additional deposits" must be within the 14 day initial deposit window also! In effect that 14 days is not just an initial deposit window .... it's the only funding window!

Hmmm, I'm not sure...unless the t's&c's for your account are different to those of the current issue, I don't see any ambiguity. 

The FAQ says quite clearly (in my mind, at least...) that the account must initially be funded within 14 days, and that beyond that window you can make inlimited deposits.

Which is how every notice account that I've used has worked...

refluxer

Yep, there is no ambiguity in the Cynergy product terms to me either - the 14 day window applies to the initial minimum £500 deposit so after that, you should be able to deposit as and when you wish. As mentioned above, this is how every notice account I've held worked, too. If it really was that restrictive then they'd have to mention it, just like the funding window for a fixed term account would be.

I suspect the Cynergy CSA was wrong - you often get this with more complicated accounts (like ISAs).

AndrewSteele888

Yeah I used the Cynergy Notice account and you can deposit and withdraw when you want . I usually set a deposit up as soon as I add the money anyway which gives me some freedom and I have no problem doing this so far