Oxbury notice accounts

1spiral

Am I right in thinking that interest must compound on this account so in order to withdraw it, you need to serve the notice period?

Also factsheet says that money must go from/to linked account. Can anyone confirm if they'll let you do internal transfers from other Oxbury accounts?

Thanks in advance.

RosieRooBear

1spiral said:

Am I right in thinking that interest must compound on this account so in order to withdraw it, you need to serve the notice period?

Also factsheet says that money must go from/to linked account. Can anyone confirm if they'll let you do internal transfers from other Oxbury accounts?

Thanks in advance.

Yes, the interest does compound so would need to serve notice to get it. Yes, you can do internal transfers from the easy access acccount to the notice account as I have done it and it went through. That was going in, I believe if you withdraw it will go into your nominated account.

eskbanker

1spiral said:

Am I right in thinking that interest must compound on this account so in order to withdraw it, you need to serve the notice period?

RosieRooBear said:
Yes, the interest does compound so would need to serve notice to get it.

Perhaps I'm misunderstanding what's being asked, but notice needs to be given to withdraw from notice accounts because they're notice accounts, rather than anything to do with interest compounding?

1spiral

RosieRooBear said:

1spiral said:

Am I right in thinking that interest must compound on this account so in order to withdraw it, you need to serve the notice period?

Also factsheet says that money must go from/to linked account. Can anyone confirm if they'll let you do internal transfers from other Oxbury accounts?

Thanks in advance.

  Yes, you can do internal transfers from the easy access acccount to the notice account as I have done it

I thought it would be strange not to but their factsheet clearly states it must come from the linked account, no mention of permitting internal transfers. Thanks for confirming.

1spiral

eskbanker said:

1spiral said:

Am I right in thinking that interest must compound on this account so in order to withdraw it, you need to serve the notice period?

RosieRooBear said:
Yes, the interest does compound so would need to serve notice to get it.

Perhaps I'm misunderstanding what's being asked, but notice needs to be given to withdraw from notice accounts because they're notice accounts, rather than anything to do with interest compounding?

My question is really about whether interest has to compound. When I've had notice accounts in the past, I have been able to have monthly interest paid away from the source account. It seems a little odd to give you the money, but them make you have to serve notice on it.

refluxer

1spiral said:

My question is really about whether interest has to compound. When I've had notice accounts in the past, I have been able to have monthly interest paid away from the source account. It seems a little odd to give you the money, but them make you have to serve notice on it.

I guess ithe importance of this depends on whether you're relying on the interest as income ? I've had a number of notice accounts with various different banks over the years and the interest has always been paid into the same account, so I suspect this is common.

My Oxbury notice account interest is paid into the same account - I can't remember whether there was a pay-away option I'm afraid, but it should tell you in the T&C's.

1spiral

refluxer said:

1spiral said:

My question is really about whether interest has to compound. When I've had notice accounts in the past, I have been able to have monthly interest paid away from the source account. It seems a little odd to give you the money, but them make you have to serve notice on it.

I guess ithe importance of this depends on whether you're relying on the interest as income ? I've had a number of notice accounts with various different banks over the years and the interest has always been paid into the same account, so I suspect this is common.

My Oxbury notice account interest is paid into the same account - I can't remember whether there was a pay-away option I'm afraid, but it should tell you in the T&C's.

refluxer said:

1spiral said:

My question is really about whether interest has to compound. When I've had notice accounts in the past, I have been able to have monthly interest paid away from the source account. It seems a little odd to give you the money, but them make you have to serve notice on it.

I guess ithe importance of this depends on whether you're relying on the interest as income ? I've had a number of notice accounts with various different banks over the years and the interest has always been paid into the same account, so I suspect this is common.

My Oxbury notice account interest is paid into the same account - I can't remember whether there was a pay-away option I'm afraid, but it should tell you in the T&C's.

I've only ever had 2 notice accounts previously. Both of those had the option to pay interest away. When opening this account, no such option was presented. I couldn't locate T&Cs specific to notice accounts. General T&Cs only mention notice accounts in regards to informing you of interest rate changes. The fact sheet only mentions that interest is credited to your account.

How does accrual of interest work when it comes to closing account? If I gave notice today (presumably on withdrawal there is an account closure option) , there would be at least 2 further interest deposits to the account. Presumably they waive the notice period on them and pay them at the date of closure despite not having served the whole notice period.

refluxer

1spiral said:

IWhen opening this account, no such option was presented. I couldn't locate T&Cs specific to notice accounts. General T&Cs only mention notice accounts in regards to informing you of interest rate changes. The fact sheet only mentions that interest is credited to your account.

Sounds like having interest paid away isn't an option for Oxbury's notice accounts, then.

1spiral said:
If I gave notice today (presumably on withdrawal there is an account closure option) , there would be at least 2 further interest deposits to the account. Presumably they waive the notice period on them and pay them at the date of closure despite not having served the whole notice period.

Yes, closing a notice account essentially waives the notice period for any interest paid while the closure notice period is being served. 

janusdesign

I believe Oxbury don't pay interest away on any of their accounts - EA, notice or fixed.

if you need interest paid away, your best bet is to check Moneyfacts notice listings and that will quickly tell you whether interest is paid away and/or compounded in the account.

probably not relevant to you, but you can transfer money instantly from an Oxbury notice account to a longer Oxbury notice account, e.g transfer from a 90-day to 120-day notice account - but you cannot do it the other way around (from 120 to 90 etc.)