Habib Bank Zurich Plc

Jordan18

Hi Martin, From you site I opened an account with the Habib Bank Zurich Plc with a fixed rate of 1.55% for 12 Months. The account I opened was an e-account and I deposited GBP 14,000 into the account on Friday. I eventually managed to get through to them this morning to enquire if my money had been deposited which they said would happen today. The explained that I could not get access to this account through the net and that they would send me a certificate explaining that my money had been invested. I have never been involved with this type of account and was therefore considering cancelling my account? Is this type of account safe and should I be worried? Look forward to your answers,

Best regards

Derek Wood

Albermarle

This is a forum on the MSE website . It is not a direct contact with Martin.
There have been other threads about this bank . Here is a link to ne and within that thread is a link to another.
https://forums.moneysavingexpert.com/discussion/6137589/habibbank-1-year-fixed-no-confirmation-of-deposit#latest
In summary your money is safe but the banks systems/website seem  a bit archaic. 

SFindlay

Jordan18 said:

Hi Martin, From you site I opened an account with the Habib Bank Zurich Plc with a fixed rate of 1.55% for 12 Months. The account I opened was an e-account and I deposited GBP 14,000 into the account on Friday. I eventually managed to get through to them this morning to enquire if my money had been deposited which they said would happen today. The explained that I could not get access to this account through the net and that they would send me a certificate explaining that my money had been invested. I have never been involved with this type of account and was therefore considering cancelling my account? Is this type of account safe and should I be worried? Look forward to your answers,

Best regards

Derek Wood

The terms and conditions of account clearly state that a certificate detailing investment would be posted, this account cannot be managed online and instructions would need to be given in writing. 
Is it any wonder people get caught out with scams as the majority of people don't seem to read any T&C or product details and just hand their money over!! 

colsten

Scary, isn't it.

eskbanker

SFindlay said:

Jordan18 said:

Hi Martin, From you site I opened an account with the Habib Bank Zurich Plc with a fixed rate of 1.55% for 12 Months. The account I opened was an e-account and I deposited GBP 14,000 into the account on Friday. I eventually managed to get through to them this morning to enquire if my money had been deposited which they said would happen today. The explained that I could not get access to this account through the net and that they would send me a certificate explaining that my money had been invested. I have never been involved with this type of account and was therefore considering cancelling my account? Is this type of account safe and should I be worried? Look forward to your answers,

Best regards

Derek Wood

The terms and conditions of account clearly state that a certificate detailing investment would be posted, this account cannot be managed online and instructions would need to be given in writing. 
Is it any wonder people get caught out with scams as the majority of people don't seem to read any T&C or product details and just hand their money over!! 

While this account is a bit unconventional, it does also beg the question of exactly what online management/access people have in mind, for an account that, once funded during the brief initial deposit period, can't be touched for the duration of the fixed term....

Albermarle

While this account is a bit unconventional, it does also beg the question of exactly what online management/access people have in mind, for an account that, once funded during the brief initial deposit period, can't be touched for the duration of the fixed term....

It's a good point but I think you just get used to instant on line access nowadays . Also it is reassuring if you pay in funds and get an confirmatory e mail a few hours later and can see it in your account .

htuol8

I've found this strange as well but the way their email reads they do seem a little 'Old Fashioned'.  I was concerned about transferring a large sum especially as my associated bank transfer system did not recognize Habib Bank under their 'Name Match' system.  I did check out the Habib Bank sort code on the Barclays Bank Sort Code Checker and it did bring them up.
I replied to their initial email telling them my concern and they told me to transfer a nominal amount first.  I did this but like the rest of you I was expecting to see this on line before I transferred the balance.  I then assumed that they would email or write to me with details of how to access the account!  I just happened to see this forum when I searched the bank again before sending another email.  I think I will now ask for a certificate for my initial deposit before transferring the rest.

Kalashnikov

I also signed up for thee 1.55% account. After going through the application process and user experieince...i ran a mile

and deposited a big fat ZERO... 

90's IT, Processes  and WEBSITE...

gesdt50

Have  nothing but a horrible experience with this crowd, have been trying for almost a month to put more money into the account & have read the T&C's and FAQ - they are an absolute nightmare to deal with, of course the great scapegoat for all and any company now is to blame Corona virus - if there electronic and online based banking then there should be very little to no person to person physically needed. 
Terrible experience with them & can't wait for my Fixed term for the small amount I've invested with them to end so I will never have to deal with this rotten lot ever again.