Secure Trust Bank 2.2% 8 July 2018

alternate

They ask how much you are looking to save when you apply - so they have an idea when they meet their target. So if you already applied and it went through then they should take your money.

Not that surprised you didn't get email confirmation as they don't even have online facilities for these bonds.

Ifts

Mee wrote: »

I applied for the 2 yr fixed rate bond over the weekend, got the online paperwork but have not received an email confirming the account details. Isn't the email instant?

I don't think they email you - I didn't receive one from them and cannot remember receiving one in the past when I have applied for one of their fixed rate bonds.

When you applied online for this bond, at the end of the application if you were successful it would have come up with the 'Congratulations' message page with details of how you can pay in to your account.

Also if your application was successful it would have given you your Account Opening Reference number.

You can post them a cheque (made payable to yourself) with your Account Opening Reference number written on the back.

Or in the post shortly you should receive your account details, sort code / account number (or you can call up for it like redandwhitestripes did) and you can pay money into the fixed rate bond via electronic payment.

zolablue25

As a general query can someone tell me what the difference is between one of these types of "bond" and a deposit in a savings account?

As the FSCS was mentioned earlier I assume that this type of bond is still covered.

ColdIron

zolablue25 wrote: »

As a general query can someone tell me what the difference is between one of these types of "bond" and a deposit in a savings account?

As the FSCS was mentioned earlier I assume that this type of bond is still covered.

None, 'bond' is one of most misused terms in savings and investments. It's a simple fixed rate, fixed term deposit or savings account

Yes it is, it's cash like any other bank deposit account

jimjames

ColdIron wrote: »

None, 'bond' is one of most misused terms in savings and investments. It's a simple fixed rate, fixed term deposit or savings account

Yes it is, it's cash like any other bank deposit account

Unless it's a true bond, a loan security issued by a company!

alternate

"savings bond" is what they used to call it but now many have dropped the bond bit and call them just fixed rate or fixed term saving accounts. More accurate but likely not as easy to market.

Mee

Thanks for the reassureance - will 'phone them too.

Mee

Ifts wrote: »

I don't think they email you - I didn't receive one from them and cannot remember receiving one in the past when I have applied for one of their fixed rate bonds.

When you applied online for this bond, at the end of the application if you were successful it would have come up with the 'Congratulations' message page with details of how you can pay in to your account.

Also if your application was successful it would have given you your Account Opening Reference number.

You can post them a cheque (made payable to yourself) with your Account Opening Reference number written on the back.

Or in the post shortly you should receive your account details, sort code / account number (or you can call up for it like redandwhitestripes did) and you can pay money into the fixed rate bond via electronic payment.

Yes, on re-reading my copy of the confirmation screen I realised last night they meant 'post' = snail mail. Sorry, so use to email confirmations. I need to sign the standard form so will do as suggested. Is it correct that I can pay subsequent amount within in the 30 day window?

Thanks

derrick

Applied online Saturday 09th July after phoning to ask if this was OK and could the bond be opened with a zero balance and was told yes, so applied and a "Your Application Has Been Successful" window opened more or less immediately.

Today Wednesday 13th July I have received a welcome letter with my account number and sort code and a specimen signature form to be returned in a prepaid envelope. Also on the form is mention about R85 form, they are aware of this and future letters will have this removed.

Their savings accounts are not available to access online, but they hope to allow this in the future.

I have also been told that deposits can be made up to 08th August in multiple amounts, was told the "initial deposit" amount on the application form was to "give them an idea" and the maturity date is 07th July 2018, (I thought it was 08th August 2018 but I think it is to do with pulling the bond early), interest rate is 2.2% and is accrued if using FP from the day after receipt of funds.

A letter will be sent within days of a deposit, you can also phone them after 24 hours to confirm they have received it, and the certificate will be sent 7 days after 08th August 2016, they are continuing to use this date that was the original cut off date.



.

Ifts

Mee wrote: »

I need to sign the standard form so will do as suggested.

If you have not signed the form that was generated at account opening and posted it back to them already, maybe hold back and wait for the welcome pack to arrive as it includes a prepaid envelope along with another form titled 'Foreign Account Tax Compliance Act Information' (they are just checking if you are a resident in the U.S. for tax purposes, or a U.S. citizen), that also needs to be signed and posted back to them - so save yourself a stamp and send both forms back in the one prepaid envelope!

I applied for the fixed rate bond on Fri 8th July and today 13th July have received the welcome pack with my Acc Number and Sort Code if I wanted to pay in via FP / BACS.

Is it correct that I can pay subsequent amount within in the 30 day window?

redandwhitestripes & derrick both say that they have been told that deposits will be accepted up to 8th August.

I posted them a cheque over the weekend to fund mine in one go but will try and add more to it via FP before the cut off date.

edit: 15/07 - spoke to STB today to check they had received my opening deposit cheque I had sent in the post. Also the guy I spoke to said I can add more to it via Faster Payments up until 8th August.