Notice Accounts

janusd

refluxer said:

Must admit that I'd presumed that all notice accounts would give at least the same amount of notice for a rate reduction as your have to give for a withdrawal.

FirstSave @ 5.40% gives at least 30 days notice on rate decreases on any of its notice accounts (30/60/90).

DF Finance @ 5.30% gives the notice period for rate decreases.

Oxbury gives the same as Investec & Shawbrook (14 days + the notice period), e.g if you took out the aforementioned Oxbury 120-Day today, it's going to earn that rate until at least the beginning of June.

Shawbrook has a 45-Day notice account paying 5.23% if @jaypers might need quicker access to their money - though perhaps disadvantage is that if that rate drops, it will be applied quicker than with the Investec account.

it looks as though West Brom BS 60-Day notice account @ 5.25% is now NLA.

jaypers

refluxer said:

Must admit that I'd presumed that all notice accounts would give at least the same amount of notice for a rate reduction as your have to give for a withdrawal.

@jaypers If Charter don't do this, do they give you the option to withdraw your money without having to give notice, instead ?

Pretty sure there is no way of withdrawing early, which seems a bit naff when you think about it. 

janusd

jaypers said:

refluxer said:

Must admit that I'd presumed that all notice accounts would give at least the same amount of notice for a rate reduction as your have to give for a withdrawal.

@jaypers If Charter don't do this, do they give you the option to withdraw your money without having to give notice, instead ?

Pretty sure there is no way of withdrawing early, which seems a bit naff when you think about it. 

a quick look at Charter's terms & conditions PDF gives...

20.7 If we decrease the interest rate relying on paragraph 20.3 or the amount of notice of the change we give you is less than 14 days plus the amount of notice you have to give us to make a withdrawal from or to close your Account then you will then be free to close your Account (without notice, loss of interest or additional charges) at any time within 30 days of the date we reasonably expect you will have received our notification to you of the change.

DavidAC

Vanquis 90 day notice is currently available at 5.5% but, "If we reduce the interest rate that applies to your account, we’ll tell you at least 30 days before doing so." Anyone have experience of them giving longer than 30 days?

janusd

DavidAC said:

Vanquis 90 day notice is currently available at 5.5% but, "If we reduce the interest rate that applies to your account, we’ll tell you at least 30 days before doing so." Anyone have experience of them giving longer than 30 days?

it's possible that they've never needed to reduce rates on their notice accounts yet - I think they only started offering them last summer, with Issue 1 being 5.35% at launch... I assume it still is for those that have that issue?

Malchester

First Save 90 day account pays 5.4% monthly or annual interest. An advantage is that you can withdraw funds if necessary with 90 days loss of interest.

gwapenut

refluxer said:

Just a heads up that Oxbury's 120 notice account @ 5.53% is still available to existing customers.

If you wanted to open that account but aren't a customer, you could open their easy access account @ 4.94% first but just note the minimum balance for that one is £1,000.

Thanks @refluxer

Just a further note that, although it's a high minimum balance, the funding window is 90 days from the day you open the account. As an existing customer, I'm hedging my bets by opening this one, but will be deferring funding until the next tax year. I borrow from my flexible ISAs each tax year but need to pop the money back in over the tax year boundary, so £1k stuck here would be quite an inconvenience. 90 days takes me to late April!

flobbalobbalob

refluxer said:

Just a heads up that Oxbury's 120 notice account @ 5.53% is still available to existing customers.

If you wanted to open that account but aren't a customer, you could open their easy access account @ 4.94% first but just note the minimum balance for that one is £1,000.

I currently have £1 in their easy access and it's allowing me to apply for this so maybe you don't have to keep the £1000 in it?  Another question.. If Oxbury give notice of a rate reduction on a notice account can you still deposit into it ? 

fabsaver

Just a reminder that the rate on the RCI Bank 95 Day account is reducing on 29th April.

Notice given today for withdrawal / closure will be processed on 29th April and should be in your bank on 30th April.

janusd

flobbalobbalob said:

refluxer said:

Just a heads up that Oxbury's 120 notice account @ 5.53% is still available to existing customers.

If you wanted to open that account but aren't a customer, you could open their easy access account @ 4.94% first but just note the minimum balance for that one is £1,000.

I currently have £1 in their easy access and it's allowing me to apply for this so maybe you don't have to keep the £1000 in it?  Another question.. If Oxbury give notice of a rate reduction on a notice account can you still deposit into it ? 

yes you can.