Secure Trust Bank 120-Day Tracker account

Consumerist

Is this account potentially too good to be true - or is there a catch I've missed?

It's currently paying 3% AER (BoE base rate + 2.5%) which is not bad at the moment but if base rate rises in the future then this account looks as though its rate could potentially rise to unprecedented high levels.

Is this a good long-term punt?

Consumerist

Update

They seem reluctant to answer any questions concerning the meaning of their terms and conditions.

Think I'll give them a miss for now.

marathon_man_3

It seems to be covered by the UK compensation scheme so that is a good start.
It would also seem that the tracking bit is that it is 2.5% above base rate and that you can get your dosh out with 120 days notice. So it seems to be a variable notice account with (unless base rate drops to a ridiculous 0.25%) a guaranteed minimum of 3% interest; payable quarterly. How does that compare with other notice accounts out there?

buffman

I took out a similar account with Secure Trust back 18 months ago - the 183 Day notice Tracker which guarantees to pay 3% above base rate without a time limit.I confirmed this with them by phone. At the time, it seemed too good to be true. At present I have no complaints and would certainly recommend them.

Consumerist

Thanks for your comments.

The 2.5% margin was one of the issues I tried to raise with them by email but they just referred me to a telephone number. Generally speaking, I don't believe that customer services staff know the intimate details of their bank's products so I was a bit suspicious that they seemed unprepared to state their position in writing.

In the long term that could give you an unbeatable rate by any standard.

MercenaryMan

I would save yourself the trouble of e-mailing them:

This email box is being closed and we are unable to answer specific
questions in this manner.

We would like to help you with your enquiry. Please call us on 08451 117
092*.

*Calls may be recorded and monitored for training and quality purposes.

Their lines appear to be open during that troublesome 9-5 period when I'm on the clock.

Anyone have any idea what additional information they require above and beyond what's in the application form?

Consumerist

MercenaryMan wrote: »

. . Their lines appear to be open during that troublesome 9-5 period when I'm on the clock.

You got the same curt response as I did. So much for customer service.

There is another email address for them :-

[EMAIL="customerservices@securetrustbank.com"]customerservices@securetrustbank.com[/EMAIL]

and a visit to <saynoto0870.com> revealed the following alternative numbers :-

0800 694 2148
0121 693 9111

I haven't yet tried any of these alternatives; perhaps I might on Monday.

Thank you for your comments.

Gromitt

I opened one, but I worry about transferring funds as I can't check the balance without calling them between 9 and 5, and they require a reference number, and the minimum deposit is £1000. I typically transfer £1 first and see if it gets there.

Consumerist

Gromitt wrote: »

I opened one, but I worry about transferring funds as I can't check the balance without calling them between 9 and 5, and they require a reference number, and the minimum deposit is £1000. I typically transfer £1 first and see if it gets there.

Me too.

I got a reference number at the end of the application process so that's not a problem for me - didn't you get one?.

One possible option is to time deposits at just before the quarterly statement dates; the next one being 31/12/2012. They require a copy of your signature within 30 days but don't stipulate when you have to make your initial deposit.

I do have reservations about this account but haven't really made up my mind yet.

Gromitt

Consumerist wrote: »

I got a reference number at the end of the application process so that's not a problem for me - didn't you get one?.

I got a reference number, account number and sort code, but I'm not sure if the reference number is the one to put into the 'reference' field of a payment request, or simply a application reference should I need to ring them up. I'm guessing its the later, but I'm not willing to lose £1000 to find out if it is or not.

I still have 2.8% accounts with Halifax and 3.17% account with the post office until the middle of next year, but I don't want to wait until then and find out the top savings account is then 1.2% when I can grab 3% now.

Consumerist

Gromitt wrote: »

I got a reference number, account number and sort code, but I'm not sure if the reference number is the one to put into the 'reference' field of a payment request, or simply a application reference should I need to ring them up. I'm guessing its the later, but I'm not willing to lose £1000 to find out if it is or not.

Must admit it's all a bit confusing.

My understanding is that the sort code and account number given at the application stage is for the Barclays holding account for which you need the reference number. Since then I've been given another sort code and account number (no reference number) by post but it's unclear which account details to use for deposits into the account.

What happens, when you make withdrawals, once the notice period has elapsed - cheque in the post or electronic transfer to your nominated account?

Hence my reservations.