Notice Accounts

Burcot

I now understand that ZOPA allow a maximum of £85k in their their easy access account.  I am wondering if they also allow savers to open a second account - fixed saving account rather than easy access? 

Frogletina

Burcot said:

I now understand that ZOPA allow a maximum of £85k in their their easy access account.  I am wondering if they also allow savers to open a second account - fixed saving account rather than easy access? 

You can save between £1000 and £250,000 in each of their fixed savings accounts

refluxer

Burcot said:

I now understand that ZOPA allow a maximum of £85k in their their easy access account.  I am wondering if they also allow savers to open a second account - fixed saving account rather than easy access? 

Regardless of whether you can or not, saving more than £85k with any one bank ('financial institution') is not recommended.

Burcot

Thanks guys. 

Bobblehat

I may be having a particularly severe senior moment, but can anyone explain this page from OakNorth's T&C's for their Notice Accounts? The more I read it, the more I just don't get it! It's the two transactions on the same day rules that do not compute with me 



Edit: Is this unique to OakNorth, or pretty standard across Notice Accounts in any Bank?

Notepad_Phil

Bobblehat said:

I may be having a particularly severe senior moment, but can anyone explain this page from OakNorth's T&C's for their Notice Accounts? The more I read it, the more I just don't get it! It's the two transactions on the same day rules that do not compute with me 



Edit: Is this unique to OakNorth, or pretty standard across Notice Accounts in any Bank?

No idea if it's standard or not, but what I understand it to say is that if you pay multiple payments into a new account on the one day then the interest for that day is calculated on what the balance is after the first payment in, not what the balance is after all the payments.

E.g. send a £1 payment followed by a £10,000 payment to a new account with zero balance then interest for that day is calculated on a balance of £1 not £10,001. The interest on £10,001 would start the next day. You would need to send £10,001 in one go if you wanted the full amount to get interest on that day.

For accounts with an already existing balance then any payments into it do not start generating interest until the next day. E.g. add £10,000 to a £5,000 balance would mean that the interest for that day would still be against the £5,000 balance, and only on the next day would interest be on the full £15,000.

refluxer

Bobblehat said:

I may be having a particularly severe senior moment, but can anyone explain this page from OakNorth's T&C's for their Notice Accounts? The more I read it, the more I just don't get it! It's the two transactions on the same day rules that do not compute with me 



Edit: Is this unique to OakNorth, or pretty standard across Notice Accounts in any Bank?

It just means that interest for any particular day will be calculated on the lowest balance for that day. So, in their example, if you wanted interest paid on the full £3000 you would need to deposit that all in one go, rather than splitting it into multiple payments. In reality though, it's going to make so little difference that it's not worth being concerned about.

Bobblehat

refluxer said:
......

 In reality though, it's going to make so little difference that it's not worth being concerned about.

Yes, I see! And if I've done the sums right, at 6p per £1k, I can see why you say it's not worth being concerned! Thanks.

karie

Sorry don’t know what I’m missing but can’t see an option to transfer between two Oaknorth issues (have opened both), could someone tell me where to find that in the app? Thanks so much! 

RG2015

I set up OakNorth yesterday and got a heavy duty scam warning from NatWest when it failed the CoP check.

I have had failures before on other banks but this was all red colours and bold print. To be honest it was quite scary so heaven knows what an inexperienced user would have thought.

That aside, the set up process was plain sailing.