Charter savings bank - lots of complaints

kassy64

As I mentioned earlier I sent a deposit from my nominated a/c at about 8am and received and email at just after 1pm saying it had been credited so about 5 hours between.

MiserlyMartin

Albermarle said:

Due to fast moving savings interest changes, after a long moribund period, there are more savers looking to change provider than usual. Some several times a year.

I'm chasing the top rate on a daily basis and moving money to whoever is paying the most.. If these banks were not so slow, taking a month + to pass on a rate change, and not passing it on in full either, upping it bit by bit then people would not have to keep moving money around to the top rate savings account of the day.

Albermarle

MiserlyMartin said:

Albermarle said:

Due to fast moving savings interest changes, after a long moribund period, there are more savers looking to change provider than usual. Some several times a year.

I'm chasing the top rate on a daily basis and moving money to whoever is paying the most.. If these banks were not so slow, taking a month + to pass on a rate change, and not passing it on in full either, upping it bit by bit then people would not have to keep moving money around to the top rate savings account of the day.

Sounds like a full time job !
Might be worth calculating how much interest you gain, compared to say only changing once a month. Then divide that by how many hours you spend each month changing accounts, and see how much you are paying yourself, if you see what I mean.

mebu60

MiserlyMartin said:

I cannot get any money into my Charter Savings account. I sent them an opening deposit by BACS -  two days later it was sent back to my bank!

I sent them another deposit this morning, if there before 1pm it should show same day. That hasn't appeared either. I sent them a secure message 2 days ago asking if they have got my opening transfer, but they haven't replied to that either!

Was your deposit at least £5k which is the minimum initial deposit required? 

kassy64

Albermarle said:

MiserlyMartin said:

Albermarle said:

Due to fast moving savings interest changes, after a long moribund period, there are more savers looking to change provider than usual. Some several times a year.

I'm chasing the top rate on a daily basis and moving money to whoever is paying the most.. If these banks were not so slow, taking a month + to pass on a rate change, and not passing it on in full either, upping it bit by bit then people would not have to keep moving money around to the top rate savings account of the day.

Sounds like a full time job !
Might be worth calculating how much interest you gain, compared to say only changing once a month. Then divide that by how many hours you spend each month changing accounts, and see how much you are paying yourself, if you see what I mean.

Maybe he/she enjoys it and doesn’t see it as a full time job !

coyrls

kassy64 said:

Albermarle said:

MiserlyMartin said:

Albermarle said:

Due to fast moving savings interest changes, after a long moribund period, there are more savers looking to change provider than usual. Some several times a year.

I'm chasing the top rate on a daily basis and moving money to whoever is paying the most.. If these banks were not so slow, taking a month + to pass on a rate change, and not passing it on in full either, upping it bit by bit then people would not have to keep moving money around to the top rate savings account of the day.

Sounds like a full time job !
Might be worth calculating how much interest you gain, compared to say only changing once a month. Then divide that by how many hours you spend each month changing accounts, and see how much you are paying yourself, if you see what I mean.

Maybe he/she enjoys it .....

It takes all sorts, I guess.

TheBanker

MiserlyMartin said:

I cannot get any money into my Charter Savings account. I sent them an opening deposit by BACS -  two days later it was sent back to my bank!

I sent them another deposit this morning, if there before 1pm it should show same day. That hasn't appeared either. I sent them a secure message 2 days ago asking if they have got my opening transfer, but they haven't replied to that either!

Did you include the correct reference number? For this bank everyone uses the same sort code and account number, so if you miss the reference off they don't know who to credit the money to. 

duckgybe

FIDUSCUSTOS said:

Guys, heads up Charter Savings is getting massive complaints about customer service, from people not getting their money back to having to post documents to confirm identity. Also seems they have with-drew 2.2% interest offer. Suspicion is it's been over-subscribed. Best avoid for the time being. Check details on Trustpilot

I applied for a Charter Savings Bank 2.25% easy access account on Saturday 2nd October and received their Welcome Handbook and letters including secured verification code dated Wednesday 5th October on Friday 7th October.

So just 2 working days after they received my application they may sent the letters to me.

I have no complaints about that

Today 10th October at 1pm having obtained funds to deposit from elsewhere I deposited them in my Charter account from my Nominated Bank account for £100 over the  minimum amount.

My Charter account showed the credit within less than an hour.

This afternoon at 2pm as a test of how easy it is to access my Charter account and withdraw money having found

 ame day.

I completed the above to transfer a small amount from my Charter account to my Nominated Bank account and saw that the earliest this will be done is

.

That may be little disappointing if next rime I really want the money the working  day of request.

kassy64

duckgybe said:

FIDUSCUSTOS said:

Guys, heads up Charter Savings is getting massive complaints about customer service, from people not getting their money back to having to post documents to confirm identity. Also seems they have with-drew 2.2% interest offer. Suspicion is it's been over-subscribed. Best avoid for the time being. Check details on Trustpilot

I applied for a Charter Savings Bank 2.25% easy access account on Saturday 2nd October and received their Welcome Handbook and letters including secured verification code dated Wednesday 5th October on Friday 7th October.

So just 2 working days after they received my application they may sent the letters to me.

I have no complaints about that

Today 10th October at 1pm having obtained funds to deposit from elsewhere I deposited them in my Charter account from my Nominated Bank account for £100 over the  minimum amount.

My Charter account showed the credit within less than an hour.

This afternoon at 2pm as a test of how easy it is to access my Charter account and withdraw money having found

 ame day.

I completed the above to transfer a small amount from my Charter account to my Nominated Bank account and saw that the earliest this will be done is

.

That may be little disappointing if next rime I really want the money the working  day of request.

I’m happy to give them 24 hours grace for the interest rate being offered. 

Expotter

From Charter Savings website:

How long will it take to receive funds in to my Nominated Account?

Easy access

If you complete your transaction before 3pm on a working day*, your funds will arrive in your Nominated Account by the end of the following working day*.

*If your transaction is carried out after 3pm or on the weekend, please allow two working days for your funds to arrive.