Notice Accounts

gwapenut

Does anyone have any experience of Oxbury when decreasing the interest rate on Notice accounts?

I have a 120 day notice account which pays more than 5.5%. Reading section 6 of their T&Cs, I interpret this as meaning that they only have to give me 2 weeks notice for an interest rate reduction, but that I have no right to withdraw my money earlier than the 4 months' notice.

They give you more than the notice period for changes to OTHER terms. But OTHER does not catch the preceding interst rate reduction clause.

My interpretation is that I could be locked in with on way out?

"Decreasing the interest rate (unless your account balance is less than £100)" At least 14 days in advance

"Changes to other terms that may not be in your favour" At least 2 months before the change takes place If you have a Notice Account with a notice period of more than 2 months, the notice we will give you will be 2 months plus the length of your notice period. This is to make sure you have time to close your account if you're not happy with the change.

gwapenut

gwapenut said:

Does anyone have any experience of Oxbury when decreasing the interest rate on Notice accounts?

I have a 120 day notice account which pays more than 5.5%. Reading section 6 of their T&Cs, I interpret this as meaning that they only have to give me 2 weeks notice for an interest rate reduction, but that I have no right to withdraw my money earlier than the 4 months' notice.

They give you more than the notice period for changes to OTHER terms. But OTHER does not catch the preceding interst rate reduction clause.

My interpretation is that I could be locked in with on way out?

"Decreasing the interest rate (unless your account balance is less than £100)" At least 14 days in advance

"Changes to other terms that may not be in your favour" At least 2 months before the change takes place If you have a Notice Account with a notice period of more than 2 months, the notice we will give you will be 2 months plus the length of your notice period. This is to make sure you have time to close your account if you're not happy with the change.

I missed this in the KPI for the account:

Oxbury can make changes to your interest rate, any such changes will be communicated to you providing at least 14

calendar days’ notice in addition to any notice period for a reduction in rate, increases in rates are usually applied with

immediate effect.

All is good.

janusdesign

I was just about to post the same - it tallies with my 5.51% 90-day notice where they will give 104 days notice for decreases.

allegro120

janusdesign said:

I was just about to post the same - it tallies with my 5.51% 90-day notice where they will give 104 days notice for decreases.

They've changed this from 14 days to 2 months, so for 90-days account it is now 2 months+90 days, for 120-days 2 months+120 days to enjoy the existing rates.

gwapenut

allegro120 said:

janusdesign said:

I was just about to post the same - it tallies with my 5.51% 90-day notice where they will give 104 days notice for decreases.

They've changed this from 14 days to 2 months, so for 90-days account it is now 2 months+90 days, for 120-days 2 months+120 days to enjoy the existing rates.

Can you point me towards the T&Cs for this please, I can't find the wording

gwapenut

I think in the T&Cs that's only for "OTHER" changes, not interest rate reductions. 

janusdesign

allegro120 said:

janusdesign said:

I was just about to post the same - it tallies with my 5.51% 90-day notice where they will give 104 days notice for decreases.

They've changed this from 14 days to 2 months, so for 90-days account it is now 2 months+90 days, for 120-days 2 months+120 days to enjoy the existing rates.

isn't that for things other than rate changes, e.g other changes to their terms & conditions ?

soulsaver

Apologies - I think I passed on info from a commonly unreliable source - I should have known better.
Their terms during application still state 14 days plus notice period. 

However their revised terms Doc 03/04/24 (section kindly reproduced above by @janusdesign) just says 'At least14 days' for which I have requested clarification.

ETA I'm well aware 134 days exceeds 14 - but it does subsequently refer to Notice accounts in the same section.

RosieRooBear

Thanks @soulsaver, please let us know their response. I’ve got the Oxbury 120 day notice account & will be good to know before I deposit money into it 😊

soulsaver

RosieRooBear said:

Thanks @soulsaver, please let us know their response. I’ve got the Oxbury 120 day notice account & will be good to know before I deposit money into it 😊

Well if you're hoping it's not just 14 days, you're rock solid - 120/90 days plus 14 days and you'll win any arguments because that's what the terms still say... and what they confirmed in an email to me this evening.

"Dear SS

If our customers were to receive an interest rate reduction, we would communicate these changes via email.
 
They would receive 14 days notice plus their account notice period. For example, a 120 day notice account holder would receive 134 days notice.
 
Thank you for saving with Oxbury.
 
Oxbury Bank Savings Team"