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  • FIRST POST
    • colsten
    • By colsten 10th Jul 17, 10:16 AM
    • 8,676Posts
    • 7,319Thanks
    colsten
    Cambridge BS account maturity
    • #1
    • 10th Jul 17, 10:16 AM
    Cambridge BS account maturity 10th Jul 17 at 10:16 AM
    If anyone has an account maturing with Cambridge BS, it might be worth if you give them a call before maturity to ensure your written instructions will be carried out promptly.

    I had an account maturing on Friday and had expected to receive the cheque with the matured balance on Saturday, or today at the very latest. I had sent them the relevant instructions on their maturity form, together with the passbook, by snail mail over a month ago.

    On Friday afternoon, they sent me a secure message asking me to confirm my written instructions. Weird thing to do, and weird that they didn't ask me before the maturity date. I confirmed as requested and was then told a cheque had been drawn on my account on the Friday and they hoped it would be with me Saturday or today. Well, it wasn't, and they can't actually be sure that they mailed the cheque. They are presently investigating.

    Meanwhile, I am not impressed. I wish they'd offer bank transfers and didn't insist on cheques.
Page 1
    • karlie88
    • By karlie88 10th Jul 17, 10:46 AM
    • 8,277 Posts
    • 105,932 Thanks
    karlie88
    • #2
    • 10th Jul 17, 10:46 AM
    • #2
    • 10th Jul 17, 10:46 AM
    If anyone has an account maturing with Cambridge BS, it might be worth if you give them a call before maturity to ensure your written instructions will be carried out promptly.

    I had an account maturing on Friday and had expected to receive the cheque with the matured balance on Saturday, or today at the very latest. I had sent them the relevant instructions on their maturity form, together with the passbook, by snail mail over a month ago.

    On Friday afternoon, they sent me a secure message asking me to confirm my written instructions. Weird thing to do, and weird that they didn't ask me before the maturity date. I confirmed as requested and was then told a cheque had been drawn on my account on the Friday and they hoped it would be with me Saturday or today. Well, it wasn't, and they can't actually be sure that they mailed the cheque. They are presently investigating.

    Meanwhile, I am not impressed. I wish they'd offer bank transfers and didn't insist on cheques.
    Originally posted by colsten
    They do offer bank transfers (via FP) - see my post here.

    I remember the launch of Cambridge BS's regular saver last year - it was popular. So popular that they stopped phone applications and then it was withdrawn altogether soon after. The launch of their next regular saver was limited to branch and postal applications and they eventually allowed phone applications.

    Like you, I got a maturity instruction form, but I figured it wasn't worth the hassle and they'd be inundated with forms. I got 2 subsequent phone calls asking me to return the form, I explained on both occasions I wanted to do open a new regular saver, transfer £300 into it from the recently matured regular saver and send over the remaining balance via FP. They said this was fine on both occasions, but I did sense an element of dissatisfaction.

    Phoned them up on the day of maturation and was told to send the maturity form. I told the phone adviser that I'd like to sort it out over the phone, she said that it would not be possible (i.e. it physically can't be done). I mentioned my previous conversations, silence for 5 seconds, she put me on hold for 5 seconds (presumably to take a sip of water) and came back to inform me that we can go ahead and sort it out over the phone.

    In short, I haven't been that impressed with their service, especially the bit where they lied to me.

    To the OP, is there anyway you can ask them to forget about the cheque and send over the payment as a FP? Much easier and you'll have your funds within the hour.
    Official MSE canny forumite and HUKD VIP badge member
    • mgarl10024
    • By mgarl10024 10th Jul 17, 11:21 AM
    • 580 Posts
    • 389 Thanks
    mgarl10024
    • #3
    • 10th Jul 17, 11:21 AM
    • #3
    • 10th Jul 17, 11:21 AM
    I've had mixed results with Cambridge, but I do like them.

    I do find them very friendly and keen to help. However, with this account, there was a minor issue with how the interest was calculated, and then my GF's account balance was transferred a day later than mine (losing a day's interest on the full balance) even though they matured on the same day and the transfers were to the same place.

    I just think they've been inundated this time last year, and now all those accounts are maturing they're being inundated again now.
    • Mee
    • By Mee 10th Jul 17, 3:05 PM
    • 876 Posts
    • 892 Thanks
    Mee
    • #4
    • 10th Jul 17, 3:05 PM
    So so experience
    • #4
    • 10th Jul 17, 3:05 PM
    Agree generally. I have no problems with when I received my cheque etc. I have however had real concerns about the competence of some of their counter staff, so have opted for one of their fixed rate e-bonds to keep my option opened for another year and to keep me away from their staff.
    You can click the Thanks button if you want

    • colsten
    • By colsten 10th Jul 17, 9:00 PM
    • 8,676 Posts
    • 7,319 Thanks
    colsten
    • #5
    • 10th Jul 17, 9:00 PM
    • #5
    • 10th Jul 17, 9:00 PM
    They do offer bank transfers (via FP) - see my post here.
    Originally posted by karlie88
    They couldn't do one for me as they don't have any current account for me on file. To add one of those, I would have to send them a cheque, as proof that it was my account!!!

    With hindsight, I should have asked them a month ago whether they can do a bank transfer.
    Last edited by colsten; 10-07-2017 at 9:03 PM.
    • badger09
    • By badger09 11th Jul 17, 10:04 AM
    • 5,112 Posts
    • 4,325 Thanks
    badger09
    • #6
    • 11th Jul 17, 10:04 AM
    • #6
    • 11th Jul 17, 10:04 AM
    They couldn't do one for me as they don't have any current account for me on file. To add one of those, I would have to send them a cheque, as proof that it was my account!!!

    With hindsight, I should have asked them a month ago whether they can do a bank transfer.
    Originally posted by colsten
    Hindsight is a wonderful thing, but of little practical use

    Have you got your cheque yet colsten?

    My account matured on 4th. Cheque arrived 6th and paid into my Co-operative account via Post office on the same day. I'm waiting for the funds to appear so I can pay the balance on my October cruise, and the rest will sit in Santander @ 1.5% to feed into multiple RS accounts on 1st August. I'm not overly concerned by the loss of interest
    • mgarl10024
    • By mgarl10024 11th Jul 17, 10:27 AM
    • 580 Posts
    • 389 Thanks
    mgarl10024
    • #7
    • 11th Jul 17, 10:27 AM
    • #7
    • 11th Jul 17, 10:27 AM
    http://forums.moneysavingexpert.com/showthread.php?t=5664395 might be of interest to Colsten or others for future.

    Setting up the electronic payment required an adding of a nominated account. To do this they wanted to check my record for ID, but as the savings account I wanted it paid into wasn't on my record, I had to sent a copy of a statement.

    Bit of hassle, but perhaps worth it if you are to continue saving with them?
    Last edited by mgarl10024; 11-07-2017 at 10:30 AM.
    • castle96
    • By castle96 11th Jul 17, 2:59 PM
    • 1,596 Posts
    • 269 Thanks
    castle96
    • #8
    • 11th Jul 17, 2:59 PM
    • #8
    • 11th Jul 17, 2:59 PM
    Karlie
    In one of your posts you mentioned leaving a £1 from your maturing RS. Why was this ? To make it easier to open a new RS ...?
    • Mee
    • By Mee 11th Jul 17, 4:11 PM
    • 876 Posts
    • 892 Thanks
    Mee
    • #9
    • 11th Jul 17, 4:11 PM
    • #9
    • 11th Jul 17, 4:11 PM

    I'm waiting for the funds to appear so I can pay the balance on my October cruise, and the rest will sit in Santander @ 1.5% to feed into multiple RS accounts on 1st August. I'm not overly concerned by the loss of interest
    Originally posted by badger09

    Off topic - but would love you hear whether you would recommend your cruise company, boat or destination etc...
    You can click the Thanks button if you want

    • badger09
    • By badger09 11th Jul 17, 5:49 PM
    • 5,112 Posts
    • 4,325 Thanks
    badger09
    Karlie
    In one of your posts you mentioned leaving a £1 from your maturing RS. Why was this ? To make it easier to open a new RS ...?
    Originally posted by castle96
    To retain her status as an existing customer?

    Presumably on the assumption that if any future offerings are restricted to existing customers, then she qualifies. If they open to everyone, she still has a head start & will probably avoid any potential delay over ID checks.
    • badger09
    • By badger09 11th Jul 17, 5:51 PM
    • 5,112 Posts
    • 4,325 Thanks
    badger09
    Off topic - but would love you hear whether you would recommend your cruise company, boat or destination etc...
    Originally posted by Mee
    Rather than wander completely off topic, I will PM you.
    • karlie88
    • By karlie88 12th Jul 17, 11:59 AM
    • 8,277 Posts
    • 105,932 Thanks
    karlie88
    Karlie
    In one of your posts you mentioned leaving a £1 from your maturing RS. Why was this ? To make it easier to open a new RS ...?
    Originally posted by castle96
    Badger's reply pretty much sums it up.
    Official MSE canny forumite and HUKD VIP badge member
    • colsten
    • By colsten 13th Jul 17, 7:15 AM
    • 8,676 Posts
    • 7,319 Thanks
    colsten

    Have you got your cheque yet colsten?
    Originally posted by badger09
    Cheque arrived on Tuesday and is now waiting to clear. Like wading through treacle.
    • mgarl10024
    • By mgarl10024 13th Jul 17, 8:45 AM
    • 580 Posts
    • 389 Thanks
    mgarl10024
    In one of your posts you mentioned leaving a £1 from your maturing RS. Why was this ? To make it easier to open a new RS ...?
    Originally posted by castle96
    To retain her status as an existing customer?
    Originally posted by badger09
    My 3% account matured, and I didn't fancy a 2% account, but I left £100 in a new 2% account because according to the guy on the phone having at least £100 in an account qualifies me as a 'member' and so eligible for future products.
    Would be worth you clarifying whether just £1 would do it or whether you need £100.
    • karlie88
    • By karlie88 13th Jul 17, 10:12 AM
    • 8,277 Posts
    • 105,932 Thanks
    karlie88
    My 3% account matured, and I didn't fancy a 2% account, but I left £100 in a new 2% account because according to the guy on the phone having at least £100 in an account qualifies me as a 'member' and so eligible for future products.
    Would be worth you clarifying whether just £1 would do it or whether you need £100.
    Originally posted by mgarl10024
    I left in the matured reg saver which had reverted to an instant access savings account - was told 1p was sufficient but I thought I'd be generous.
    Official MSE canny forumite and HUKD VIP badge member
    • Hattie625
    • By Hattie625 13th Jul 17, 10:50 AM
    • 542 Posts
    • 399 Thanks
    Hattie625
    Colsten, can I ask what your interest was? Mine matures on 29 July, after 12 payments of £300 (29 July 2016 and each 1st of month August 2016 to June 2017).
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