DF Capital 5.3% 90 day account - now open again!

CricketLady

As I mentioned previously, I had clicked through yesterday to read the information on this account but had to leave my application until later owing to needing to be in a meeting.

Upon returning the account appeared to have been "pulled" - I can now confirm that it is open again as shown on the savings page of this website and it took me approximately five minutes to open it and have online access.

Good luck 

slinger2

Minimum opening deposit £1k. 14 days from opening to fund it. Minimum balance £1k. minimum deposit/withdrawal £1k. Interest monthly paid into the account on 1st.

Typo in the KPI which says that the Gross interest rate is 5.30% but it says elsewhere that it is 5.18% which fits in wit h the 5.30 AER.

Interest rate reductions: "we will ... provide you with the standard notice period required for withdrawals on your Notice Account before applying the new rate – always subject to a minimum period of notice of 30 days, and remind you within 14 days of the change taking effect." which I assume means 90 days notice in this case.

Zaul22

You can't assume, many 90 day notice accounts now have 14 or 30 day notice periods for reductions. That's how they get you. If it doesn't specifically say 104 days then it could not be. 

slinger2

Zaul22 said:

You can't assume, many 90 day notice accounts now have 14 or 30 day notice periods for reductions. That's how they get you. If it doesn't specifically say 104 days then it could not be. 

It does specifically say "we will ... provide you with the standard notice period required for withdrawals on your Notice Account before applying the new rate" which by my understanding of the English language means 90 days in this case.

gravel_2

"If we make a change to your managed variable rate, and that change is to your disadvantage, we will:
a) advise you in advance of the change taking effect (in writing either by post or by email); and
b) provide you with a notice period of 14 days (plus the standard notice period required for withdrawals on your Notice Account) before applying the new rate to your account – always subject to a minimum period of notice of 30 days"

slinger2

gravel_2 said:

"If we make a change to your managed variable rate, and that change is to your disadvantage, we will:
a) advise you in advance of the change taking effect (in writing either by post or by email); and
b) provide you with a notice period of 14 days (plus the standard notice period required for withdrawals on your Notice Account) before applying the new rate to your account – always subject to a minimum period of notice of 30 days"

Different wording at https://wp-dfc-retail-2019.s3.eu-west-2.amazonaws.com/media/2024/01/Savings-Terms-and-Conditions.pdf 26. Interest

gravel_2

Yes yours are more recent and correct - I followed the link from the 90 day terms.

slinger2

Looks like this was discussed awhile back. https://forums.moneysavingexpert.com/discussion/6370428/notice-accounts/p109 "Have DF removed the extra 14 days?"

masonic

Zaul22 said:

You can't assume, many 90 day notice accounts now have 14 or 30 day notice periods for reductions. That's how they get you. If it doesn't specifically say 104 days then it could not be. 

Do you have an example where a notice account has not provided at a minimum notice equal to the notice period for a reduction? I think such a term would entitle the consumer the right to immediately terminate the agreement without penalty under the Consumer Rights Act.

gravel_2

I am sure I have seen terms where the notice period for rate change was shorter than the notice period to withdraw, but in exchange you are entitled to exit mid-term without giving the full notice. I can't recall which provider.

slinger2

gravel_2 said:

I am sure I have seen terms where the notice period for rate change was shorter than the notice period to withdraw, but in exchange you are entitled to exit mid-term without giving the full notice. I can't recall which provider.

I think Charter Savings are like that. A red flag for me. I'm looking for notice accounts where I commit for 90 days (or whatever) and the provider commits to the interest rate for that period too.