Oxbury 5.51% fixed STILL available to me?

AllAboutAlice

They have sent me yet another email, notifying me I have 30 days to fund this account, opened in November I think, and waiting for funds. I dithered a bit, having read the reviews about difficulties contacting them, app only management, yada yada, and left it alone. 

Went with Close Bros. Instead.

Got more funds coming up soon I could use, so… would you try and see if the 5.51% one year fixed still stands? It’s a heck of a long unusual window.

Folks seem quite nervous of this new institution despite the FCFS cover.

Thanks, from a lurker (but genuine) member. 

refluxer

AllAboutAlice said:

They have sent me yet another email, notifying me I have 30 days to fund this account, opened in November I think, and waiting for funds....

Got more funds coming up soon I could use, so… would you try and see if the 5.51% one year fixed still stands? It’s a heck of a long unusual window.

Oxbury fixed rate bonds have a funding window of 14 days so the account they're emailing you about is probably the Oxbury 90 day notice account which was (and still is) paying 5.51% (variable) - you get 90 days to fund that one, which is why they're still prompting you for the initial deposit.

refluxer

AllAboutAlice said:

I dithered a bit, having read the reviews about difficulties contacting them, app only management, yada yada, and left it alone....

Folks seem quite nervous of this new institution despite the FCFS cover.

I opened a few accounts with Oxbury towards the end of last year and, so far, I've been very impressed.

They're not an 'app-only' bank as such but you do need to use their authentication app to access the online banking site - it's a very quick and convenient way of logging in and works very well, in my experience. Payments in to their accounts are instant and you get an email notification. Their online banking site is one of the best I've come across in a long time (both in appearance and usability) and makes the banking sites run by some of the much bigger high-street banks and building societies look poor by comparison. I can't comment on withdrawals because I haven't made any yet but I don't have any concerns, based on my experiences so far at least.

When you say 'folks seem quite nervous', are you talking about comments on this forum ?  As you say, they are relatively new to this (they launched as a fully-regulated bank in Feb 2021) and I would imagine that any nervousness expressed in forum posts would be due to that. I don't remember seeing too many negative comments about Oxbury here but they don't often make the top tables for savings accounts, so don't get mentioned as regularly as other banks.

AllAboutAlice

refluxer said:

AllAboutAlice said:

I dithered a bit, having read the reviews about difficulties contacting them, app only management, yada yada, and left it alone....

Folks seem quite nervous of this new institution despite the FCFS cover.

I opened a few accounts with Oxbury towards the end of last year and, so far, I've been very impressed.

[Etc…]

Thank you for that prompt, comprehensive and helpful reply. I was getting boggled with information and couldn’t honestly find much in the way of positivity when reading reviews! 

Couldn’t agree more re app functionality with the newer generation banks. RBS have only just decided to announce payments IN. Starling Bank have been doing it since for ever.  

Much gratitude for sharing your experience. 

refluxer

No worries. Obviously, just make sure you know exactly what type of account you're paying into if you decide to fund it !

If it is the 90 day notice account I mentioned then, FWIW, 5.51% is higher than any other notice account you can currently open. The rate is likely to decrease at some point though, as rates are generally heading downwards for all types of savings account at the moment. 

ToastLady

Thanks OP for bringing this up as I've got FS maturing at end of month and don't want to fix for another year. The 90 day notice is not available, but the 120 day at 5.53% AER is, 90 day funding window, which suits me just fine.

Note that only account available to new customers is easy access at 4.94%, but opening this gives you the ability to see notice and fixed accounts.

AllAboutAlice

Yes, Thanks all. I have re-read the reminder and it IS a fixed rate 90 day notice account! I will check the release date of my soon-to-expire savings account and hope it’s in the window…

fabsaver

AllAboutAlice said:

Yes, Thanks all. I have re-read the reminder and it IS a fixed rate 90 day notice account! I will check the release date of my soon-to-expire savings account and hope it’s in the window…

The 90 day notice account is a variable rate account not fixed. I have their Issue 10 at 5.51% and the documents definitely state variable. I don't think they have ever launched any fixed rate notice accounts and such a product would be highly unusual.

soulsaver

I couldn't find Oxbury's 120 day notice ac on Moneyfacts - at 5.53% it would be the top 120 day spot for rate.

It's not a '90 day funding window' per se; you must deposit the minimum opening £1k within 90 days or they may close the account. After funding it with the min, you can continue funding it for as long as you like.


If you wanted 90 day notice flexibility, at the cost of a slightly lower rate, First Save at 5.40% is available with just £100 min to open.

ToastLady

soulsaver said:

I couldn't find Oxbury's 120 day notice ac on Moneyfacts - at 5.53% it would be the top 120 day spot for rate.

It's not a '90 day funding window' per se; you must deposit the minimum opening £1k within 90 days or they may close the account. After funding it with the min, you can continue funding it for as long as you like.


If you wanted 90 day notice flexibility, at the cost of a slightly lower rate, First Save at 5.40% is available with just £100 min to open.

It's not available to new customers. I already have a couple of fixed savers with them, so the 120 day notice and I think a 1 year fixed shows up when you log in. 
The way round it is to open the easy access with £1, and then the other accounts will be available. 

Edited to add....
I've just double checked logging in to Oxbury and these are accounts available, as well as the 4.94% variable Personal Easy Access.

Existing Customer 1 Yr Bond: 5.21% Fixed- Issue 12Fixed

Min: £1,000.00Max: £500,000.00

and 

Personal 120Day Notice Account (Issue 23):5.53%AERVariable

Min: £1,000.00Max: £500,000.00

soulsaver

ToastLady said:

soulsaver said:

I couldn't find Oxbury's 120 day notice ac on Moneyfacts - at 5.53% it would be the top 120 day spot for rate.

It's not a '90 day funding window' per se; you must deposit the minimum opening £1k within 90 days or they may close the account. After funding it with the min, you can continue funding it for as long as you like.


If you wanted 90 day notice flexibility, at the cost of a slightly lower rate, First Save at 5.40% is available with just £100 min to open.

It's not available to new customers. I already have a couple of fixed savers with them, so the 120 day notice and I think a 1 year fixed shows up when you log in. 
The way round it is to open the easy access with £1, and then the other accounts will be available. 

Edited to add....
I've just double checked logging in to Oxbury and these are accounts available, as well as the 4.94% variable Personal Easy Access.

Existing Customer 1 Yr Bond: 5.21% Fixed- Issue 12Fixed

Min: £1,000.00Max: £500,000.00

and 

Personal 120Day Notice Account (Issue 23):5.53%AERVariable

Min: £1,000.00Max: £500,000.00

To clarify:
Even though (I know) it's still available, I couldn't find Oxbury's 120 day notice ac on Moneyfacts - at 5.53% it would be the top 120 day spot for rate.

It's not a '90 day funding window' per se ( that you stated in your earlier post) you must deposit the minimum opening £1k within 90 days or they may close the account. After funding it with the min, you can continue funding it for as long as you like.


If you wanted 90 day notice flexibility, at the cost of a slightly lower rate, First Save at 5.40% is available with just £100 min to open.