Notice Accounts

Rheumatoid

fabsaver said:

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.

Thanks for the reminder. Will give notice end of this week for the amount currently in there but what happens if I stuff a load more in early next week? Do I have to give notice again on the new amount or can you give notice to close and get everything back in 95 days?

refluxer

Rheumatoid said:

fabsaver said:

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.

Thanks for the reminder. Will give notice end of this week for the amount currently in there but what happens if I stuff a load more in early next week? Do I have to give notice again on the new amount or can you give notice to close and get everything back in 95 days?

The only way to ensure you empty the account completely after 95 days would be to give notice of closure, so I guess whether you want to do that will depend on whether you want to keep the account open for future use or for other reasons, such as maintaining membership. 

I'm not sure how RCI operates, but I've had notice accounts in the past with a couple of different banks where there wasn't an online method for closing a notice account, so I had to contact them to arrange it.

fabsaver

Rheumatoid said:

fabsaver said:

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.

Thanks for the reminder. Will give notice end of this week for the amount currently in there but what happens if I stuff a load more in early next week? Do I have to give notice again on the new amount or can you give notice to close and get everything back in 95 days?

I would have thought that notice to close would be sufficient but you would need to check with them to be sure.

When I gave notice this morning for closure on 29 April it calculated the closing interest amount as part of the process. If you pay more in then that calculation would have to change.

allegro120

Rheumatoid said:

fabsaver said:

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.

Thanks for the reminder. Will give notice end of this week for the amount currently in there but what happens if I stuff a load more in early next week? Do I have to give notice again on the new amount or can you give notice to close and get everything back in 95 days?

AFAIK the only option to give a notice for full amount is to instruct RCI to close your account. This will probably mean that you can't add any more money and receive your full amount+accrued interest in 95 days.

I personally choose to withdraw, not to close.  I've left £1 there to keep it running.  It might become competitive again at some point, you never know, saves the hassle opening it again. This £1 will still be earning 4.95%   

Rheumatoid

allegro120 said:

Rheumatoid said:

fabsaver said:

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.

Thanks for the reminder. Will give notice end of this week for the amount currently in there but what happens if I stuff a load more in early next week? Do I have to give notice again on the new amount or can you give notice to close and get everything back in 95 days?

AFAIK the only option to give a notice for full amount is to instruct RCI to close your account. This will probably mean that you can't add any more money and receive your full amount+accrued interest in 95 days.

I personally choose to withdraw, not to close.  I've left £1 there to keep it running.  It might become competitive again at some point, you never know, saves the hassle opening it again. This £1 will still be earning 4.95%   

Thanks but what if like you I give notice on all but £1 on Friday and then bung another £xxk in next week? Can I then give notice on the £xxk as soon as I deposit it? 90+ days at 5.6% is still a good deal at the moment.

soulsaver

Rheumatoid said:

allegro120 said:

Rheumatoid said:

fabsaver said:

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.

Thanks for the reminder. Will give notice end of this week for the amount currently in there but what happens if I stuff a load more in early next week? Do I have to give notice again on the new amount or can you give notice to close and get everything back in 95 days?

AFAIK the only option to give a notice for full amount is to instruct RCI to close your account. This will probably mean that you can't add any more money and receive your full amount+accrued interest in 95 days.

I personally choose to withdraw, not to close.  I've left £1 there to keep it running.  It might become competitive again at some point, you never know, saves the hassle opening it again. This £1 will still be earning 4.95%   

Thanks but what if like you I give notice on all but £1 on Friday and then bung another £xxk in next week? Can I then give notice on the £xxk as soon as I deposit it? 90+ days at 5.6% is still a good deal at the moment.

I don't think closure is at the sum w/d level - it's the account closure will trigger the interest calc on whatever is in there. Probably best to check with RCI, though.

I'm bit perplexed by the previous comment you could w/d down to £1...

When I tried that, it wouldn't let me because the annual interest sum isn't 'on hand' in the ac. So I could 'notice' to w/d all but £1 now, but that was going leave £1 plus all accrued interest, £100s in my case, that you'd then have to issue 95 day notice at April c.29th  on at a (poss) rubbish rate. And that's assuming interest was paid by then, or you're in the same trap. 

janusd

allegro120 said:

Rheumatoid said:

fabsaver said:

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.

Thanks for the reminder. Will give notice end of this week for the amount currently in there but what happens if I stuff a load more in early next week? Do I have to give notice again on the new amount or can you give notice to close and get everything back in 95 days?

AFAIK the only option to give a notice for full amount is to instruct RCI to close your account. This will probably mean that you can't add any more money and receive your full amount+accrued interest in 95 days.

I personally choose to withdraw, not to close.  I've left £1 there to keep it running.  It might become competitive again at some point, you never know, saves the hassle opening it again. This £1 will still be earning 4.95%   

I don't think it will - the minimum balance for the RCi 95-Day account is £1,000 - I didn't think you could have a balance below £1k, but it certainly won't be paying any interest until you reach that minimum £1,000 balance again.
it's on page 5 of their Notice T&C PDF... these are not initial deposits, but minimum account balances - how strict RCi are in enforcing these minimum balances, I have no idea.

the listing on Moneyfacts also shows that interest is only paid on balances £1,000 and over.

soulsaver

That'll be the reason then - not what I summised.
Don't you wonder if they can programme that you can't w/d below the min, why can't they programme that it tells you in those words - rather than 'You don't have enough money in your account..'

allegro120

Rheumatoid said:

allegro120 said:

Rheumatoid said:

fabsaver said:

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.

Thanks for the reminder. Will give notice end of this week for the amount currently in there but what happens if I stuff a load more in early next week? Do I have to give notice again on the new amount or can you give notice to close and get everything back in 95 days?

AFAIK the only option to give a notice for full amount is to instruct RCI to close your account. This will probably mean that you can't add any more money and receive your full amount+accrued interest in 95 days.

I personally choose to withdraw, not to close.  I've left £1 there to keep it running.  It might become competitive again at some point, you never know, saves the hassle opening it again. This £1 will still be earning 4.95%   

Thanks but what if like you I give notice on all but £1 on Friday and then bung another £xxk in next week? Can I then give notice on the £xxk as soon as I deposit it? 90+ days at 5.6% is still a good deal at the moment.

Yes, you can.  I always give notices as soon as deposits arrive.  Anything you have there will earn you 5.6% until 29th April.

allegro120

janusdesign said:

allegro120 said:

Rheumatoid said:

fabsaver said:

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.

Thanks for the reminder. Will give notice end of this week for the amount currently in there but what happens if I stuff a load more in early next week? Do I have to give notice again on the new amount or can you give notice to close and get everything back in 95 days?

AFAIK the only option to give a notice for full amount is to instruct RCI to close your account. This will probably mean that you can't add any more money and receive your full amount+accrued interest in 95 days.

I personally choose to withdraw, not to close.  I've left £1 there to keep it running.  It might become competitive again at some point, you never know, saves the hassle opening it again. This £1 will still be earning 4.95%   

I don't think it will - the minimum balance for the RCi 95-Day account is £1,000 - I didn't think you could have a balance below £1k, but it certainly won't be paying any interest until you reach that minimum £1,000 balance again.
it's on page 5 of their Notice T&C PDF... these are not initial deposits, but minimum account balances - how strict RCi are in enforcing these minimum balances, I have no idea.

the listing on Moneyfacts also shows that interest is only paid on balances £1,000 and over.

This is very interesting.  I've downloaded all 5 documents sent to me at the beginning.  The one you are referring to wasn't one of them. I found it now on their website.
I've initially funded the account with minimum £1000 as required.  As soon as money arrived, I've attempted to give a notice on the whole amount.  As expected the system won't let me do it and gave me an option to close the account.  Then I've made a notice for £999 and it worked.  The last notice I've made have left only £1 there (after withdrawals).  So I'm not quite sure what "minimum account balance - £1000" means in practice.