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

masonic

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.

Yes, that would be consistent with the provider's obligations. They cannot lock you into a new rate without your consent.

allegro120

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 recall having H&R RS with 30 day's notice for withdrawals.  When they announced the rate drop they waved the notice and allowed 30 days window for escape without penalties. 

Zaul22

Oaknorth and Vanquis both have shorter reduction notice periods than the withdrawal notice period and no way to bypass it. It seems to be becoming standard practice as rates go down. RCI are the only one I have seen that actually complies with the full 100+ day notice. From the wording it does sound like DF are complying but it's something to watch out for. 

masonic

Zaul22 said:

Oaknorth and Vanquis both have shorter reduction notice periods than the withdrawal notice period and no way to bypass it. It seems to be becoming standard practice as rates go down. RCI are the only one I have seen that actually complies with the full 100+ day notice. 

OakNorth seems only to offer a base rate tracker notice account and states:

So that's 14 days over and above the notice period for a change to the interest rate formula.

Vanquis have T&Cs stating:

So again, they are giving consumers an opportunity to end the agreement to avoid being bound to the changes.

This is what they must do in accordance with consumer law.

iwant2asave

They also have an 180day notice account at 5.4 for existing customers - does anyone know how long a customer you need to be before being eligible?

SnowMan

Unless I'm mistaken there is a new version of the savings terms and conditions (dated September 2024). That now states the notice for a disadvantageous change in interest rate is the notice period plus 14 days

(September 2024 version)

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 and remind you within 14 days of the change taking effect. E.g. if you held a 90 Day Notice Account and we reduced the rate, we would provide you with 104 days’ notice prior to the rate decrease

(previous version dated January 2024 - which is what I saved when I opened my account recently)

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.

The latest savings terms and conditions (the relevant bit is in section 26) can be downloaded at the bottom of the page

https://www.dfcapital.bank/products/90-day-notice-account-issue-1-26818/

Edit: However if you open the key product information from that link rather than the savings terms and conditions and then click on the link in that document in the 'can DF change the interest rate' section it takes you to a different version of the savings terms and conditions (which states it was updated in April 2022) and that says

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 

gt94sss2

iwant2asave said:

They also have an 180day notice account at 5.4 for existing customers - does anyone know how long a customer you need to be before being eligible?

Can you clarify who you are talking about please?

slinger2

iwant2asave said:

They also have an 180day notice account at 5.4 for existing customers - does anyone know how long a customer you need to be before being eligible?

I opened the 90-day account a couple of days ago, my first account with them. When I click on "Apply" I get 4 different Fixed Rate Deposit accounts offered to me, all "Loyalty Issue". But that's it, no other notice accounts. So I'm thinking that they're not being offered to existing customers.

SnowMan

slinger2 said:

iwant2asave said:

They also have an 180day notice account at 5.4 for existing customers - does anyone know how long a customer you need to be before being eligible?

I opened the 90-day account a couple of days ago, my first account with them. When I click on "Apply" I get 4 different Fixed Rate Deposit accounts offered to me, all "Loyalty Issue". But that's it, no other notice accounts. So I'm thinking that they're not being offered to existing customers.

I think this might be the list of accounts available (some are only available to existing eligible customers)

https://www.dfcapital.bank/savings/our-interest-rates/

However logging in and then clicking on apply perhaps brings up which accounts you are considered an 'existing eligible customer' for (?) Like you I get 4 fixed rate accounts appearing and these seem to be the 4 fixed rate accounts not available to new customers. The 120 day (5.35%) and 180 day (5.4%) notice accounts aren't available to me, but perhaps they are available to other existing customers (?)

Just my guess on what is going on.

allegro120

iwant2asave said:

They also have an 180day notice account at 5.4 for existing customers - does anyone know how long a customer you need to be before being eligible?

I thought it is for existing customers, but now thinking again it might not be.  Mine was offered as a maturity option for my fixed 1y bond, so I'm not sure what the conditions are and if it is available for all existing customers.

P.S. Looked at the list what's available to me apart from a string of low paying fixed products. Just 5.3% 90 Day Notice Account (Issue 1), 120d doesn't appear on the list anymore.