Vanquis Savings Bank beware do not use

brickers911

Anyone had any experience with this bank, I recently transferred money from mine and my wifes santander cash isa accounts which were on a poor interest rate to a 1 year fixed account with Vanquis, I ran into trouble when I tried to transfer direct from my account. I later found out that the money didnt go through because it wasn't from the wife's nominated account and I was supposed to get all the money deposited within 5 days or they wouldn't accept it, this was not that clear when I started, annoying but hey ho. Whats really starting to bug me is i'm still waiting the return of one of the payments amounts of £10000.00 to my ISA account. The original payment was made to vanquis on the 6th May and I still haven't got it back. I called Vanquis (45min wait) and they told me it has been returned on the 6th May, I've tried calling Santander but cannot get through to them, just had to leave a message on their stupid bot chat. I have transferred money around before online and never had any issues till now so i'm regretting the whole debacle now, should have waited I suppose til this covid thing is over. I may try going to the branch tomorrow but i'm have expecting them to say they have not received it just call vanquis again, its a nightmare!

masonic

So did you make a direct transfer from an ISA in your name directly to a non-ISA fixed term savings account at Vanquis? It's unusual for an ISA provider to allow you to withdraw money to any account you specify. I could certainly envisage problems with a payment from a Vanquis suspense account direct to your Santander ISA as Santander would need to verify the money is your own money in compliance with HMRC ISA rules.

brickers911

You may be right but I thought a cash Isa gave you that flexibility, the only caveat is your only alowed to pay in 20k per tax year, i'm wondering if vanquis trying to send the money back breaches that rule, as it was £26k in total and so far i've only got 16 back, the 10k could be bouncing between the 2 banks. Never got time to get to Santander branch today to ask them.

masonic

Santander does not permit flexible withdrawals from its range of ISAs, so you are right, Santander cannot accept more than £20k paid into your ISA, so if £16k has already been paid in the £10k will be rejected.

Zanderman

So the message is not beware Vanquis but beware trying to carry out transactions that are not permitted under the terms of the account(s)?

brickers911

After my experience and reading others on this forum (wish i had done that first) i would not reccomend them

colsten

brickers911 said:

After my experience and reading others on this forum (wish i had done that first) i would not reccomend them

I am afraid, there is nothing in your posts that points to either Vanquis or Santander having made mistakes. Santander acted on your instructions. Vanquis were unable to carry out your instructions as you tried to do something that the T&Cs you had agreed to do not allow. As annoying as your problem is for you,  it‘s been created entirely by yourself. You and your wife will eventually get your money back. 

brickers911

I hate admitting it but technically you are right, sooo annoying though especially the 45 min wait for getting hold of Vanquis