Quick question on Notice Accounts

[Deleted User]

I think I know the answer to this but it's worthwhile checking...

I want to transfer a sum from a 90 day Notice account to an Easy Access account with the same bank. I don't have the EA account yet so I'll need to open one before I initiate the transfer.

The thing is, the EA account needs to be funded with a £20k minimum, within 14 days of opening. I presume the only way to do this is for me to open the EA account, fund it with £20k from elsewhere, then initiate the notice transfer. As opposed to some mechanism whereby the EA can be created and funded at the point the notice period expires.

As I say, I imagine that's not possible because accounts are withdrawn from offer, etc. but thanks in advance.

mebu60

That would appear to be the case as you have outlined it. If you have >£65k in the notice account you will exceed FSCS for the notice period.  

DullGreyGuy

Have you checked the penalty for not giving notice?

Bobblehat

Long shot ..... have they offered a 30 day "close" option recently after a rate drop? Are they likely to?

refluxer

DullGreyGuy said:

Have you checked the penalty for not giving notice?

Not sure I've come across a notice account where this would be an option ?

[Deleted User]

DullGreyGuy said:

Have you checked the penalty for not giving notice?

I believe this particular bank only offers that in cases of proven 'hardship', so whilst I often moan about things I don't think I'd qualify. It was a good idea, though.

Bobblehat said:

Long shot ..... have they offered a 30 day "close" option recently after a rate drop? Are they likely to?

I'll check, thanks. They're a bit of a snooty lot but it's worth a try.


Thanks for the comments.