Vanquis Bank

soulsaver

See if it's there tomorrow. Or phone them for confirmation. And ask if the £5 is in their suspense account and can you have it applied to your account or returned. 

PeskyBlunder

I see all the Vanquis fixed rates have been reduced and not all are currently available also. Will they honour the rate when I applied (Monday)? How long does the "welcome letter" take to arrive?

jimexbox

PeskyBlunder said:

I see all the Vanquis fixed rates have been reduced and not all are currently available also. Will they honour the rate when I applied (Monday)? How long does the "welcome letter" take to arrive?

I'm sure accepted applications at the rate when applied will be honoured. I applied Monday, no requirement to send any documents. I've still not received any documents yet either. 

wmb194

Ziquette said:

Ted_01
You say you can do a test payment before sending the full amount. I have sent £1 which has left my bank but has not appeared in my Vanquis account. I do not want to send a large amount until I know I have sent correctly. The terms say you have 5 days to fund from the first investment. I have spent 2 hours on the phone listening to music but have been unable to get an answer. Any ideas?

Just be patient. I made my deposit today and received a, 'deposit received' email a couple of hours later. Faster payments can be next day, though.

meat_n2_reg

I applied Monday still not received anything in post , bet they are swamped 
Have a plan B another fix opened which is slightly less interest but will use this if no joy with Vanquis 

Ted_01

An update on my previous comments (see above). Yesterday just before 5pm I did a third payment of £1000.

This morning I have received 2 emails

1st email - "Thank you for authenticating your new nominated account."

2nd email - "we have received your deposit and credited it to your account. "

This morning I logged into my account and was pleased to see the £1000 was in there. However my tiny test payments were not (and they havent (yet) bounced back into my linked account). So I think its clear that tiny test payments are not allowed.

Ade99

Does anyone who opened the 1yr 4.6% fixed rate bond account close to the date it became oversubscribed know if they got the 4.6% rate? 

I opened mine on 7th Nov (product then taken off the market on 8th Nov).

Yesterday the account became live and I have funded a with a small amount. However within my dashboard the Rate field is blank.

The rate on their website for new customers is now 4.45%.

I tried calling them yesterday but like others I spent 55 mins on hold then gave up. They seem swamped.

The welcome letters do not mention the rate. I have sent them a secure msg but quite often it's quicker to get a reply on here and I'm conscious of the 5 day funding window....

Thanks.

westv

Why the need for a test payment? My online banking normally has details of banks already included or it can also confirm that the name matches the account number.

refluxer

westv said:

Why the need for a test payment? My online banking normally has details of banks already included or it can also confirm that the name matches the account number.

That only work if the bank is a member of the Confirmation of Payee scheme which I suspect Vanquis (just like the majority of the banks mentioned on this forum) are not.

[Edit : oops - it looks like they are !]

That scheme is mostly limited to the 'big players' at the moment (like Barclays, Nationwide etc) although some of the smaller banks (eg. Atom) are gradually joining as time goes on.

PeskyBlunder

refluxer said:

westv said:

Why the need for a test payment? My online banking normally has details of banks already included or it can also confirm that the name matches the account number.

That only work if the bank is a member of the Confirmation of Payee scheme which I suspect Vanquis (just like the majority of the banks mentioned on this forum) are not.

That scheme is mostly limited to the 'big players' at the moment (like Barclays, Nationwide etc) although some of the smaller banks (eg. Atom) are gradually joining as time goes on.

A post above from t1redmonkey says they do have Confirmation of Payee. I'm still waiting on my "welcome letter" from my Monday application...