Oaknorth bank

moongazing54

I need to withdraw savings from Oaknorth and I need to change my nominated account. They don't answer the phone or respond to emails. Any suggestions from anyone at it looks like this has been going on for a few weeks . Thanks

refluxer

Social media can sometimes be a viable option when other avenues for contacting banks fail. 

I've had success contacting a bank with a problem and getting it resolved via Twitter, of all places.

Daliah

They aren’t the fastest but I have had a response to one of the emails I sent them.

if you have been waiting for weeks, a formal complaint seems in order.

moongazing54

the email replies we've had are just auto generated. Thanks for the reply 

RG2015

I was having difficulty in understanding the OakNorth system so I emailed them with questions on this. I sent it last Friday and received a reply today.

I opened a 90 day notice account and deposited £1 on day 1 and £3,000 on day 2. The interest accrued appeared to be one day light.

They advised that day 1 interest was on £1 and day 2 interest was also calculated on £1, not £3,001. Day 3 interest was based on £3,001.

This is because interest is calculated on the lowest balance recorded on any day. I was aware of this as it is clearly stated, but didn't register the effect this would have. It is only 18p but I do not believe that any other bank does this.

They also confirmed that interest was calculated daily and added to the account on the 1st day of each month. This then requires 90 days notice of withdrawal.

I know that this has been discussed on the notice accounts thread and also that the interest may be able to be accessed earlier by closing the account. I did though feel that this was a better thread for my post which hopefully will help others.