Notice Accounts

soulsaver

Well it certainly looks like they've relaunched it, with revised terms..
 terms_and_conditions.pdf (vanquissavings.co.uk)
...now including the 30 day notice of rate reduction that they'll give you - section 19, half way down 2nd column, 'Changes We Can Make'.

Shame they can't just be honest.

Cold_comfort

Harpenden Building Society 90-day notice account issue 3 (NLA) interest rate reduction from 5.5% to 5.3% with effect from 1 May 2024.

janusd

Re: RCi Bank and balances below £1k - confirmation of the situation from their support....

• The minimum opening balance of a 95-day notice account is £1000.00, however after this opening deposit, if you were to make a withdrawal, the minimum operational balance is £1.
• Regarding interest with a balance of £1, If you choose to get the interest paid to your linked account and earn less than £1 interest in your chosen period, we’ll hold onto it and include it in the next interest payment over £1.
• If you get your interest paid into your RCI Bank savings account, we’ll pay the interest regardless.

allegro120

HTB 95 Day Notice Issue 14. On 17th May 2024 the rate will be reduced from 5.51% to 5.00%.

Burcot

Just gave notice to close RCI - will need new home for the money by 13/5.  I guess many in same situation looking for as much over 5% as possible.  Where do we go? 

Also have given notice on Oxbury - but reconsidering.  It seems I am still getting 5.5% and emailed them to ask if this has been reduced yet? 

fabsaver

Email received from First Save this morning giving 30 days notice of a rate reduction on their 90 Day Notice Account.  It's reducing from 5.4% to 5.25% on 9 March.

It seems that money will be locked in at the lower rate for 2 months unless an interest penalty is paid. This sort of practice is increasingly something to watch for when choosing notice accounts.

allegro120

Burcot said:

Just gave notice to close RCI - will need new home for the money by 13/5.  I guess many in same situation looking for as much over 5% as possible.  Where do we go? 

Also have given notice on Oxbury - but reconsidering.  It seems I am still getting 5.5% and emailed them to ask if this has been reduced yet? 

My RCI money is going to Oxbury.  There's no better offer than 90 days' Oxbury and I don't think we'll see any better offers in foreseen future.

janusd

Burcot said:

Just gave notice to close RCI - will need new home for the money by 13/5.  I guess many in same situation looking for as much over 5% as possible.  Where do we go? 

who knows! there's 3 months and 2 BoE meetings before then - so anything that is available now and top of the charts may not available by then... best to worry about it closer to the time.

I think for me, the balance will go into funding my Coventry RS for 1month - so it will still be getting 5.6% (though perhaps that rate might drop before I receive the balance back from RCi).

Burcot said:

Also have given notice on Oxbury - but reconsidering.  It seems I am still getting 5.5% and emailed them to ask if this has been reduced yet? 

it definitely hasn't been reduced yet, so it's still paying 5.51% - if I were you, I'd hold off giving notice (unless you need the money in 90 days). Oxbury give 14 days + the notice period for interest decreases, so it's going to be paying the current rate at least until towards the end of May.

fabsaver said:

Email received from First Save this morning giving 30 days notice of a rate reduction on their 90 Day Notice Account.  It's reducing from 5.4% to 5.25% on 9 March.

it looks like it's reducing all three notice accounts by 0.15%

• 90 Day - 5.40% -> 5.25%
• 60 Day - 5.20% -> 5.05%
• 30 Day - 5.00% -> 4.85%

currently, it looks like the 90 Day is now NLA.

refluxer

At the time of posting this, Oxbury still have their 120 day notice account @ 5.53% available to existing customers (£1000 minimum) which would give you around 4.5 further months at that rate after any rate reduction is announced.

As it's substantially higher than the current best (but available-to-all) 120 day notice account (Cynergy @ 5.25%), I wouldn't be surprised if it doesn't hang around for much longer.

If you're not an existing customer but are interested in that notice account, you can become one by opening their easy access account @ 4.94% (minimum balance £1000).

gwapenut

refluxer said:

At the time of posting this, Oxbury still have their 120 day notice account @ 5.53% available to existing customers (£1000 minimum) which would give you around 4.5 further months at that rate after any rate reduction is announced.

As it's substantially higher than the current best (but available-to-all) 120 day notice account (Cynergy @ 5.25%), I wouldn't be surprised if it doesn't hang around for much longer.

If you're not an existing customer but are interested in that notice account, you can become one by opening their easy access account @ 4.94% (minimum balance £1000).

If they give notice of a rate decrease, can you then put more money in the account and continue to earn the higher rate of interest on the new higher balance until the rate drops?