RCI Bank

Kart13

I recently applied to join RCI Bank via moneysavingsexpert link.  I wanted to know if anyone else had experienced problems.  I have had a dreadful experience, not answering calls, not answering any of my emails.

colsten

Aside from it taking over a week to get online access, I find RCI excellent. I have not had any need to call or email them. What are your questions? Perhaps someone on here can point you in the right direction.

Kart13

Since applying they have been very slow to post me my new account paperwork/ log in details.  It arrived in dribs and drabs.   I tried to add funds but they returned it saying that it was not my nominated account. I attempted to amend online,  but had to wait for a new authentication code to be posted out,  when I tried to enter it I found they had totally closed down my account, because it had gone over 14 days since applying?  Sent them numerous emails (non of which were answered) Spent hours holding on the phone  trying to explain the delay was not my fault  it was their processes and the delays in the post.  I asked why they could not email codes or use secure messages  in order to speed up the process.  I  wasted hours of my valuable time trying to open this account,   now I am worried where my ID had gone.  Sorry but sadly my experience had not been as good as yours.   

kuratowski

So your query is whether anyone else had problems opening or operating the account?  No, I had a smooth experience, same as Colsten.  When I opened the account the message was very clear that you can only pay in from your linked account.

Kart13

Thanks,  my sadly my experience has been much different to yours.  I was mid changing banks and their systems don't allow you to amend on line ( it should as easy as changing your address)  I had to wait until the new paperwork and code arrived ( all delayed due to Corona, VE day and the May Bank holidays).  Again not my fault, they closed the account anyway.  They said I would have to reapply,  I was told  I would not get the same rate as previously offered via the MSE link? 
Anyone thinking of applylng be aware you only have 14 days FROM APPLYING  to get everything in place.  If there is any delay,  even if it's not you fault they have no flexibility and customer service is non existent at this time.  I am glad I found out before my funds transferred.

Speculator

No problem for me. Managed to open their 1.9% five year fix (now 1.8%).
Only problem was Santander (my linked a/c) when they block my online access due to too many transfers to RCI.

colsten

I did apply in the midst of lockdown. It took roughly a week for the online access to be established, and then another couple of days for the confirmation code for the linked account to arrive. I have extensive experience in opening accounts, incl. first accounts with new providers, and I would say there is nothing unusual about RCI, and lockdown didn't seem to interfere much.

As per the RCI T&Cs, you can change your linked account at any time in internet banking but obviously you will have to verify any new account with a code that's posted to you, for obvious security reasons. They also make it clear that  it can take around three working days for the new account to become active. Also, you can't blame RCI for complications introduced by yourself - it was your decision to change banks in the midst of setting up a savings account with a new provider.

The lower interest rate is something you would have got on your original account, too, as RCI reduced the rate for existing customers, too. 

Bottom line, I think your expectations about opening an account with a new provider are simply too high. The good news is that if you are unhappy with one provider, you are free to try your luck with others.

Kart13

Thanks, a few people on here seem to have been treated OK and the joining process went ok.   
However, just been on Trust Pilot and found quite a few others with similar problems to me and suffered a bad experiences. Just wish I had read their reviews before applying.
 

colsten

Trustpilot is known to attract disgruntled people. Good luck if you go by their reports.

Kart13

Glad I did not invest with RCI, worst all round experience ever. 
Good luck in if you need to get in contact with them via phone or email in the future.....they Just don't answer.  

Growingold

Just want to say that I've been banking with RCI for several years and have found them nothing but efficient.  Opening a new account online is effortless.  Thanks to someone who posted recently I now know you can set up several future dated payments something which you can't do with a lot of other providers.  I for one will be staying with them as long as they offer competitive rates as I'm sure many other people will.  
Obviously if you're a brand new customer they need to send you several documents through the post to enable online access.  For security reasons these are sent out separately.  I'm sure however you can still pay into your new account as they give you the details at the time of opening.