Vanquis Bank

jimexbox

Can anyone confirm who has deposited money in vanquis, if the rate is displayed on the account?

Ade99

jimexbox said:

Can anyone confirm who has deposited money in vanquis, if the rate is displayed on the account?

I'm still not seeing the rate displayed in my dashboard. Account opened 7th Nov. Funded 10th Nov.

T1redmonkey posted on the previous page that they experienced no rate displayed on the day after funding the account. The next business day however the rate was showing.

It's a bit frustrating to not be able to get an answer to a simple query. Why their welcome letter couldn't state the rate I don't know. On hold forever when trying to call them. Emailed on Tues and no reply. No reply to a secure message 24 hours ago.

jimexbox

Ade99 said:

jimexbox said:

Can anyone confirm who has deposited money in vanquis, if the rate is displayed on the account?

I'm still not seeing the rate displayed in my dashboard. Account opened 7th Nov. Funded 10th Nov.

T1redmonkey posted on the previous page that they experienced no rate displayed on the day after funding the account. The next business day however the rate was showing.

It's a bit frustrating to not be able to get an answer to a simple query. Why their welcome letter couldn't state the rate I don't know. On hold forever when trying to call them. Emailed on Tues and no reply. No reply to a secure message 24 hours ago.

Can't say I've had a online saving account where the interest rate isn't displayed, weird and tbh smacks of amateur hour. Which doesn't inspire confidence when you're depositing a serious amount of savings.

TheLondoner

meat_n2_reg said:

Hi All 

Never used Vanquis Bank and looking to take out 1 year fixed savings account

Any one used? 

Would appreciate your thoughts before applying 

Thanks 

I just tried to transfer money to them and my bank rejected the payment because my name didn't match the account details to which I was sending payment. I got some kind of CoP error. Has anyone else had this? The exact message from my bank when I tried to send the money was:

"Sorry we can't make this payment. Based on the information you've told us today, this payment is very likely to be a scam." 

Now i'm confused as to whether Vanquis is legit or not. Why wouldn't they subscribe to the CoP rules? Also what's weird is they ask for me to put in my account number into the reference field to allocate the money, so it sounds like the money is going into a generic pot, and then the reference is being used to allocate it to my account at vanquis. 

jak22

Some banks have a single sort/account number for everyone and its the reference that routes it to your account. In this case the payee name is likely to be the bank name and not your name. They ought to list exactly what to put in the accoun/sort/name and reference fields somewhere. Even then its normally possible to go ahead with a CoP mismatch. A rejection might be from the other end if youve put in the wrong reference or under the minimum payment etc.

Ted_01

I made my first big transfer today at about midday, my Natwest daily maximum - £20,000, and it arrived in my account about 30minutes later, I also received an email acknowledging the deposit.

Ted_01

jak22 said:

Some banks have a single sort/account number for everyone and its the reference that routes it to your account. In this case the payee name is likely to be the bank name and not your name. They ought to list exactly what to put in the accoun/sort/name and reference fields somewhere. Even then its normally possible to go ahead with a CoP mismatch. A rejection might be from the other end if youve put in the wrong reference or under the minimum payment etc.

Regarding the CoP, I didnt get a CoP match, but that was probably because I gave the 'payee name' a long name - 'Vanquis 3y Fix'.

Probably if I had named it 'Vanquis Bank' I might have got a match.

TheLondoner

jak22 said:

Some banks have a single sort/account number for everyone and its the reference that routes it to your account. In this case the payee name is likely to be the bank name and not your name. They ought to list exactly what to put in the accoun/sort/name and reference fields somewhere. Even then its normally possible to go ahead with a CoP mismatch. A rejection might be from the other end if youve put in the wrong reference or under the minimum payment etc.

I figured out what was wrong. Thanks for your help. I put my name instead of the bank's name and that's why it was blocked. 

Just a note for anyone else. When doing the CoP check the check suggests a name of "Vanquis Bank Limited", not "Vanquis Bank Savings", which is what's listing on their website. I was able to successfully make the payment once I updated the payment details to: "Vanquis Bank Limited" and selected "business account". This isn't really clear on Vanquis' website - they should update their documentation!

jak22

The payee name out to be whatever's in their instructions or email - assuming that's the correct name of course. Banking apps might then let you give a name to that new payment destination and thats where that long name would be handy for when you come to make future payments.

Ade99

The 4.6% rate is now showing on my dashboard so hopefully it will be the same for those people also waiting for it to appear.

Opened account on 7th Nov. Funded it on 10th Nov. Funds first showed on 11th Nov.