Charter Savings Bank

SeeMe

I have just opened a fixed rate bond, the application confirmed its now open, but to access and manage it online they will send a user id out, so have to wait now.


But i think i should be able to send a electronic payment to kick of my initial deposit albeit blind until i have access? does the below statement mean i have to deposit at least £1000 to start with. I have the sort/account
and ref no for payments in.

Key product details

Things you need to know about our Fixed Rate Bonds are:

• you'll earn a fixed rate of interest for a fixed period of time
• you can deposit any amount between £1,000 and £250,000 within the first 14 days, after which no further deposits can be made
• we calculate interest daily and can pay it to you either monthly or annually

• you cannot make withdrawals or close the account during the fixed rate period
• all payments to and from your Charter Savings Bank account must be from the same UK bank or building society Nominated Account you provide when applying for the Account

ColdIron

Seems plain from the key features document

• Account limits - the minimum Account balance and opening deposit is £1,000. The maximum Account balance is £250,000

25_Years_On

I just opened an account and bought a bond. I made the deposit using the information they supplied straight away. The user ID which allows you to log in online came a few days later.

You can only make one deposit which has to be over £1000. You can't make an intial deposit and then add more later. However it might be possible that you can make a few deposits over a few days to reach the total figure you said you were going to deposit, most of these companies allow that, but I don't know about Charter.

SeeMe

ColdIron wrote: »

Seems plain from the key features document

• Account limits - the minimum Account balance and opening deposit is £1,000. The maximum Account balance is £250,000

Ok thanks, just a bit nervous sending £1000 without seeing if it arrives within minutes, until i receive my user ID sometime next week i would imagine.

ColdIron

I woudn't be too worried about it, many fixed rate savers work like this especially the smaller organisations. Give them a ring after a few hours to confirm receipt

SeeMe

25_Years_On wrote: »

I just opened an account and bought a bond. I made the deposit using the information they supplied straight away. The user ID which allows you to log in online came a few days later.

You can only make one deposit which has to be over £1000. You can't make an intial deposit and then add more later. However it might be possible that you can make a few deposits over a few days to reach the total figure you said you were going to deposit, most of these companies allow that, but I don't know about Charter.

Think i have slipped up then, during the application it says how much will your initial payment be, so i put the minimum £1000 thinking i could add more over a 14 day period, so looks like i am restricted to my initial £1000.
I thought initial meant first of.

ColdIron

Again the key features document implies that you can make multiple deposits in the 14 day period

• Initial deposit - you must make your first deposit into the Account within 14 days of making your application (which may be by cheque).

• Deposits - you can only deposit funds into your Account from your Nominated Account by Electronic Transfer or, for your first deposit, by cheque. You can deposit funds up to a total balance of £250,000 during the 14 day period after you have applied for your Fixed Rate Bond. You cannot make any further deposits into your Account after that.

If in doubt give them a ring

SeeMe

ColdIron wrote: »

Again the key features document implies that you can make multiple deposits in the 14 day period

• Initial deposit - you must make your first deposit into the Account within 14 days of making your application (which may be by cheque).

• Deposits - you can only deposit funds into your Account from your Nominated Account by Electronic Transfer or, for your first deposit, by cheque. You can deposit funds up to a total balance of £250,000 during the 14 day period after you have applied for your Fixed Rate Bond. You cannot make any further deposits into your Account after that.

If in doubt give them a ring

I will get in touch tomorrow but i think putting one initial figure of £1000 on the application form should not mean i cant add to it reading your above post.


Thanks.

25_Years_On

SeeMe wrote: »

Think i have slipped up then, during the application it says how much will your initial payment be, so i put the minimum £1000 thinking i could add more over a 14 day period, so looks like i am restricted to my initial £1000.
I thought initial meant first of.

I didn't see the 14 day thing and I only intended to make a single deposist anyway. I got an email soon after the deposit arrived, the same day I made the deposit.

SeeMe

25_Years_On wrote: »

I didn't see the 14 day thing and I only intended to make a single deposist anyway. I got an email soon after the deposit arrived, the same day I made the deposit.

Ok thanks.

SeeMe

I can add a few deposits during the 14 day period, confirmed by phone.


Reading the jargon below, not too sure what this bit means.



"you can only make deposits into the Account for up to 14 days,
beginning on the day you apply for your Fixed Rate Bond provided the product has
not been closed to new deposits."