The Top Fixed Interest Savings Discussion Area

puzl

Hey all, I just logged into my Streambank 1 year fixed rate account, which I opened 10/05/2023 as I haven't seen any interest from it yet. It says "Next Interest Due Date 31/07/2023" which is 10 weeks after I first opened the account. Is this normal with Streambank? I applied for monthly interest assuming that it'd be paid on the anniversary date (10th) of when it was funded, but 10 weeks before a single payment is sloooooooooow. My other bonds/easy access accounts paid monthly aren't like this at all.

SAC2334

Atom Bank failed to verify me  when trying to open their 6 month Fixed account which came as a surprise as all the ID checks appeared ok.
.Thats a first for me , as with all the   applications over  the last 12 monhs including at least 6 banks all opened with no problems  . My credit score is ok last time I checked, not brilliant because I ve never had a mortgage and tend never to borrow but was under 600 on the last check .
.Is it possible that opening 6 different banks offering cash incentives over a 3 month period earlier this year has played a part in being rejected ?  
Atom Bank don t  reveal why. 

pecunianonolet

Only soft check for identity/address verification for saving accounts but an excessive number of new accounts could be an issue. Check your files if anything looks unusual. Also, the 600 number is meaningless. The actual data in the credit file is relevant, not a fabricated number by the CRA. Maybe ask Atom if they can suggest an alternative way of verification.

SAC2334

pecunianonolet said:

Only soft check for identity/address verification for saving accounts but an excessive number of new accounts could be an issue. Check your files if anything looks unusual. Also, the 600 number is meaningless. The actual data in the credit file is relevant, not a fabricated number by the CRA. Maybe ask Atom if they can suggest an alternative way of verification.

Took your advice and got in touch with them..They said can t help because it's all done by their credit reference agency TransUnion...Checked TransUnion..credit score 620 and given an excellent chance of being accepted .nothing untoward on my file against me ..still baffled ..ah well there's always another savings bank to try. 

InvesterJones

Some fixed savers, like Ford, allow you to switch between annual and monthly interest - does anyone know what happens to accrued interest if you switch before the annual payment?

pecunianonolet

SAC2334 said:

pecunianonolet said:

Only soft check for identity/address verification for saving accounts but an excessive number of new accounts could be an issue. Check your files if anything looks unusual. Also, the 600 number is meaningless. The actual data in the credit file is relevant, not a fabricated number by the CRA. Maybe ask Atom if they can suggest an alternative way of verification.

Took your advice and got in touch with them..They said can t help because it's all done by their credit reference agency TransUnion...Checked TransUnion..credit score 620 and given an excellent chance of being accepted .nothing untoward on my file against me ..still baffled ..ah well there's always another savings bank to try. 

Guess there isn't much more you can do. Just go through your credit file line by line. Are all address details are correct, any Cifas, defaults, credit card repayments all on track, etc. not sure, but if you have been moving man times recently, that could be a warning or indeed the number of accounts you opened and if you got a bunch of hard searches in a short period. Also, not all data is reported instantly to CRA so maybe monitor what's going on and maybe try again in a few weeks time. 

You could complain to Atom but not sure if this would help in any way so maybe move on and give it a bit time so things can improve. You can always post in a specific sub in the forum and CRA experts here can give more tailored advise.

Steve_xx

Castle Trust Bank - I opened one of their 1 year fixed rate bonds paying 6.2% earlier in the month. Today I  received an email from them, telling me that I have now benefitted from their 'Best Rate Promise' and that an increase in interest rate has been applied to my account. Logging into it I'm horrified to see that the rate applied is 5.98%. Naturally I  have messaged them, asking for an explanation. Others may have also received such a message from Castle Trust?

jordan8693

Steve_xx said:

Castle Trust Bank - I opened one of their 1 year fixed rate bonds paying 6.2% earlier in the month. Today I  received an email from them, telling me that I have now benefitted from their 'Best Rate Promise' and that an increase in interest rate has been applied to my account. Logging into it I'm horrified to see that the rate applied is 5.98%. Naturally I  have messaged them, asking for an explanation. Others may have also received such a message from Castle Trust?

I had the same email and mine has also gone down from 6.2% to 5.98%.

quirkydeptless

jordan8693 said:

Steve_xx said:

Castle Trust Bank - I opened one of their 1 year fixed rate bonds paying 6.2% earlier in the month. Today I  received an email from them, telling me that I have now benefitted from their 'Best Rate Promise' and that an increase in interest rate has been applied to my account. Logging into it I'm horrified to see that the rate applied is 5.98%. Naturally I  have messaged them, asking for an explanation. Others may have also received such a message from Castle Trust?

I had the same email and mine has also gone down from 6.2% to 5.98%.

"Oh, but we kept to our promise and put you on the 'best' rate"

Rollinghome

Steve_xx said:

Castle Trust Bank - I opened one of their 1 year fixed rate bonds paying 6.2% earlier in the month. Today I  received an email from them, telling me that I have now benefitted from their 'Best Rate Promise' and that an increase in interest rate has been applied to my account. Logging into it I'm horrified to see that the rate applied is 5.98%. Naturally I  have messaged them, asking for an explanation. Others may have also received such a message from Castle Trust?

I tried phoning, but they had a queue of 39.  I assume other irritated savers, waiting to complain.  So I've messaged them.