Notice Accounts

refluxer

gwapenut said:

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?

I don't know for sure, but I haven't read anything that suggests this wouldn't be possible. You'd obviously need to give the full 120 days notice on any new deposits though, which would involve them being stuck in the account on the new rate for a time.

howryoo

Just want to plan ahead.

Anyone with first-hand experience of Shawbrook's notice accounts recently?

If I gave notice tomorrow - Fri 9th Feb - I assume funds will be in my nominated account on Tues 26th March?

That's 45 days to 25.03.24, plus an extra day?

Thanks.

NameWithheld

janusdesign said:

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.

You could cancel the notice, and then give notice again to maximise the period at the current rate. I cancelled a closure notice of my 120 day account the other day.

Bridlington1

I can't see it mentioned anywhere but Market Harborough now have a 195 day notice account at 5.3% (£10k min). A notable feature of this account is that unlike some of the other notice accounts, they will either give you 202+ days notice of any interest rate reductions or 14 days notice with a 60 day window to make immediate withdrawals from/close the account.

allegro120

NameWithheld said:

janusdesign said:

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.

You could cancel the notice, and then give notice again to maximise the period at the current rate. I cancelled a closure notice of my 120 day account the other day.

I've made a couple of notices recently and will probably want to cancel them closer to the dates.  My other notice accounts allow to cancel online, but it looks like with Oxbury you have to e-mail them or use chat.  How did you do it?

NameWithheld

allegro120 said:

NameWithheld said:

janusdesign said:

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.

You could cancel the notice, and then give notice again to maximise the period at the current rate. I cancelled a closure notice of my 120 day account the other day.

I've made a couple of notices recently and will probably want to cancel them closer to the dates.  My other notice accounts allow to cancel online, but it looks like with Oxbury you have to e-mail them or use chat.  How did you do it?

Online chat

proudgecko

Hi, does anyone know how much notice UTB give you for a reduction in interest rate on their 200 day notice account. I can't find it in their T&Cs

janusdesign

proudgecko said:

Hi, does anyone know how much notice UTB give you for a reduction in interest rate on their 200 day notice account. I can't find it in their T&Cs

the relevant section in the t&c states...

B1.4 Interest rates are variable. Where a notice account tracks the Bank of England Base Rate, the interest rate applied to the Tracker Account will be amended to reflect movements in the Bank of England Base Rate within three days of a change by the Bank of England. Interest rates can increase or decrease in line with the changes to the Bank of England Base Rate. Where no such rate is available, the account will track the nearest equivalent rate we specify acting reasonably from time to time.

I don't know if there is anything specifically mentioned in the 200-day notice product details (it's no longer available), and there is nothing specific in their 30-day notice, so I would say that it could move quite quickly - it might be best to send them a secure message or give them a call.

I only have their notice tracker and as per above, i've always known that will move quickly with a BoE rate change.

Burcot

I have a 90 day Oxbury account for some months.  I have asked them if I can add additional funds now.  I dont think I can open another 90d account? 
Or will I have to go for the 120day account.  I am waiting for their response - but would like an answer today so have asked here. Thanks

BigBlueSky

Burcot said:

I have a 90 day Oxbury account for some months.  I have asked them if I can add additional funds now.  I dont think I can open another 90d account? 
Or will I have to go for the 120day account.  I am waiting for their response - but would like an answer today so have asked here. Thanks

The 90 days is just how much notice you need to take money out.  You can still make additional deposits into the account.  I have one of these I opened several months ago and just transfer money into it as and when.