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  • FIRST POST
    • newlease
    • By newlease 5th Oct 17, 12:45 AM
    • 72Posts
    • 12Thanks
    newlease
    How is Kent Reliance for basic saving?
    • #1
    • 5th Oct 17, 12:45 AM
    How is Kent Reliance for basic saving? 5th Oct 17 at 12:45 AM
    - Is account opening straight forward?
    - Is the website readily performing or often having issues or down for maintenance?
    - Do payments in and out work smoothly?

    I'm considering opening an easy access account with them. They lead the rates table and I like that interest can be paid monthly or annually on April 5, this is much much better than the typical annual payment on anniversary so many only offer.

    I see some negative remarks about Kent Reliance but these appear to be on the mortgage side.

    An alternative to Kent Reliance would be Shawbrook. If you have banked with both, which is better between these two?
Page 1
    • redmalc
    • By redmalc 5th Oct 17, 4:59 AM
    • 1,255 Posts
    • 475 Thanks
    redmalc
    • #2
    • 5th Oct 17, 4:59 AM
    • #2
    • 5th Oct 17, 4:59 AM
    I have usedmShawbrook for a number of years and always found the facility very good,I am just in the process of leaving them for a better cash isa rate
    • racey
    • By racey 5th Oct 17, 9:16 AM
    • 147 Posts
    • 51 Thanks
    racey
    • #3
    • 5th Oct 17, 9:16 AM
    • #3
    • 5th Oct 17, 9:16 AM
    Used both Kent Reliance and Shawbrook for savings and never had any problems with either.
    • colsten
    • By colsten 5th Oct 17, 9:59 AM
    • 8,753 Posts
    • 7,413 Thanks
    colsten
    • #4
    • 5th Oct 17, 9:59 AM
    • #4
    • 5th Oct 17, 9:59 AM
    KRBS is fine if you don't want Faster Payments. Transactions take at least a working day. Note that KRBS have far from the best rate for Regular Savings accounts.

    I have never used Shawbrook so can't comment about them - other than that there are several which offer better rates on instant access accounts.

    Depending on how much you want to save, you might do a great deal better with an interest-paying current account than with a savings account. Rates as high as 5% AER are available, though 1.5% to 2% AER is more common now.
    • Westie983
    • By Westie983 5th Oct 17, 2:19 PM
    • 3,810 Posts
    • 13,918 Thanks
    Westie983
    • #5
    • 5th Oct 17, 2:19 PM
    • #5
    • 5th Oct 17, 2:19 PM
    Can you open this account online? The Kent regular saver can only be opened in Branch, and they are few and far between.

    Westie983
    Save 12k in 2017 #16 Total £21,355/£12,000 = 177.95%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£158/£500 = 82.00% ( x 10)
    Xmas 2017 £1 a Day #6 Total £360/£365 = 98.63%
    Virtual Sealed Pot #1 Total £1,500/£1,800 = 83.33%
    £2 Savers Club 2017 #3 Total (£1,450)+£50/£2,000 = 75.00%

    Total £25,125/£16,665 = 150.76%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • racey
    • By racey 5th Oct 17, 3:07 PM
    • 147 Posts
    • 51 Thanks
    racey
    • #6
    • 5th Oct 17, 3:07 PM
    • #6
    • 5th Oct 17, 3:07 PM
    Can you open this account online? The Kent regular saver can only be opened in Branch, and they are few and far between.

    Westie983
    Originally posted by Westie983
    Yes, it can be opened online.
    • trickydicky14
    • By trickydicky14 5th Oct 17, 3:52 PM
    • 133 Posts
    • 17 Thanks
    trickydicky14
    • #7
    • 5th Oct 17, 3:52 PM
    • #7
    • 5th Oct 17, 3:52 PM
    Yes, it can be opened online.
    Originally posted by racey
    I don't think so
    T&C clearly state 'branch-only account'
    If I could do it online I would have some time ago
    • youngretired
    • By youngretired 5th Oct 17, 4:17 PM
    • 107 Posts
    • 47 Thanks
    youngretired
    • #8
    • 5th Oct 17, 4:17 PM
    • #8
    • 5th Oct 17, 4:17 PM
    The Easy Saver can be opened online or branch but whichever you chose is how the account must be used i.e. online then everything must be done online and if in branch then only by branch.

    If you do a payment by 1.15pm then the payment will reach the nominated account by roughly 4-5pm, so doesn't show like normal faster payments. If the payment request is sent after 1.15pm then they will treat it as the next working day.

    However KRBS online account does allow you to set up pending payments for the future, so you can set up as many as you like for the future if you know you need funds but won't have wifi or just for convenience.
    • racey
    • By racey 5th Oct 17, 6:29 PM
    • 147 Posts
    • 51 Thanks
    racey
    • #9
    • 5th Oct 17, 6:29 PM
    • #9
    • 5th Oct 17, 6:29 PM
    I don't think so
    T&C clearly state 'branch-only account'
    If I could do it online I would have some time ago
    Originally posted by trickydicky14
    Sorry. I opened an "Easysaver" online recently. I didn't realise that a regular saver couldn't be opened the same way.
    • newlease
    • By newlease 6th Oct 17, 1:28 PM
    • 72 Posts
    • 12 Thanks
    newlease
    I have applied based on the comments. This is for instant access savings not regular. At 1.27% they were leading the table until yesterday, Post Office has now matched and RCI pipped at 1.30% but I still prefer to try them over these two.
    • colsten
    • By colsten 6th Oct 17, 6:45 PM
    • 8,753 Posts
    • 7,413 Thanks
    colsten
    I have applied based on the comments. This is for instant access savings not regular. At 1.27% they were leading the table until yesterday, Post Office has now matched and RCI pipped at 1.30% but I still prefer to try them over these two.
    Originally posted by newlease
    I'd never put any money into the PO or into RCI, if for slightly different reasons:
    • the PO has got abysmal customer service, and many people have reported (on this forum) big problems when they wanted to get money out
    • RCI is not FSCS protected.

    No such problems with KRBS. They don't do Faster Payments but you can reliably get your money out within one working day. If they did run into trouble, you'd have FSCS protection up to £85K.
    • Gem-gem
    • By Gem-gem 6th Oct 17, 7:12 PM
    • 2,412 Posts
    • 6,921 Thanks
    Gem-gem
    Hubby and I have been using KRBS for years. I have a regular saver. Hubby has bonds with them. We always visit the store to do any banking. Customer service is always very good.
    £2 Savers Club 2017 -no 1 £294£360
    Save £12k in 2017 - no 68 ( 3402.13/6000)
    Virtual sealed pot 2017 - no 20 £33.24/£100
    • newlease
    • By newlease 6th Oct 17, 10:43 PM
    • 72 Posts
    • 12 Thanks
    newlease
    I'd never put any money into the PO or into RCI, if for slightly different reasons:
    • the PO has got abysmal customer service, and many people have reported (on this forum) big problems when they wanted to get money out
    • RCI is not FSCS protected.

    No such problems with KRBS. They don't do Faster Payments but you can reliably get your money out within one working day. If they did run into trouble, you'd have FSCS protection up to £85K.
    Originally posted by colsten
    That is why I said I wouldn't use them, despite acknowledging their higher rates. I don't understand the point of your post.
    • greenglide
    • By greenglide 6th Oct 17, 10:56 PM
    • 2,862 Posts
    • 1,838 Thanks
    greenglide
    They don't do Faster Payments but you can reliably get your money out within one working day
    So they do do faster payments then but require overnight processing, probably requiring another institution to make the payments.

    If they were using BACS it would take three days.
    • The Big Bamboo
    • By The Big Bamboo 7th Oct 17, 9:03 AM
    • 54 Posts
    • 19 Thanks
    The Big Bamboo
    So they do do faster payments then but require overnight processing, probably requiring another institution to make the payments.

    If they were using BACS it would take three days.
    Originally posted by greenglide
    Kent Reliance is a pain the backside if you want access to your cash quickly!...their policy is anything but ‘Easy Access’ ,...IMHO.

    If you withdraw, for example, £20k for transfer to your ‘nominated current account’ you must make the transaction before 1.30pm if you wish the money to appear in your nominated current account the NEXT day. You cannot make a normal transfer at any time on a WORKING day that will see the cash deposited in your nominated account that same day.

    After 1.30pm you CANNOT make a normal transfer without changing the date of the transaction to the next WORKING day!

    But wait,..it gets worse!...even if you authorize the transaction before 1.30pm the cash only appears in your nominated current account VERY late in the evening (certainly well after 5.30pm) of the next WORKING day.

    Effectively, that means any transaction taking place (for example) at 11.00am on Friday morning will only see the cash available to you the following Tuesday morning!;....if you decided you need to withdraw your money after 1.30pm on Friday you then you’ll need to wait until Wednesday before you can do anything with it!

    I’ve never come across an easy/instant access account that operates like that. My cash from Kent Reliance now resides with Ulster Bank (1.25% interest instant access account) where access back and forth truly is ‘instant’.

    Kent Reliance Easy Access?...I don’t think so. I’m not tempted back by their latest 1.27% ‘Easy Access’ account.

    Just for clarity:-... the money from Kent Reliance was simply being transferred to my bog-standard NatWest current Account;…the same account that the money came from in the first place.

    The above is based purely on my own (very recent) personal experience of Kent Reliance which entailed about half a dozen sizeable withdrawals.
    Last edited by The Big Bamboo; 07-10-2017 at 9:07 AM.
    • Uxb
    • By Uxb 7th Oct 17, 9:14 AM
    • 925 Posts
    • 1,004 Thanks
    Uxb
    err......
    The faster payments system does not guarantee payment that day
    It only guarantees it by the end of the next working day.

    Many people see the mainstream banks doing it in 2 hours and thinking that is the norm and that is how it is supposed to work......it isn't.

    There are lots of building societies (if not most) who rely on external mainstream banks to do their payments processing for them who work in exactly the method that you describe.
    I would indeed grant you that 1:30pm seems an early cut off time - most I've seen are later in the afternoon commonly the old end of banking time of 3:30pm or close of business time.

    Its all a bit like me usually writing a set of minutes a day after the meeting and then on one occasion having to leave it a week and everyone now gets upset - well I simply stop writing them the day after from then on and strangely everyone is now happy.....
    • The Big Bamboo
    • By The Big Bamboo 7th Oct 17, 9:28 AM
    • 54 Posts
    • 19 Thanks
    The Big Bamboo
    err......
    The faster payments system does not guarantee payment that day
    It only guarantees it by the end of the next working day.

    Many people see the mainstream banks doing it in 2 hours and thinking that is the norm and that is how it is supposed to work......it isn't.

    There are lots of building societies (if not most) who rely on external mainstream banks to do their payments processing for them who work in exactly the method that you describe.
    I would indeed grant you that 1:30pm seems an early cut off time - most I've seen are later in the afternoon commonly the old end of banking time of 3:30pm or close of business time.

    Its all a bit like me usually writing a set of minutes a day after the meeting and then on one occasion having to leave it a week and everyone now gets upset - well I simply stop writing them the day after from then on and strangely everyone is now happy.....
    Originally posted by Uxb
    ..err,

    Kent Reliance appear to take the phrase “by the END of the next working day” to it’s extreme though!...in their case they mean ‘by midnight.’
    • youngretired
    • By youngretired 7th Oct 17, 11:37 AM
    • 107 Posts
    • 47 Thanks
    youngretired
    I have never had an issue with my payments not being received by 5pm on the day of requesting the funds, as long as it is requested before 1.15pm. Even when our matured Regular Saver payments were sent via the branch, as long as it was before 1.15pm the money was in the accounts. We both bank with Santander and BOS.

    I would admit the annoying thing with KRBS is that if after the cut off time then yes it will take longer, but you will know that you have missed the cut off as it will prompt you to amend the transfer day to the next working day (this is why if I need the funds by a specific day I set up future pending transfers therefore no risk of this).
    • The Big Bamboo
    • By The Big Bamboo 7th Oct 17, 1:16 PM
    • 54 Posts
    • 19 Thanks
    The Big Bamboo
    I have never had an issue with my payments not being received by 5pm on the day of requesting the funds, as long as it is requested before 1.15pm. Even when our matured Regular Saver payments were sent via the branch, as long as it was before 1.15pm the money was in the accounts. We both bank with Santander and BOS.

    I would admit the annoying thing with KRBS is that if after the cut off time then yes it will take longer, but you will know that you have missed the cut off as it will prompt you to amend the transfer day to the next working day (this is why if I need the funds by a specific day I set up future pending transfers therefore no risk of this).
    Originally posted by youngretired
    …I’ve no idea why your experience of Kent Reliance is so much better than mine, but it obviously is.

    However, the description I gave in my post #15 is 100% accurate and the delays were unerringly similar with EVERY transaction;…perhaps the delays are something to do with NatWest bank, but I really can’t understand how it could be.
    • Uxb
    • By Uxb 7th Oct 17, 1:20 PM
    • 925 Posts
    • 1,004 Thanks
    Uxb
    If you are transferring large sums it could be that they are being held up for "checks" while transfers of the odd £4K or whatever might not be.
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