Fixed Term Deposit Experience ...

mt99

I have used/am using both Paragon and Charter with no problems. They give decent interest rates and are both covered by FSCS up to £75k. I applied for and manage both online.

rizla01

Like most Companies - Paragon are good enough at what they are supposed to do when things go Ok but the test for any Company is when stuff goes wrong - THAT is when a company shows itself for what it really is. (Or in Paragons case - NOT)

In that respect Paragon score extremely poorly in my experience.

I have had dealings over an incident caused by Paragon and asked for it to be sorted and was assured (lied to) that it had.

A week later another CSR (Cust serv rep) told me off for asking the wrong question (?) and Finally, on my insistence, the manager phoned me EIGHT DAYS AFTER MY REQUEST - and apologised and promised to 'have words'
No concern about my time wasted or assurance that this could never happen again!

Dismal.

Putting all my 70k with Coventry where I feel it will be looked after better.

meunier

Thanks so to all for their kind advice. I have decided to steer away from any dealings with Paragon ... and Secure Trust have now removed any Term Deposits (or Bonds as they call them) from their product offerings. It is amazing how rapidly this market shifts. Much quicker than before ... at least in my memory ... or am I just getting VERY old

Bless you for ALL.

John259

Some other alternatives that you might want to check:
Aldermore
Atom Bank
Charter
FirstSave
ICICI
Ikano
Kent Reliance/One Savings Bank
RCI
Sainsbury's Bank
State Bank Of India
Tesco Bank
Vanquis

meunier

Has anyone had any dealings with Vanquis? If so, how was it?

John259

meunier wrote: »

Has anyone had any dealings with Vanquis? If so, how was it?

Yes, online only, fixed term accounts only, no problems.

ColdIron

Both Metro Bank and Investec (£25K+) are worth a look at for rates and service

[Deleted User]

I agree with the poor customer service from Paragon. As someone already said, they're fine when dealing online - the problems stem when you need to talk to them. They are absolutely hopeless - in my case, I received wrong and misleading details, and when I made a formal complaint, I received a letter saying 'thank you for bringing this matter to our attention... we'll review our procedures' I felt I was being fobbed off.

When I had reason to complain to other banks (on lesser matters), I was offered a compensation by way of an apology.

Anthorn

John259 wrote: »

Some other alternatives that you might want to check:
Aldermore
Atom Bank
Charter
FirstSave
ICICI
Ikano
Kent Reliance/One Savings Bank
RCI
Sainsbury's Bank
State Bank Of India
Tesco Bank
Vanquis

+1 for Ikano. I have the 1 year fixed at 1.40% AER. Their 5 year fixed is 1.95% AER. £1000 to £1m. Ikano is probably best known in U.K. for the Ikea store card. Swedish Deposit Insurance Scheme.

savetilibleed

meunier wrote: »

I'm looking at the lists on this site and see the new ones (e.g., Paragon, Charter, Secure ... even Vanquis) ... and wonder if people have had experience with these? Do you get a certificate? Have they been reliable? Is their customer service extant?

We tried to open an account with Paragon for my wife last year. They required ID to be submitted which took so long for then to say was acceptable (only the final arrival of a welcome pack did this) that the interest rate got dropped. Luckily Saga had a far better option at the time (unlike now).

I opened an PoA account for my Mum in July with Charter so it was all done by post and very quickly too along with a cheque, funding backdated to date of receipt. I opened one for myself recently (I'm slightly regretting with rumours of interest rates on the up) but all online and very efficient. Their CS is very good on the phone too. We have applied for an account for my wife in the last few days which ID is required. Again regretting that (with rumours of rates possibly rising) but at least not funded yet. I'll leave it to the lastest if there's nothing better.