The Top Fixed Interest Savings Discussion Area

gele

My OH had the same email after opening the account on Monday. Just this evening he received a text saying,
  'just to remind you we still haven't received your initial deposit'   
They're keen I'll give them that.

MikeJXE

It's confusing as I have just opened an account 

The terms say you have 14 days to fund it but further long the line it says 30 days 

Copied and pasted 

2 You have 14 Calendar Days from your Account being opened to make your Initial Deposit and any subsequent deposits into your Recognise Savings Account. If the Initial Deposit is credited within the 30 Calendar Days, you will get the rate which applied at the time your Account was opened or, if the rate has increased, the higher rate. If your Initial Deposit has not been received within 30 Calendar Days of your Account being opened, we may close your account.

So which is it ?

BooJewels

Fixes usually have 2 funding periods - the first one is the deadline by which to make your initial deposit and a second funding window to top it up to your final intended balance - understanding that you'll perhaps want to deposit more in total than bank transfer limits would allow in one transaction. 

So I read that as 14 days to make your initial deposit, then a further 16 days, totalling 30 days, to top it up, after which it will be closed to further deposits.  It's badly worded though.

gele

That would make sense. OH can make initial deposit within 14 days but could also make use of a 30 day window to add extra. I think it might need a phone call or message for clarification. 

Barkin

BooJewels said:

So I read that as 14 days to make your initial deposit, then a further 16 days, totalling 30 days, to top it up, after which it will be closed to further deposits. 

Could well be what's intended, but it sure ain't what it says. 

 It's badly worded though.

Isn't it just. 

          

MikeJXE

But read the last sentence 

If your Initial Deposit has not been received within 30  Days of your Account being opened, we may close your account.

That gives the impression you have 30 days to make a initial deposit

Who writes this stuff ? 

BooJewels

What it should say is that if no funds have been deposited in your account after 30 days and it has a zero balance at that point, it will be closed.  It is very poorly worded.

I queried some wording in another fix T&C and made similar comments here a few weeks ago - their wording - for documents that are contractually binding in financial arrangements, where in some cases, the balances can be up to a couple of million - is really sloppy.  I wish I could say that it was an isolated incident, but even in my own very narrow field of experience, it just isn't.

intalex

Not sure if it also appears on the shorter terms, but on the 5-year fix, once you select "I will transfer funds from nominated account" during the opening steps, it has the following message too...

Please Note: You have selected to send your deposit to us from your nominated account, you must do this in the next 5 days.

So it's 3 different timescales specified at different points: 5 days, 14 days, 30 days

EDIT: Seems like it used to be a 30-day deposit window and has been changed to a 14-day deposit window at some point this week (presumably for newly opened accounts).

minority

Not sure if this is the best place but didn't see point in opening another thread.

I have max out my isa this year and still have more money to put somewhere.

It in the 30k+ mark and I am just wondering where the highest interest I can get but also does the bank take the tax I am due the goverment or do I have to do a self assessment.  I am on the higher tax bracket so I believe I get a low £500 profit on this.

Hate self assessment finally stop having to do them and dread having do it again lol.

Guess another question if it Joint account does it have the higher tax person limit or person on 20% bracket?

ColdIron

minority said:

I am on the higher tax bracket so I believe I get a low £500 profit on this.

How about a pension contribution? Instead of paying tax you would get a tax rebate of tax already paid and may even  put you back to basic rate. A no brainer for many