Charter Bank savings rates, am I missing something?

Biggus_Dickus

Stuart_T said:

I too shifted a significant sum from NS&I via my bank to Raisin for the Charter Saving Bank 2 year 1.31% rate only to be declined last night. 

Yes, their Web site seems to make no mention of this rate. I suspect they have been adequatly funded and have withdrawn the deal.

Using Googles cached information just now:  ( I am a neebie and I am not allowed to post links!  Remove the spaces)

h t t p s :   //webcache.googleusercontent.com/search?q=cache:1b64qIaOy24J:https://www.chartersavingsbank.co.uk/+&cd=1&hl=en&ct=clnk&gl=uk&client=firefox-b-d

It refers to Fixed deals so it looks like they have recently withdrawn the offer.

Stuart

Gatehouse bank 2 yr fixed still open.....1.36% Expected profit rate(Sharia)

sweetsand

eskbanker said:

sweetsand said:

eskbanker said:

sweetsand said:

I am aware the the financial protection but the last thing you want is to having to use that scheme.

Why?  If you're looking at fixed rate/term money that's obviously not needed in a hurry then what's the problem with FSCS taking a week to return your money (automatically, no need to claim) if an institution goes pop?

Are you saying if bank, saving org X went belly up, i would get my up to the max limit covered by the compensation scheme back within a week??
Years ago our stock broker, non advisory went belly up, about 5 yrs ago i think and it took a good few months for another broker to take over the failed co and us to get our cash and shares back/access.
Please confirm that you are saying a failed bank means you get you money back in a "week"!
Thanks

https://www.fscs.org.uk/what-we-cover/banks-building-societies/

You don’t need to do anything – FSCS will compensate you automatically.

[...]

How long will a claim against a failed bank or building society take?

7 days

FSCS aims to pay compensation within seven days of a bank or building society failing. More complex cases will take longer.

It's an entirely different story when investment firms fail so don't be influenced by timescales applying to them....

Many thanks but could you please give me an exmaple of a failed bank, saving org where savers go access to their money in a week or so.
I accpet that investment firms are different but we had cash with the brooker and it was non advisory and share certs were eltronic but it still took a good half year plus.
Thanks

sweetsand

Aged said:

Charter had better rates during the week but they were quickly snapped up. By the time I'd managed to get my cash from NS&I they had gone. I ended up going with Kent Reliance.

Many thanks for that, I will keep checking but we do not and never have tied up money for more than a year even though we've had x amounts set aside its just how we are.
Thank you.

eskbanker

sweetsand said:

Many thanks but could you please give me an exmaple of a failed bank, saving org where savers go access to their money in a week or so.

No, I couldn't, as I'm not aware of any recent failures off the top of my head - I could go searching but so could you if you want to find one!

sweetsand said:
I accpet that investment firms are different but we had cash with the brooker and it was non advisory and share certs were eltronic but it still took a good half year plus.

As I said, the process for recovering failed investment firms is different and isn't a realistic benchmark for banks and building societies.

It's also important to understand that FSCS timescales have been brought down from where they were years ago....

Oscar2020

As The Philanthropist don't you know? I'd suggest going on Martin Lewis show this coming Thursday and asking The Expert.

NottinghamKnight

I'd like to know why sweetsand considers themselves to be The Philanthropist.
Historically I think it has typically taken a few weeks to sort out fscs cover on bank accounts, such as kaupthing and icesave for example. I remember having money in Kaupthing and whilst it took some time to sort out and the account to be taken over by ING interest was paid throughout.

sweetsand

eskbanker said:

sweetsand said:

Many thanks but could you please give me an exmaple of a failed bank, saving org where savers go access to their money in a week or so.

No, I couldn't, as I'm not aware of any recent failures off the top of my head - I could go searching but so could you if you want to find one!

sweetsand said:
I accpet that investment firms are different but we had cash with the brooker and it was non advisory and share certs were eltronic but it still took a good half year plus.

As I said, the process for recovering failed investment firms is different and isn't a realistic benchmark for banks and building societies.

It's also important to understand that FSCS timescales have been brought down from where they were years ago....

Many thanks.
I have searched Google and failed to find a failed bank and or a saving org that went belly up and savers got access to their money in a "week" as you stated.
I have agreed what you have said about investments but will disagree with your statment that failed banks/etc when they crash one can get their money back in a week as you put it.
Thanks in advance.

George_Michael

sweetsand said:

I have agreed what you have said about investments but will disagree with your statment that failed banks/etc when they crash one can get their money back in a week as you put it.
Thanks in advance.

Disagree all you like but that doesn't make it any the less true.
Dial-a cab credit union failed on the 4th September 2018 and all eligible savers had their FSCS payouts within 7 days of this date.
https://www.fscs.org.uk/globalassets/annual-reports-and-class-statements/fscs-annual-report-and-accounts-2018-19.pdf

When the London-based Dial-A-Cab Credit Union (DACCU) failed on 4 September 2018, FSCS took immediate action to ensure a successful outcome for its customers. 
Although DACCU had only approximately 1,200 customers, its deposit balance totalled £22m. As the DACCU group also included a separate credit union, Harp, we had to deal with two failures on the same day and had two sets of customers to compensate. Good planning and execution was therefore crucial if we were to return customers’ balances within our seven-day target. 

Despite these challenges, customers were paid within seven days. We also paid our first THB claim, demonstrating that our processes for assessing these worked successfully

The same happened with the Rainbow credit union in 2009:
https://www.fscs.org.uk/globalassets/publications/in-brief-v10.pdf

sweetsand said:

Many thanks.
I have searched Google and failed to find a failed bank and or a saving org that went belly up and savers got access to their money in a "week" as you stated.

Maybe you need to improve your Googling skills.

eskbanker

sweetsand said:

eskbanker said:

sweetsand said:

Many thanks but could you please give me an exmaple of a failed bank, saving org where savers go access to their money in a week or so.

No, I couldn't, as I'm not aware of any recent failures off the top of my head - I could go searching but so could you if you want to find one!

sweetsand said:
I accpet that investment firms are different but we had cash with the brooker and it was non advisory and share certs were eltronic but it still took a good half year plus.

As I said, the process for recovering failed investment firms is different and isn't a realistic benchmark for banks and building societies.

It's also important to understand that FSCS timescales have been brought down from where they were years ago....

Many thanks.
I have searched Google and failed to find a failed bank and or a saving org that went belly up and savers got access to their money in a "week" as you stated.
I have agreed what you have said about investments but will disagree with your statment that failed banks/etc when they crash one can get their money back in a week as you put it.
Thanks in advance.

As above, someone with better researching skills than yours has answered this, but just to be clear, at no point did I say that savers with failed banks had been compensated by FSCS within seven days, the point was that this is the SLA that FSCS now publish, which, as above, is a week rather than a "week".  Historically (and certainly 10+ years ago for the old examples mentioned earlier) their target timescale was longer than this but they were forced to commit to faster turnarounds by the PSR....

sweetsand

eskbanker said:

sweetsand said:

eskbanker said:

sweetsand said:

Many thanks but could you please give me an exmaple of a failed bank, saving org where savers go access to their money in a week or so.

No, I couldn't, as I'm not aware of any recent failures off the top of my head - I could go searching but so could you if you want to find one!

sweetsand said:
I accpet that investment firms are different but we had cash with the brooker and it was non advisory and share certs were eltronic but it still took a good half year plus.

As I said, the process for recovering failed investment firms is different and isn't a realistic benchmark for banks and building societies.

It's also important to understand that FSCS timescales have been brought down from where they were years ago....

Many thanks.
I have searched Google and failed to find a failed bank and or a saving org that went belly up and savers got access to their money in a "week" as you stated.
I have agreed what you have said about investments but will disagree with your statment that failed banks/etc when they crash one can get their money back in a week as you put it.
Thanks in advance.

As above, someone with better researching skills than yours has answered this, but just to be clear, at no point did I say that savers with failed banks had been compensated by FSCS within seven days, the point was that this is the SLA that FSCS now publish, which, as above, is a week rather than a "week".  Historically (and certainly 10+ years ago for the old examples mentioned earlier) their target timescale was longer than this but they were forced to commit to faster turnarounds by the PSR....

You did imply that as my question was about banks, saving orgs going belly up and having to wait months for my money.

As I'm talking about the present time and our money being tied up for months about 4/5 years ago, are there any saving orgs that paid up, savers go access to their savings 4/5 years?
We took out a fixed rate saving some years ago, great rate with a notice period and loss of interest, it was much talked a bank in iceland and it was bigged up on all saving forums - we moved out in time and if I recall correctly, people had to wait a long long time for their cash even though it was protected - I'm not sure if it was the FSCS or the iceland gov but we would not have saved without the protection.