Secure Trust Bank 120-Day Tracker account

s20544

I have held an account with Secure Trust previously and found their service to be ok. (They have a single branch in Solihull, West Midlands based at their head-office which I found useful as it was local to me). I had a variable rate savings account with them earning approx 2.75% which I closed in order to transfer to M&S 3.75% fixed rate account. (It was not a tracker).

During the life of this specific account, they first closed the account to new applicants. Then a few months later they stopped existing account holders making additional deposits. I assume that they might be able to impose the same constraints on this tracker account in order to limit their exposure to any rises in bank of england interest rate.

opinions4u

Looks like quite a nice hedge for a bit of the contingency fund.

During the life of this specific account, they first closed the account to new applicants. Then a few months later they stopped existing account holders making additional deposits

That's exactly the kind of insight needed. Thanks.

Gromitt

Consumerist wrote: »

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

Apparently, a "cheque in the post" is £2.50 and you can only deposit into the account whilst the issue is open, so my guess is that as soon as the BOEBR goes up, the issue is closed and another one is created.

Consumerist

Gromitt wrote: »

Apparently, a "cheque in the post" is £2.50 and you can only deposit into the account whilst the issue is open, so my guess is that as soon as the BOEBR goes up, the issue is closed and another one is created.

So it would seem that withdrawals are by electronic transfer after the notice period has elapsed; that's a plus.

Some clarity is beginning to emerge. I didn't see any reference in the Ts&Cs to deposits after the issue is closed but I could have missed it and it does make sense.

Starting to feel better about things now. Perhaps a phone call on Monday may resolve my reservations. Hope so, as opinions4u has said, it will make a nice long-term home for a lump sum.

Consumerist

s20544 wrote: »

. . . I had a variable rate savings account with them . . .

Could you clarify which account numbers you used for deposits - i.e the account number given on application (Barclays holding account) or the Secure Trust account number?

s20544

Consumerist wrote: »

Could you clarify which account numbers you used for deposits - i.e the account number given on application (Barclays holding account) or the Secure Trust account number?

Sorry, cant remember. Although when I had an account with West Brom who used HSBC to host their accounts I used the HSBC acc no and sort code and my West Brom acc no as the Reference ...... but I couldnt guarantee that Secure Trust has same arrangement. Sorry I cant be more help

lucky77

I have just spoken to a lady at Secure Bank. It is possible to make a deposit straight away quoting the sort code and and account number given in the online "welcome letter" (their holding account) and your personal reference number in the reference field and they will allocate the money to your account. Once you have received your personal sort code and account number you quote those details to pay money in.
I was told that if i hadn't received my account details by the end of the week I could obtain them over the phone.

Consumerist

To whom it may concern :-

Telephone number 0800 694 2148 connects you to customer services.

Changes in BoE Bank Rate are reflected in the rate paid on the account with immediate effect. (So I am told)

The account number (and the application reference number) given on the application acceptance page can be used if you want to make an immediate deposit. The account details sent through the post can be used once received.

jsinc

I have this account and has been clarified as base rate + 2.5% (wherever base rate goes, inc negative). Transfer into it from my current account via account number and sort code like any other. Had a previous standard notice savings account with them and after the account was closed to new money, a letter stated I had 60 days to continue depositing. I was told this is the same with the base rate tracker. Edit: actually just checked and account seems to have been withdrawn.

Gromitt

Indeed it has: Due to unprecedented demand, please note we have withdrawn our 120 Day Notice Tracker Account - Issue 1.

Savings accounts continue to drop like flies!