Charter Savings' notice account and notice accounts in general

howryoo

I'm considering opening Charter's notice account.  Does anyone have any opinions on the operation of this account?

Regarding this, or notice accounts in general, I assume once I've deposited my desired amount, I can immediately 'give notice' (via online account?) of withdrawal?

When that day comes, am I committed to withdrawing those funds or could I ignore and give another notice?

Thanks for any insights.

Daliah

Best hop on the existing Notice accounts thread 

isasmurf

Yes, you can give notice immediately. To give notice you are actually seting the instruction to withdraw so at the end of the notice period the withdrawal instruction is carried out. You do have the option to cancel the withdrawal at any time during the notice period. 

howryoo

Daliah said:

Best hop on the existing Notice accounts thread 

Thanks - gives some insight into Oaknorth's account with a pinch of Zopa.

isasmurf said:

Yes, you can give notice immediately. To give notice you are actually seting the instruction to withdraw so at the end of the notice period the withdrawal instruction is carried out. You do have the option to cancel the withdrawal at any time during the notice period. 

Thanks - are you speaking from experience re. Charter?

Bobblehat

I've been with Charter for a few years and found then generally OK. They are a nice addition to other accounts that might pay a tad more in interest but allows me to take a spread or "potted" approach to savings. They often hover near the top of the interest charts for some of their accounts.

The Notice account operates as isasmurf says and I like the fact that I can operate it online and you can have monthly interest paid into your linked account. One small gripe though .... it seems to regularly take up to 2 or 3 days for interest or withdrawn savings to appear in the linked account, longer over a weekend, from when Charter says it left the account! Could be an issue for some savers.

howryoo

Thanks Bobblehat for highlighting possible withdrawal delays.

As I understand, if I currently have an easy access account with them, I would still have to fund the notice account from my nominated account (so, pay out to nominated from easy access, then back from nominated to notice).

However, a withdrawn amount could be directed to the easy access account rather than nominated?

Bobblehat

Looks like you got it right howryoo. The T&C's say deposits from nominated account or cheque(!) and withdrawals to nominated account or to your other CSB accounts that allow deposits.