Notice Accounts

soulsaver

allegro120 said:

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. 

I know you are not disputing it, but my point is that won't actually leave you £1; it'll be £1 plus interest accrued on your £1k, in your example - which is not maybe that much to most. But if you had £50k in there from the outset...you'd have the interest on it trapped until, firstly, it's applied, and only then you can give notice on it.

All that is 'online', you may be able to do something different by secure message or call... I just went for closure.

allegro120

soulsaver said:

allegro120 said:

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. 

I know you are not disputing it, but my point is that won't actually leave you £1; it'll be £1 plus interest accrued on your £1k, in your example - which is not maybe that much to most. But if you had £50k in there from the outset...you'd have the interest on it trapped until, firstly, it's applied, and only then you can give notice on it.

All that is 'online', you may be able to do something different by secure message or call... I just went for closure.

Yes I know the interest will keep arriving.  I've got about £30k there and will be giving notices on the days the interest arrives, making sure I'm leaving £1 in the account, and see what happens. 

Burcot

I have 'closed' my account with RCI which will include all interest ip to closure.  I did want to keep account open just to have access to my account for all the tax info.  Is there a way around this..?  I could cancel my closure and just withdraw all but £1000

Barkin

Burcot said:

I have 'closed' my account with RCI which will include all interest ip to closure.  I did want to keep account open just to have access to my account for all the tax info.  Is there a way around this..? 

All of the details - including transactions, interest payments etc - for a closed Investec notice account are still there when I log in to the web portal.

Perhaps RCI is similar? 

janusdesign

there is a section at the bottom of the page that says "You don't have any closed accounts at the moment." - I assume closed accounts will be listed there and access to relevant docs (e.g interest statements).

soulsaver

Not seen mentioned here:
Vanquis 90 day 5.50%  - £1k min  ETA See below

Couldn't see what notice they give on rate reduction in the bumph...?
Emailed them the question, will update.

soulsaver

soulsaver said:

Not seen mentioned here:
Vanquis 90 day 5.50%  - £1k min

Couldn't see what notice they give on rate reduction in the bumph...?
Emailed them the question, will update.

Hmm.. maybe why they are not listed in the top notice accounts... and Vanquis Bank Savings Application Form (vanquissavings.co.uk)

'Dear SS,

Thank you for your email of 26 January regarding our Vanquis Bank Savings account products.

We can confirm that we will inform customers of any change in the interest rate on our notice accounts 30 calendar days before this is implemented.

If in response to the change in rate you wish to make a partial/full withdrawal, then the full notice period will need to be served. This is outlined in the product information in section 4 under “Withdrawing money from your account”.

At present we are currently fully subscribed on our 90 Day Notice accounts and cannot accept any further applications. If you still wish to invest with us please visit www.vanquissavings.co.uk to review the other products we have on offer.

We're here to help you ..'

Frequentlyhere

@soulsaver strange, mine opened fine yesterday, and it still seems to be available to apply for if I click on 'open another account' when logged in. Suggest it's still worth a go if anyone's interested in taking it up.

edit: Nope, I'm wrong, for some reason they've left it up there but if you click on apply it says it's been withdrawn due to high demand etc.

soulsaver

Warning:

Personally I wouldn't touch a 90 day notice account where the provider asks you to sign up to them giving you 30 days for a rate reduction - leaving you locked in for minimum 60 days at a lowered rate of their choice. 

And, worse still IMO, (at the risk of being proven incorrect), their comment, 'This is outlined in the product information in section 4 under “Withdrawing money from your account” - it isn't.

It isn't in either of these documents under that section or anywhere else I can see. 
Here is ALL of what section 4 says (nothing about the notice they give for a rate reduction):

'You can withdraw money by transferring it to your nominated account. You must give us at least 90 days’ notice. In exceptional circumstances, we may agree to let you withdraw money from your account with less than 90 days’ notice, for example if: • you face significant financial hardship • you become bankrupt, or • you’re diagnosed with a terminal illness. In such circumstances, you should call us on 0191 505 0033 or email us at customerservice@vanquissavings.co.uk. We may also ask you to give us supporting information in writing.

90-Day-Notice-Account-Product-Information.pdf (vanquissavings.co.uk)

90DAY.pdf (vanquissavings.co.uk)

ChewyyBacca

Frequentlyhere said:

@soulsaver strange, mine opened fine yesterday, and it still seems to be available to apply for if I click on 'open another account' when logged in. Suggest it's still worth a go if anyone's interested in taking it up.

edit: Nope, I'm wrong, for some reason they've left it up there but if you click on apply it says it's been withdrawn due to high demand etc.

Anyone else tried again opening the 90 days notice account?

I dont have any Vanquis acct. I clicked Apply , confirmed reading all docs & its taking me to details page.
Is Vanquis still accepting application or will it take all my details, just to be told the product has been withdrawn?