Yorkshire / Clydsdale Bank Fixed Term Deposit Accounts - Timescales for opening

erb

On Fiday 14 November I rang to open a fixed term deposit account.

The following Monday the rate was lowered as per their internet site. Their legal blurb said I had 5 working days to get my application and cheque received by them to secure the original rate.

I got the application form on Tuesday 18 November and sent it back with the cheque the same day in their 1st class pre-paid envelope.

As I have not had any aknowledgement and the cheque has not been banked yet I tried to ring them today 22 November to find out the position and if they had received my application and cheque.

After waiting in the queue for nearly an hour a recorded message eventually said they were unable to take the call and please ring back later:eek: .

Is anybody else in a similar position or applied recently and can tell me what their experience was. How long did it take to process and did you get the rate you applied for?

meunier

I went into the Piccadilly branch on Thursday 13th November. I opened up a 3 year deposit bond. I was hoping I would get my 2nd Icesave email. I said I would have the monies in their account by the following week (not knowing, of course, whether or not I would). The next day at 5.00 pm I received the said email. The following Wednesday the funds were in my account. I went into HSBC to chaps £50,000 over for the bond. HSBC received payment. They did not do the chaps until Thursday because - as was explained to me - 'the FSCS might change their minds and take the money back'. On Thursday morning the chaps transaction (the £25 having been assigned the day previous for the transaction) was made. The bond was set up on Friday by Clydesdale. I received the certificate today.

The young lad I have been dealing with at Clydesdale has been very good. It has been, however, virtually impossible to reach him on the telephone or by email. I have had to go into the branch three times to speak to him to let him know what was happening. On Friday when I went in he kindly gave me the local branch number.

That's my story ..... so far.

Certainly it has not been unpleasant.

I hope that helps you in some little regard.

All best wishes.

strawberrylane

Okay, this is my experience. Applied for a 3 year term deposit by returning form and cheque to their term deposit department in clydebank. They received those on 12th Nov, I got an acknowledgement letter on 13th, they banked the cheque on 14th (by which I mean the money left my bank account), but I have not yet recieved the certificate. I called them on Wed 19th and Fri 21st to chase up the certificate. They told me the 3 year term deposit was opened on Tue 18th (at 6.10% which was the rate I applied for) but they said they had a major backlog and the certificate would more than likely be delayed but I should get it soon. I'm hoping it will come Monday or Tuesday, but at least I know the account is open with the correct rate.

@meunier you got your certificate very quickly, was this generated by your branch or the term deposit dept in clydebank do you know? Thanks.

erb

Looks like the problem is they have a huge backlog due to high demand for these fixed rates before they reduced.

I will just have to wait and see what happens but it is not very encouraging when applying through the postal system. My application may be sat in a pile and not even opened yet:eek: .

oldagetraveller

Posted application and cheque last Monday. Noticed rate had dropped same day. 'Phoned to enquire if higher rate would be honoured, advised yes it would.
Received letter Thursday to confirm receipt of application and that I would receive certificate when cheque had cleared. Cheque presented Friday.

meunier

Strawberrylane, the certificate was generated by the branch I believe - indeed it was prepared I think by the lad who was helping me as I recognised the handwriting on the envelope. It is a very simple document.

strawberrylane

@Oldagetraveller - please let us know when you receive your certificate, and I will do likewise. Thanks.

oldagetraveller

strawberrylane wrote: »

@Oldagetraveller - please let us know when you receive your certificate, and I will do likewise. Thanks.

Will do.
They seem to have been very efficient so far considering the number of applications they must have to process. The young man at their CS in Glasgow said he would look out for my form arriving last Tuesday hmmmmmmmm :rolleyes:. I was impressed by the fact a receipt letter was sent out too.
If that continues and the fact that the funds disappeared from my current account on Friday I would expect the cert. to be not far behind. The first thing I'll be checking is the interest rate to confirm it's the one I applied for.:p

strawberrylane

Oldagetraveller - Yes like you I was impressed with the initial efficiency. I got the acknowledgment letter 2 days after I sent the appilcation and the cheque was processed the day after that. BUT, since then it's all gone very quiet, and no sign of the certificate over a week later!

Thanks for letting us know what happens with your application.

[Deleted User]

I am hoping that the delay is due to being busy. My cheque has been cashed, sent freepost on mon 17th. Second application and cheque sent for dh on tues 18th first class stamp so fingers crossed re that one as no cheque presentation as yet.

BruTamUK_2

I sent my application/cheque on the Saturday 15th and phoned on the 20th to find out what rate I would get with the drop in interest on the 17th.
They told me my application had been received and the cheque had been deposited at the 6% rate applied for. They said I would receive a confirmation letter but as of yet I've had nothing. The cheque was drawn out of my account on monday.
Might give them a call tomorrow and see whats happening.
I have opened the account as a joint one with my wife. We have invested more than £50,000. I take it we are covered if things go wrong?