Vanquis bank savings ltd sort code

wmb194

SeeMe said:

wmb194 said:

slam555 said:

I read on one of Vanquis' review a concern from a saver about their account. This person said he/she could not access their account and is worried about their savings. Has anyone else heard anything similar?

I can log into my account as usual and everything looks normal. Probably someone who’s jittery because they’ve locked themselves out of internet banking for a day. Even if Vanquis’ parent, Provident Financial, went bust as long as your deposit is within the FSCS coverage why would you worry anyway?

I am also thinking of vanquis as an option, i normally stick with the bigger better known players, so would be good to hear any recent reviews of Vanquis bank.

Apart from a single quibble, my experience with it has been perfectly fine. I have a 3% five year bond, due to mature in June, which pays interest monthly. I opened it by post with a cheque and it was open and the money transferred in three working days. Its internet banking is basic but functional. My only quibble so far is that the monthly interest is transferred to my nominated account on a Bacs + 1 timescale, so if the interest is shown as credited on Monday it won’t be in my account until Thursday. These days most other banks will send same day or next day via faster payments or at least initiate a Bacs transfer on the same day the interest is added. 

Ricardodo

I need to protect the savings from a house sale (c.£400k) to cover my mother’s care home expenses. Should I break this down across 5 different banks or is somewhere like Vanquis a safe haven for the whole sum  in present circumstances?

colsten

Albermarle said:

colsten said:

It's rare to find good reviews on Trustpilot because people are very quick with moaning, complaining and ranting, and not so quick to write a positive, or even a neutral review.

Normally you are right but it is not always the case . Here are two for other challenger banks
https://uk.trustpilot.com/review/www.aldermore.co.uk
https://uk.trustpilot.com/review/chartersavingsbank.co.uk?page=4

That makes a refreshing change

colsten

Ricardodo said:

I need to protect the savings from a house sale (c.£400k) to cover my mother’s care home expenses. Should I break this down across 5 different banks or is somewhere like Vanquis a safe haven for the whole sum  in present circumstances?

You should never have more than £85k (£170k for joint accounts) in the same financial institution (unless it's for a property purchase in the next 6 months, which by the sounds of it your mother's money isn't for)

soulsaver

colsten said:

Ricardodo said:

I need to protect the savings from a house sale (c.£400k) to cover my mother’s care home expenses. Should I break this down across 5 different banks or is somewhere like Vanquis a safe haven for the whole sum  in present circumstances?

You should never have more than £85k (£170k for joint accounts) in the same financial institution (unless it's for a property purchase in the next 6 months, which by the sounds of it your mother's money isn't for)

Except NS&I - you can keep it all 100% safe (Guaranteed by HM Gov) while you sort out your options.. and earn 1% atm.
https://www.nsandi.com/direct-saver
I'd use Vanquis.. but only under the FSCS limit - part of Provident Finance which has been vulnerable of late.

Speculator

Looked at Vanquis for a 5 yr bond but RCI bank recently launched a 1.90% 5 yr bond so went with them.
Opened with zero and I have 14 days to fund it as many times as I like.

michaelahutchinson

Have had no problem opening a 5 yr bond with Vanquis but also have been unable to access the account and I'm pretty sure all the details were correct. The 2 day promised email response is now overdue so maybe I will look at RCI - interesting that they are going higher in the current climate.

James_smith_2007

Thanks guys for your replies.

It seems as others have said Vanquis use Barclays as the holding account.

The transfer went through successfully, and I can log on to my account without any issues.

wildfirejc

I was interested in putting some money into RCI Bank - but I looked at their Companies House history - prior to 2018, they were a dormant company with only £1 share capital. Then in 2019, they received a huge shares transfer from RCI Financials Ltd which is probably their holding company....and then again, looking into detail at RCI Financials, they had funds from Renault Cars huge charges in 2015 and 2016. It all goes to show how companies duck and dive...worrying to say the least. Also wasn't there some rumour that Renault isn't doing very well? Might all collapse like a house of cards...in the current crisis as well....The old saying goes, if something looks too good to be true - and why would RCI Bank offer an interest rate higher than other banks? Only reason - they need our money to prop them up, no? DO enlighten me - I might be talking a lot of bull...and being paranoid - blame it on the lockdown...

Albermarle

and why would RCI Bank offer an interest rate higher than other banks? Only reason - they need our money to prop them up, no?

All the so called challenger banks offer better rates than the better known high st banks . The latter offer poor rates because they can get away with it and they have access to different funding lines.