The Top Easy Access Savings Discussion Area

Koj

Anyone know how long investec take to open a new notice savings account

Reluctantpensioner

Experience of opening a Vanquis 1 year Account
As this has the best 1yr rate at the moment I thought I'd share my experiences with opening an account with Vanquis. There are a few challenges which I think would help others to know in advance.

1. The initial instructions say that you can only make one payment into the account (which is annoying as most banks have limits on a single transfer). This is not true as later, too late, you are told you can make multiple transfers within 30 days.
2. But, when you open the account you have to state how much you will be putting in and once that much is paid in, that's it. (So I am forced to open a second account to add now).
3. The creation sequence is a bit involved, you apply with one set of login credentials, get a reference number in one email, then you have an account authentication phase, then you have to wait for a letter (actually several letters). This took a while, and as by now you have possibly passed over a lot of money, stressful as it has left your bank but you can't confirm it's arrived anywhere for several days. 
   Then you enter information in the letters and finally you can log on to the account to check your balance. It is only at this point that you have the user ID for your account.
4. During password authentication and creation you are required to change your password - so don't be too attached to the one you start with. I may be wrong but it seemed to disallow non-alphanumerics which is odd.
   In fact I'm pretty sure that nothing you entered at the start of step 3 is used later!
   You are asked three, long, "answers to questions". You probably think these are unimportant and are the usual additional security for: "you have forgotten my password, who's your mother". No, chose carefully, you need these every time you log in! They are step three of the account login. Worse, you will be required to enter something like characters 4, 9 and 11 of your favourite dog! 
5. Bottom line, I found it pretty unwieldy (worst so far), and I think it's impossible to use the account without writing all the login information down. Which is hardly good security practice.
   But, its the best rate around and as its a 1 year I guess I won't do much with it until this time next year. Instant access I'd be more !!!!!!.
6. BTW, I think you will not have an individual bank account number, the account you transfer to is generic (hence the worry when you have sent, but can't yet see your balance).
   Fort this reason I fear that the revenue will have problems with tracking this account online. 

wmb194

@reluctantpensioner: Your point six is no different to any building society that uses a collection account. It’s not an issue. Your account has a reference number. The memorable data stuff is the same at quite a number of the smaller banks and BSs. 

Ken68

Same here Reluctant Pens.......they have my money, no acknowledgement though have set up an account where the number is different. Still have to wait for another letter to verify my nominated account. E-mailed but no answer yet. Maybe they're busy.
Though not Easy Access, the Top Savings list bought me here.

SFindlay

Koj said:

Anyone know how long investec take to open a new notice savings account

Set mine up one day, following day got emailed details to login online with temporary password, quick call to Investec to confirm set up and funded it that same day. 

soulsaver

Easy Access? 

Koj

SFindlay said:

Koj said:

Anyone know how long investec take to open a new notice savings account

Set mine up one day, following day got emailed details to login online with temporary password, quick call to Investec to confirm set up and funded it that same day. 

Mm applied last week got confirmation text to say it had been received but not heard anything since. Will email to see what is going on. 

typistretired

Logged into Post Office savings and noticed they have reduced all their savings rates by the BOE rate. Never received any notification by email or post

soulsaver

typistretired said:

Logged into Post Office savings and noticed they have reduced all their savings rates by the BOE rate. Never received any notification by email or post

Same here... both comments...
ETA PS Thanks - it's good to see a couple of on topic posts...

tg99

typistretired said:

Logged into Post Office savings and noticed they have reduced all their savings rates by the BOE rate. Never received any notification by email or post

I have several PO savings accounts and received an email notification about one of them but not the rest. I recall a while back that some banks’/BS’ terms and conditions said they only have to notify you of a rate cut if you had more than £100 in the account but not sure if this is still the case and / or if regulations have changed since. All my PO accounts have less than £100 though so this wouldn’t explain why I’ve only received selective notification.