UBL bank

Glynn_Fletcher

Martin’s savings site recommends UBL bank for Fixed Term Savings. Is anyone else having trouble with them or is it only me?

eskbanker

Glynn_Fletcher said:

Martin’s savings site recommends UBL bank for Fixed Term Savings. Is anyone else having trouble with them or is it only me?

This site doesn't recommend savings providers as such, it just lists best rates, hence the caveat at the foot of each page:

This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.

If you say what sort of 'trouble' you're having, you might find that other posters are able to comment on similar experiences.

Glynn_Fletcher

Hi, The trouble is....
I opened a fixed term a/c with UBL. when I transferred money into the account my bank (Barclays) said they couldn't guarantee it being secure or something like that. I only transferred £500 instead of a lot more as I was going to. After 4 days (inc Sat and Sun) I have no money credited to my account when viewed online. Their helpline said it could take up to  4 working days, Should I be worried????
Glynn
 

colsten

Glynn_Fletcher said:

Hi, The trouble is....
I opened a fixed term a/c with UBL. when I transferred money into the account my bank (Barclays) said they couldn't guarantee it being secure or something like that. I only transferred £500 instead of a lot more as I was going to. After 4 days (inc Sat and Sun) I have no money credited to my account when viewed online. Their helpline said it could take up to  4 working days, Should I be worried????
Glynn
 

If you have used the exact sort code, account number and Reference which UBL gave you, you have nothing to worry about.

Though you may not be able to add any more money as some banks only allow a single payment into a fixed rate bond. Without knowing which UBL account you have, I can't check the T&Cs but you should be able to do this yourself.

dunstonh

when I transferred money into the account my bank (Barclays) said they couldn't guarantee it being secure or something like that.

You appear to be referring to the name check on bank transfers.  That system is a good thing but with businesses it can throw up false positive warnings.  I had one the other day that failed when I typed business name Ltd but passed when I changed it to business name limited.   It is not currently clever enough to catch variations or account name abbreviations.

 I only transferred £500 instead of a lot more as I was going to. After 4 days (inc Sat and Sun) I have no money credited to my account when viewed online. Their helpline said it could take up to  4 working days, Should I be worried????

You haven't given it 4 working days yet.  Sat and Sun are not working days.

polymaff

UBL are eccentric - but they've never rooked me.

One odd aspect of their behaviour is that - at least for fixed term investments - you only appear to have one account with them - a bit of a nuisance when you only get a single figure for interest paid reported in your Tax Certificate - which is the sum of all of the interest paid on what one might regard (different terms, dates - and interest rates) as different investments. Bear this in mind if you intend to spread payments in over a few days -  the maturity dates will also spread.  Another is that they don't stick to the same day of the month for monthly interest payments - even when that day is a working day - and they pay the interest at about 3pm rather than 00:01.

So, calendar-wise, not really house-trained, but that's also the case with some more main-line institutions, too. ... .

banthecar

i have a 5 year fixed isa with UBL and their customer service is awful. i opened the account with £3500 and then wanted to make regular payments in to the account so i tried to deposit £10 as a test and it didnt go in the account so i sent numerous electronic messages via their app and then emails to no response, then i actually sent a hand written letter because i didnt want to spend all day on the phone. finally i had to ring them and after waiting for ages was told you couldnt make any more deposits that year after your initial deposit - how are you meant to save in this account ? they are to ring me back about my missing tenner, im not hopeful

eskbanker

banthecar said:

i have a 5 year fixed isa with UBL and their customer service is awful. i opened the account with £3500 and then wanted to make regular payments in to the account so i tried to deposit £10 as a test and it didnt go in the account so i sent numerous electronic messages via their app and then emails to no response, then i actually sent a hand written letter because i didnt want to spend all day on the phone. finally i had to ring them and after waiting for ages was told you couldnt make any more deposits that year after your initial deposit - how are you meant to save in this account ? they are to ring me back about my missing tenner, im not hopeful

Duplicate post, answered at https://forums.moneysavingexpert.com/discussion/comment/79009542/#Comment_79009542