Punjab National Bank(international) Ltd

grizzly1911

Anyone got any views on these guys?

They have FSA license and are covered by FCSC.

They seem to have some attractive rates:think:

Ifts

I done a quick search on MSE and a few threads that discuss Punjab National Bank Int Ltd:

https://forums.moneysavingexpert.com/discussion/4267803

https://forums.moneysavingexpert.com/discussion/4284147

also some posts on PNB in this thread:

https://forums.moneysavingexpert.com/discussion/comment/57248589#Comment_57248589

marathon_man_3

I have just placed some money with Punjab and, after some initial concerns about not getting though on the phone due to sheer volume (because of their better rates), all seems to be OK now.
Certainly, although just reduced a bit, their rates on offer are way above those available elewhere and they are within the UK compensation scheme.

Happychappy

I opened their festival 4.1% account, admittedly I had to go to Leicester which was a pretty poor experience, but the bank staff were friendly, knowledgeable, and I have received all the necessary paperwork without any problems, so just waiting for three years to disappear before I withdraw it.

Sstripey

Happychappy wrote: »

I opened their festival 4.1% account, admittedly I had to go to Leicester which was a pretty poor experience, but the bank staff were friendly, knowledgeable, and I have received all the necessary paperwork without any problems, so just waiting for three years to disappear before I withdraw it.

I've just applied by post for their 5-year fix as I've just ditched a dreadful (Scot Prov/Phoenix) Life Assurance policy that had paid no bonus for ten years, and worked out that Punjab's 4.5% would probably do a lot better, as I don't need the life insurance part of the Scot Prov policy. Keeping fingers crossed that they don't drop their rates over the next few days.

I did wonder how safe they might be, having never heard of them until reading on this site (brought to that by the listing of State Bank of India in the MSE savings lists, and then following posts). Punjab are in the FSCS scheme, and recently had an upgrading from Moody's, so I felt that was promising enough. Gandhi apparently banks or banked with them, too!

I'll post further on here to report how the application goes. Maybe again in five years if all goes to plan.....!:beer:

ed123_2

It looks like they are dropping their 5 year fix to 3.9% from 1/12/12:-

Interest Rates (in GBP, USD and Euro) valid w.e.f 01.12.2012 (% pa)


Duration GBP USD EUR

AER AER AER
1 Month to < 3 Months 0.75 NIL NIL
3 Months to < 6 Months 1.25 1.25 1.25
6 Month to < 1 Years 1.75 1.75 1.75
1 Year to < 18 Months 2.90 2.25 2.25
18 Months < 2 Years 3.00 2.25 2.25
2 Year to < 3 Years 3.25 2.75 2.75
3 Year to < 4 Years 3.50 3.00 3.00
4 Year to < 5 Years 3.75 3.25 3.25
5 Years 3.90 3.50 3.50
Types of Fixed Rate Deposit Account

Sstripey

ed123 wrote: »

It looks like they are dropping their 5 year fix to 3.9% from 1/12/12:-

Interest Rates (in GBP, USD and Euro) valid w.e.f 01.12.2012 (% pa)


Duration GBP USD EUR

AER AER AER
1 Month to < 3 Months 0.75 NIL NIL
3 Months to < 6 Months 1.25 1.25 1.25
6 Month to < 1 Years 1.75 1.75 1.75
1 Year to < 18 Months 2.90 2.25 2.25
18 Months < 2 Years 3.00 2.25 2.25
2 Year to < 3 Years 3.25 2.75 2.75
3 Year to < 4 Years 3.50 3.00 3.00
4 Year to < 5 Years 3.75 3.25 3.25
5 Years 3.90 3.50 3.50
Types of Fixed Rate Deposit Account

Hope just to get under the wire, then! It's at least polite that they give warning of changing rates, as opposed to UK banks which just allow you to wake up one morning, and, hey presto! it's gone!!:eek:

Sstripey

Good news! My application arrived at Punjab by Special Delivery this morning. They telephoned about a couple of things at 10:00 - very helpful and polite, and when I asked about still getting the 4.5% 5-year fix rate, was told that yes, that would be honoured as the new one comes in on 1st December.

So if anyone is thinking of applying, do it today - post is fine, but I would advise buying guaranteed delivery - or go in person with tons of ID.

I'll post again when I've had written confirmation of the account and the rate, but it's all looking good so far - so, take courage!!:)

nilrem_2

Sstripey wrote: »

Good news! My application arrived at Punjab by Special Delivery this morning. They telephoned about a couple of things at 10:00 - very helpful and polite, and when I asked about still getting the 4.5% 5-year fix rate, was told that yes, that would be honoured as the new one comes in on 1st December.

So if anyone is thinking of applying, do it today - post is fine, but I would advise buying guaranteed delivery - or go in person with tons of ID.

I'll post again when I've had written confirmation of the account and the rate, but it's all looking good so far - so, take courage!!:)

Sounds good but personally I just don't have the courage to invest my money with them. After having the worry of seeing my savings during the Icesave fiasco I vowed that I would not save with a foreign bank again.

I know I am being silly etc but in the event of a problem I feel happier with a institution based properly in the UK.

Guess I am just a wimp who will have to put up with a poxy 2.80% that I have been offered here.

(FWIW I do understand that they are covered by the FSCS butt am still edgy)

Sstripey

nilrem wrote: »

Sounds good but personally I just don't have the courage to invest my money with them. After having the worry of seeing my savings during the Icesave fiasco I vowed that I would not save with a foreign bank again.

This is previously unchartered territory for me, but with what's happening at the moment to UK interest rates, the teapot was getting tempting otherwise!

mulronie

nilrem wrote: »

Sounds good but personally I just don't have the courage to invest my money with them. After having the worry of seeing my savings during the Icesave fiasco I vowed that I would not save with a foreign bank again.

I know I am being silly etc but in the event of a problem I feel happier with a institution based properly in the UK.

Interesting point, but infact the bank you are contracting with here is NOT a foreign bank. It might be owned by someone abroad, but the actual bank that does business in the UK is as British as Barclays or Lloyds.

Punjab National Bank (International) Limited is a UK-domiciled limited company, appropriately registered with Companies House, with an FSA deposit-taking licence to boot.

Icesave, meanwhile, was just the UK trading name of Landsbanki Íslands hf, a company registered in Iceland, and regulated by the Icelandic authorities.