Notice Accounts

Bobblehat

There seems to be a difference between what two Cynergy CSA have told me about not being able to deposit after the initial 14 Day opening window and what forumites above are saying. 

If you look at janusdesign's post earlier where they quoted the answer from Cynergy's FAQ, it appears you should be able to make deposits after the 14 Day opening window. But that is not what Cynergy Customer Service have told me twice today! I'm still lost on this one!

Zaul22

The ones that don't remain competitive are the ones with issue numbers. The ones with no issue number are still pretty good. 

financialbliss

Regarding funding of the Oxbury 90 day account, I emailed Oxbury and got this back:

"You have 90 days to make the minimum deposit of £1,000 to activate the account. After that you can continue to make funds into the account when it suits you."

Barkin

Bobblehat said:

There seems to be a difference between what two Cynergy CSA have told me about not being able to deposit after the initial 14 Day opening window and what forumites above are saying. 

If you look at janusdesign's post earlier where they quoted the answer from Cynergy's FAQ, it appears you should be able to make deposits after the 14 Day opening window. But that is not what Cynergy Customer Service have told me twice today! I'm still lost on this one!

Personally, I'd have a look at the t's&c's for the account. I suspect the CSA's are wrong... 

Or you could do as suggested up thread - send a small deposit to the account. It'll either get credited, or wing it's way back to you if it's not allowed. 

aaj123

Notice accounts typically do allow putting your funds on notice and then allow cancelling the notice before the period ends and also pay the stated amount of interest during the notice period. This means that ideally, one should always keep all your funds on notice all the time since you could always deposit the money back after it is sent to another account on withdrawal date.

Question then is: Why is such a behavior not automated by the bank offering the notice account as a feature itself? The account would just be doing what it allows anyway. The only reason I can think is because in practice the bank does not see this optimizing behavior on part of clients and this works to some advantage to the bank. Still, could competition at some point make this a standard feature of all notice accounts i.e. put all money on notice by default at the time it is deposited?

Barkin

aaj123 said:

This means that ideally, one should always keep all your funds on notice all the time

Yup, that's exactly what I do 👍

Bricks

aaj123 said:

Still, could competition at some point make this a standard feature of all notice accounts i.e. put all money on notice by default at the time it is deposited?

Why would a bank offer a notice account that effectively didn't have any notice on it? They might as well just offer an instant access account.

Barkin

Bricks said:

aaj123 said:

Still, could competition at some point make this a standard feature of all notice accounts i.e. put all money on notice by default at the time it is deposited?

Why would a bank offer a notice account that effectively didn't have any notice on it? They might as well just offer an instant access account.

Eh?  Where'd that come from?

That's (obviously) not the suggestion at all!

Not that I think the suggestion would ever be implemented, or be desirable...  If it were, they could just call it a 60/90/120/whatever day fix. 

Bobblehat

Barkin said:

Bobblehat said:

There seems to be a difference between what two Cynergy CSA have told me about not being able to deposit after the initial 14 Day opening window and what forumites above are saying. 

If you look at janusdesign's post earlier where they quoted the answer from Cynergy's FAQ, it appears you should be able to make deposits after the 14 Day opening window. But that is not what Cynergy Customer Service have told me twice today! I'm still lost on this one!

Personally, I'd have a look at the t's&c's for the account. I suspect the CSA's are wrong... 

Or you could do as suggested up thread - send a small deposit to the account. It'll either get credited, or wing it's way back to you if it's not allowed. 

I've sent a secure message to Cynergy to try to get a definitive answer .... will post result when received. 

aaj123

Bobblehat said:

Barkin said:

Bobblehat said:

There seems to be a difference between what two Cynergy CSA have told me about not being able to deposit after the initial 14 Day opening window and what forumites above are saying. 

If you look at janusdesign's post earlier where they quoted the answer from Cynergy's FAQ, it appears you should be able to make deposits after the 14 Day opening window. But that is not what Cynergy Customer Service have told me twice today! I'm still lost on this one!

Personally, I'd have a look at the t's&c's for the account. I suspect the CSA's are wrong... 

Or you could do as suggested up thread - send a small deposit to the account. It'll either get credited, or wing it's way back to you if it's not allowed. 

I've sent a secure message to Cynergy to try to get a definitive answer .... will post result when received. 

I don't recall ever seeing a notice account which has only an initial funding window.