Charter Savings Bank

GenghisKhan

I have already filled a Marcus account and now want to get a better rate than the 1% my Ulster savings account is paying. I therefore signed up for the 1.4% offer from Charter Savings Account. When i received the paperwork I note that you don't have your own unique account number. Instead you transfer to what looks like a 'common' account number where you then use a unique reference number to identify who it's from. Does anybody know if there are downsides to this?

eskbanker

GenghisKhan wrote: »

I have already filled a Marcus account

Up to the £250K account limit or 'just' the FSCS £85K? Either way, if you have significant further savings, do you need so much to be in cash form?

GenghisKhan wrote: »

When i received the paperwork I note that you don't have your own unique account number. Instead you transfer to what looks like a 'common' account number where you then use a unique reference number to identify who it's from. Does anybody know if there are downsides to this?

You do have a unique account number, but it's not one that can be paired with a sort code and used for a direct bank transfer. This isn't an uncommon mechanism for providers who aren't clearing banks though, and I've had no issue with it....

quirkydeptless

I find that when I pay into my Tesco Saver 1.4% from my bank by faster payments, it gets there within a couple of hours, but to my Charter 1.4% account it gets there the next day.

I expect coming the other way would take an extra day too.

Not sure what happens to my interest in the 1 day of limbo land.

Malchester

Yes. Paying into, and out of Charter accounts take longer than Tesco, Nationwide etc. But that is not unusual as it is the same, in my experience, with Paragon, Aldermore, Shawbrook etc. However, have several accounts with Charter and have found them excellent, as I have Marcus (where transfer was almost instant)

GenghisKhan

eskbanker wrote: »

Up to the £250K account limit or 'just' the FSCS £85K? Either way, if you have significant further savings, do you need so much to be in cash form?

Just up to £85k per bank + some NS&I ILSC's. Have a large chunk of cash set aside for a home purchase in the next 6-12 months.

eskbanker wrote: »

You do have a unique account number, but it's not one that can be paired with a sort code and used for a direct bank transfer. This isn't an uncommon mechanism for providers who aren't clearing banks though, and I've had no issue with it....

Thanks for clarifying.

GenghisKhan

Malchester wrote: »

Yes. Paying into, and out of Charter accounts take longer than Tesco, Nationwide etc. But that is not unusual as it is the same, in my experience, with Paragon, Aldermore, Shawbrook etc. However, have several accounts with Charter and have found them excellent, as I have Marcus (where transfer was almost instant)

Thanks for flagging up the delay issue @Malchester and @johnhickmanuk. I've made a test £1,000 transfer so we'll see how long it takes.