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    • DeanYorks
    • By DeanYorks 11th Sep 17, 12:18 PM
    • 15Posts
    • 2Thanks
    DeanYorks
    Atom, Paragon & Vanquis Banks
    • #1
    • 11th Sep 17, 12:18 PM
    Atom, Paragon & Vanquis Banks 11th Sep 17 at 12:18 PM
    Can someone please give their opinion about putting huge sums of money in banks which are less well known. I am considering trying one or more of the following banks.

    Atom
    Paragon
    Vanquis
    Al-Rayan
    Shawbrook
    Castle Trust
    + Others

    All are covered by the FSCS (Financial Services Compensation Scheme) for up to 85 Grand.

    Would like to hear the opinions of anyone who has used these.
Page 1
    • ColdIron
    • By ColdIron 11th Sep 17, 12:50 PM
    • 3,573 Posts
    • 4,283 Thanks
    ColdIron
    • #2
    • 11th Sep 17, 12:50 PM
    • #2
    • 11th Sep 17, 12:50 PM
    Castle Trust is not a cash savings product, use the search function on the main board
    http://forums.moneysavingexpert.com/showthread.php?t=5645851&highlight=castle+trust
    • polymaff
    • By polymaff 11th Sep 17, 12:57 PM
    • 1,774 Posts
    • 760 Thanks
    polymaff
    • #3
    • 11th Sep 17, 12:57 PM
    • #3
    • 11th Sep 17, 12:57 PM
    I've near-FSCS-limit deposits in Paragon and Vanquis:

    1 Their service and their website design are excellent

    2 I reckon that FSCS protection only applies to these smaller institutions.

    By which I means that if one of the big-name institutions goes bust, FSCS will just fold - whereas it will probably survive the collapse of one or two of the minnows.
    • jimjames
    • By jimjames 11th Sep 17, 1:15 PM
    • 12,187 Posts
    • 10,704 Thanks
    jimjames
    • #4
    • 11th Sep 17, 1:15 PM
    • #4
    • 11th Sep 17, 1:15 PM
    Make sure you know exactly what you are putting your money into. At least one on that list is not a bank and is not FSCS protected so you could lose all your money.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • ManAtHome
    • By ManAtHome 11th Sep 17, 2:11 PM
    • 8,168 Posts
    • 5,300 Thanks
    ManAtHome
    • #5
    • 11th Sep 17, 2:11 PM
    • #5
    • 11th Sep 17, 2:11 PM
    Been with Shawbrook for a few years, Paragon for a couple - both have good web sites and customer service.
    • Malchester
    • By Malchester 11th Sep 17, 4:54 PM
    • 46 Posts
    • 20 Thanks
    Malchester
    • #6
    • 11th Sep 17, 4:54 PM
    Challenger Banks
    • #6
    • 11th Sep 17, 4:54 PM
    Have used and still use Paragon - excellent customer service, speedy response to queries and usually good interest rates.

    Have used Shawbrook in the past perhaps not quite as good as Paragon. Alder more are another possibility - as good as Paragon but never really as competitive as Paragon. Also use Ikano Bank - not part of UK savings protection scheme but are part of Swedish Scheme
    • DeanYorks
    • By DeanYorks 11th Sep 17, 9:53 PM
    • 15 Posts
    • 2 Thanks
    DeanYorks
    • #7
    • 11th Sep 17, 9:53 PM
    • #7
    • 11th Sep 17, 9:53 PM
    Thanks for your reply. Glad to hear you are happy. How long have you actually been banking with them? Months? Years?
    • DeanYorks
    • By DeanYorks 11th Sep 17, 9:57 PM
    • 15 Posts
    • 2 Thanks
    DeanYorks
    • #8
    • 11th Sep 17, 9:57 PM
    • #8
    • 11th Sep 17, 9:57 PM
    Thanks for your advice. From what I can see - Atom, Vanquis, Al-Rayan and Paragon are all in the FSCS.
    • Money Help
    • By Money Help 12th Sep 17, 8:11 AM
    • 34 Posts
    • 15 Thanks
    Money Help
    • #9
    • 12th Sep 17, 8:11 AM
    • #9
    • 12th Sep 17, 8:11 AM
    I have used Atom and found the app very easy to use with some great quirky security features like facial recognition. Not much in the way of product choice at the moment.
    • xylophone
    • By xylophone 12th Sep 17, 9:40 AM
    • 23,447 Posts
    • 13,634 Thanks
    xylophone
    Relative and I have found Paragon very efficient.
    • parcival
    • By parcival 12th Sep 17, 10:51 AM
    • 432 Posts
    • 262 Thanks
    parcival
    Have used Shawbrook and Paragon for a while. Both web sites and service are top notch - far better than better well known banks.
    • DeanYorks
    • By DeanYorks 12th Sep 17, 3:00 PM
    • 15 Posts
    • 2 Thanks
    DeanYorks
    That's good to know ManAtHome. Perhaps I should stop being so set in my ways and give at least one of these a try. Not sure if I dare put more than 20k with one though
    • Dird
    • By Dird 13th Sep 17, 8:25 AM
    • 2,608 Posts
    • 1,558 Thanks
    Dird
    By which I means that if one of the big-name institutions goes bust, FSCS will just fold - whereas it will probably survive the collapse of one or two of the minnows.
    Originally posted by polymaff
    Unless they have secret dependencies on the bigger bank so go at the same time~ or the large bank creates a domino effect...can't refuse to do FCSC for Barclays but then do it for Paragon a month later
    Mortgage (Nov 15): £79,950 | Cashback sites: £900 | Current accounts: 16
    Mortgage (Sep 17): £75,229 | £30k in 2016: £30,300 (101%) | £25k in 2017: £16,996 (67.9%)
    • 2010
    • By 2010 13th Sep 17, 8:37 AM
    • 4,158 Posts
    • 3,326 Thanks
    2010
    Perhaps I should stop being so set in my ways and give at least one of these a try. Not sure if I dare put more than 20k with one though
    Originally posted by DeanYorks
    You`re covered for £85k.

    Also have a look at Charter Bank.

    http://www.chartersavingsbank.co.uk/
    • Keep pedalling
    • By Keep pedalling 13th Sep 17, 8:38 AM
    • 3,946 Posts
    • 4,303 Thanks
    Keep pedalling
    That's good to know ManAtHome. Perhaps I should stop being so set in my ways and give at least one of these a try. Not sure if I dare put more than 20k with one though
    Originally posted by DeanYorks
    Perhaps move even further from your set in ways, and stop holding such silly sums in cash?
    • DeanYorks
    • By DeanYorks 13th Sep 17, 8:42 AM
    • 15 Posts
    • 2 Thanks
    DeanYorks
    I am not even in possession of the funds yet. So I am not holding anything! It is inheritance due to a bereavement.
    • polymaff
    • By polymaff 13th Sep 17, 9:52 AM
    • 1,774 Posts
    • 760 Thanks
    polymaff
    Unless they have secret dependencies on the bigger bank so go at the same time~ or the large bank creates a domino effect...can't refuse to do FCSC for Barclays but then do it for Paragon a month later
    Originally posted by Dird
    Quite - but that is just emphasising my point that the collapse of one big institution will collapse the - note - F S C S

    In fact, these smaller institutions have their own pool of borrowers - all pretty high-risk individuals that aren't wanted - officially - by the bigger institutions. The only link between the small and the big is that the small are not providing the money transfer mechanisms themselves but hold their own account with a larger institution. For those thinking of investing in one of these small institutions, then, don't be surprised if they give you an HSBC sort code and account number to pay into.
    • TheTracker
    • By TheTracker 13th Sep 17, 10:02 AM
    • 1,125 Posts
    • 1,115 Thanks
    TheTracker
    I'm with Al Rayan and Atom, and others like Monzo and Starling, and hold 6 figures across them. I choose them over the high street banks due to their low/zero fees and customer service and espoused visions of banking. I wouldn't say they have particularly high risk customers. Al Rayan certainly not. I sleep well at night.
    • DeanYorks
    • By DeanYorks 13th Sep 17, 10:28 AM
    • 15 Posts
    • 2 Thanks
    DeanYorks
    That's good to know. However I never see them advertising themselves. I'd never even heard of them until I looked on this website.
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