Manchester Building Society - Safe? Good customer service?

Jumping_Bean

I'm considering taking out a fixed ISA with Manchester BS and was wondering if anyone had an opinion on them? If they're a safe place to be putting funds (I presume they're covered under the FSCS) and whether I'm going to have any nightmares transferring ISAs to them. Customer service any good? Anyone have an ISA with them or an opinion on their likelihood of going bust? I know they're not the biggest bank in the World hence the questions.

Baldur

Jumping_Bean wrote: »

I'm considering taking out a fixed ISA with Manchester BS and was wondering if anyone had an opinion on them? If they're a safe place to be putting funds (I presume they're covered under the FSCS) and whether I'm going to have any nightmares transferring ISAs to them. Customer service any good? Anyone have an ISA with them or an opinion on their likelihood of going bust? I know they're not the biggest bank in the World hence the questions.

They are not currently advertising any ISAs on their website at the time of posting - having withdrawn their Premier ISA Issue 2 with effect from 7th October.

I applied to transfer some of my Cash ISA funds into their Premier ISA Issue 2 last week and have been informed by my current provider that my transfer instructions have been received from MBS.

Jumping_Bean

Dam it. That's really annoying. The link from Kazza's page goes straight to the ISA info page where the application forms are, all ready to download. I wondered why the account wasn't listed on their main site.

Thanks for the info.

johnmoney05

Because the base interest rate dropped 0.5% this week.

Jumping_Bean

Sure. But you'd think they'd either pull the page down or at least put "No longer available" somewhere on it.

Andreg

I applied online on 8 October to transfer my ISA to Manchester's fixed rate ISA, soon after the bank of england announcement. At that time the account was still advertised on their savings pages and I was able to print out the application and post it the same day. So far I havent heard whether the application has been accepted. What do you think are my chances?

Baldur

Andreg wrote: »

I applied online on 8 October to transfer my ISA to Manchester's fixed rate ISA, soon after the bank of england announcement. At that time the account was still advertised on their savings pages and I was able to print out the application and post it the same day. So far I havent heard whether the application has been accepted. What do you think are my chances?

The red link in my post above shows that the account was withdrawn by MBS with effect from 7th October, so you'll just have to wait & see, I guess.

I applied a week ago and have still heard nothing from MBS but have been informed of their transfer request by my current provider.

Milarky

Manchester BS only every seems to have two accounts available to open at any one time and all other accounts become 'closed issues' - very strange.

realaledrinker

One man & his dog outfit (typewriters visible in the back office from the cashier's window for example). You need to keep an eye on them as they regularly withdraw & replace their best buys which then wither on the vine

Andreg

Baldur wrote: »

The red link in my post above shows that the account was withdrawn by MBS with effect from 7th October, so you'll just have to wait & see, I guess.

I applied a week ago and have still heard nothing from MBS but have been informed of their transfer request by my current provider.

I didnt realise the red ink was a link! That news item must have been incorrect because they were still advertising the account on their site on the 8th October, and I'm glad to say I have a letter from them today confirming that they are accepting my application that I sent on the 8th.

In reply to the OP, customer service seems good and, looking at last years accounts they seem reasonably strong. Unfortunately being a small society I dont think they produce interim results so we wont find out how badly they are suffering from bad debt 'til the end of year results.

With a fixed rate account you dont have to worry about the 'suck, slap and flog' trick that Martin warns us about.

Baldur

Andreg wrote: »

I didnt realise the red ink was a link! That news item must have been incorrect because they were still advertising the account on their site on the 8th October, and I'm glad to say I have a letter from them today confirming that they are accepting my application that I sent on the 8th.

As the eMoneyfacts site is primarily aimed at financial advisers, its information is usually spot-on.

I suspect that it's more likely that you were very lucky that MBS accepted your application, probably because their website hadn't been updated to reflect the withdrawal of the product on the 7th.