Zenith Savings - a few worrying things

chrisgeller

Hi,
I've applied for a 1year fix Zenith Savings account and have noticed a few worrying things. It's for the 1.53% rate.
I've received an email saying my application was accepted and that:
"The offered rate on your fixed deposit is valid for 14 calendar days from the date of your application, so a prompt transfer of funds is necessary to obtain the indicated rate. You have applied for"
However, this email came exactly 14 days after my application, so on the face of it I was already too late. So I reply to them at their email address, and got a message saying their email server was down. Just to repeat - a bank's email server was down.
My email has now gone through, and I've got an FAQ autoresponse saying

"Question: What time period do I have to fund my deposit?

Response: Your transfer must reach us within 14 calendar days from application approval date to qualify for the interest rate you have applied for."

So which is it, 14 from application or from approval. Are these guys amateurs?

masonic

Gatehouse is currently offering 1.5% for a 1 year fix. I've had no issues using them in the past.

Albermarle

Are these guys amateurs?

I guess just a bank with limited staff, now having to work from home with maybe poor IT .

Although on MSE , we are all OK to save with less well known banks , there is always a risk going with one of the newer/even less well known ones. 

margaretx9

Its the UK based arm of a Nigerian bank but as its website makes clear your deposits are FSCS protected.
So in theory litle or no risk - but some of us on here remember Dot Community credit union and its 3% ISA. People got their cash back - in the end. So just do your homework.