Punjab National Bank (International) good place for my savings?

thrifty_pete

The Punjab National Bank has 2.5% on a 5 year fix. It seems a hassle to open as I'd need to take a day off work to get to London as their branches aren't open on Saturdays any longer. Also why do they need to know my employer's details and salary? I'm not wanting to borrow money from them! https://www.pnbint.com/forms/Cash%20ISA%20Application%20Form.pdf

Seems a bit too good to be true. Seems their auditor KPMG quit, but "there are no circumstances in connection with his ceasing to hold office that need to be brought to the attention of members or creditors of the company". I know it is FSCS protected but I'm still a bit wary putting money in such a small bank which has only offered ISAs for a couple of years.

Pete

veryintrigued

https://forums.moneysavingexpert.com/discussion/5247255

patientperson

thrifty_pete wrote: »

It seems a hassle to open as I'd need to take a day off work to get to London as their branches aren't open on Saturdays any longer. Pete

I spoke with the Wolverhampton Branch yesterday .. they are agreeable to process via the postal system.

thrifty_pete

There was a recent article in the Telegraph saying you could apply by post, but nothing on the website says that is possible. I called the Wembley branch a week or so ago and they said the only way was in branch. I haven't been able to get through the 3 times I called the Moorgate branch.

veryintrigued

Ive been struggling with getting contact from Moorgate the few days too.

thrifty_pete

They do answer the phone after about 20 minutes. Reminds me of the old ntl cable days, waiting so long on the phone! The staff are quite hard to understand, but you can extract just enough information to work out what you need to do. I've applied for the 5 years fixed ISA, transferring an existing ISA whose term is ending. Sent a photocopy of ID as requested, using the Post Office service for £8.75. Sent 1st class signed for on Friday. Hopefully they'll get it on Monday. I just hope I don't need to phone them again!

colsten

I can't sensibly make a trip to a Punjab bank but I was attracted by their ISA rates. I didn't phone them but simply sent an application for the 5 yr ISA, funded by ISA transfer, with PO-certified copy of passport and council tax bill, to Moorgate.

They called me just two days later and said they needed the original council tax bill, and that I had not filled in some form properly. I gave up after about 5 minutes of her trying to explain to me which form was missing what data - I have kept copies of everything I had sent so it should have been easy to work out what was missing. It wasn't easy.

I abandoned my application there and then as they can't pay me enough interest to put up with their peculiar processes.

beefturnmail

Yes their processes are very slow and peculiar - see my thread

https://forums.moneysavingexpert.com/discussion/5454929

thrifty_pete

Royal Mail tracking says they received my application today. I'll update when its all open.

Pete

:coffee:

veryintrigued

veryintrigued wrote: »

Ive been struggling with getting contact from Moorgate the few days too.

Finally received a (generic) email reply from Moorgate to say that they will get back to me as soon as they can.

Looks like they are inundated.

thrifty_pete

I got a call back from a member of staff checking a few details. It seems that not many of their customers are on the electoral roll so their methods for identity checking are quite paperwork intensive. Hopefully the ISA will be open next week.