Union bank of India - 3.2% 1 year fix

ColdIron

poppy10_2 said:

wmb194 said:

Olinda99 said:

One newspaper money section reaction:

"'I think the pricing is a mistake by Union Bank and therefore I expect those rates will be gone very soon – probably by the end of this week,' said Blower.

There was no need to price so far above existing competitors, therefore, I don't think we will see a reaction to it and most competitors will sit and wait for them to drop their rates."

Probably because it needs deposits fast. It appears to be a bit of a small operation.  If you look at its latest results posted to Companies House you'll see that it relies almost completely on customer deposits for funding.

https://find-and-update.company-information.service.gov.uk/company/07653660/filing-history

Union Bank of India is one of the biggest banks in India.

Not sure if Union Bank of India (UK) is a legit sub-operation

Yes it is

• The bank itself is a wholly owned subsidiary of Union Bank of India, one of the largest and leading public sector banks in India.

https://www.thisismoney.co.uk/money/saving/article-11091663/Union-Bank-India-UK-launches-one-year-savings-account-paying-3-2.html

wmb194

poppy10_2 said:

wmb194 said:

Olinda99 said:

One newspaper money section reaction:

"'I think the pricing is a mistake by Union Bank and therefore I expect those rates will be gone very soon – probably by the end of this week,' said Blower.

There was no need to price so far above existing competitors, therefore, I don't think we will see a reaction to it and most competitors will sit and wait for them to drop their rates."

Probably because it needs deposits fast. It appears to be a bit of a small operation.  If you look at its latest results posted to Companies House you'll see that it relies almost completely on customer deposits for funding.

https://find-and-update.company-information.service.gov.uk/company/07653660/filing-history

Union Bank of India is one of the biggest banks in India.

Not sure if Union Bank of India (UK) is a legit sub-operation

As ColdIron says, yes, it is. This doesn't mean that it isn't running a separate balance sheet, though.

Daliah

poppy10_2 said:

wmb194 said:

Olinda99 said:

One newspaper money section reaction:

"'I think the pricing is a mistake by Union Bank and therefore I expect those rates will be gone very soon – probably by the end of this week,' said Blower.

There was no need to price so far above existing competitors, therefore, I don't think we will see a reaction to it and most competitors will sit and wait for them to drop their rates."

Probably because it needs deposits fast. It appears to be a bit of a small operation.  If you look at its latest results posted to Companies House you'll see that it relies almost completely on customer deposits for funding.

https://find-and-update.company-information.service.gov.uk/company/07653660/filing-history

Union Bank of India is one of the biggest banks in India.

Not sure if Union Bank of India (UK) is a legit sub-operation

Why would it not be legit? Do you have reason to believe that their About Us page contains false information?

bristolleedsfan

They are not helping Bank checks to pass -  Account Name: Union Premier Bond

granta

I used Bank of Scotland to transfer my deposit and it went through without problem. I also called them and they picked up the phone quickly and were helpful.

gt94sss2

waryandscary said:

 Spoke to UBI who would only confirm that the sort code and account number were 'correct' but were otherwise not helpful.  They must be losing quite a lot of business. 

What do you expect UBI to do? Your issue is with the Halifax who I hope you lodged a complaint with

waryandscary

gt94sss2 said:

waryandscary said:

 Spoke to UBI who would only confirm that the sort code and account number were 'correct' but were otherwise not helpful.  They must be losing quite a lot of business. 

What do you expect UBI to do? Your issue is with the Halifax who I hope you lodged a complaint with

I agree, and we have.
My comment about UBI still stands however, as they didn't appear to understand the issue, even though it was not them.

gt94sss2

Now down to 2.85% for a 1 year bond