RCI Bank 4.6% fixed rate -- beware

I did some research and decided to open am RCI fixed rate account at 4.6%, I've followed all of the instructions that have been sent to me via e mail and post i sent £1000 from my Handelsbanken account to get the RCI account 'up and running' The money has left my Handelsbanken linked account, but nothing has arrived at RCI. Ive telephoned their helpline 3 times to be placed in a que 3 times then cut off after 20 minutes wait - no confidence in this 'bank'
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  • kaMelokaMelo Forumite
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    How fast are we talking here? If I remember correctly RCI use a third party payment processor so it should show up the day after payment is made.
  • masonicmasonic Forumite
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    When did you send the payment? Could it have been held by the sending bank as a suspicious payment?
  • SwipeSwipe Forumite
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    The website says you can get 4.85% for a 2 year fix. The bank might not support faster payments so might not show up for a day or so.
  • RollinghomeRollinghome Forumite
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    Size67 said:
    The money has left my Handelsbanken linked account, but nothing has arrived at RCI. Ive telephoned their helpline 3 times to be placed in a que 3 times then cut off after 20 minutes wait - no confidence in this 'bank'
    I sent a small initial deposit using the first reference, i.e. the application ref, as instructed, at around 7.30pm yesterday evening, had a text acknowledgement at 9.15 pm, and was showing in my account at the same time.

    So if you've waited significantly longer, there may be something amiss.  I assume you've double-checked the bank details and ref you used. Would be worth confirming that Handelsbanken has definitely made the transfer as Santander has several times held back my transfers for security checks while still saying the transfer had been made.

    You'll have noticed they reduced the rate yesterday, so queries on that that might be generating a lot more calls.

  • littlemissbossylittlemissbossy Forumite
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    I opened a RCI 4.85% 2 year fix.

    I funded with £1000, I got a deposit confirmation by text within a couple of hours.  

    This was from my Nationwide linked account.
    Don't wait for your ship to come in, swim out to it.
  • westvwestv Forumite
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    I was going to go for Vanquis 3 year at 5% but am now thinking of RCI 2 year 4.85%.
    I notice they have a 14 day funding window and they send your user name by post.
    Does the funding window start on receipt of the user name or after the initial sign up?
  • edited 9 November 2022 at 10:43AM
    RollinghomeRollinghome Forumite
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    edited 9 November 2022 at 10:43AM
    westv said:
    I was going to go for Vanquis 3 year at 5% but am now thinking of RCI 2 year 4.85%.
    I notice they have a 14 day funding window and they send your user name by post.
    Does the funding window start on receipt of the user name or after the initial sign up?
    I was given 2 extra days beyond the 14 following my application but they have said on Trustpilot that they've extended the window to 30 days. They've also said they're limiting new applications, whatever that means.

    Be aware they're obviously seriously overwhelmed as a result of Mr Lewis's attention but then so were Chase and Santander.


    "Reply from RCI Bank A day ago

    Hi xxx, we’re sorry for delay. In the last week we’ve receive a stampede of new applicants so have extended the 14-day window to 30 days. We have sent you an email requesting your contact information so an agent can get in touch to assist or to close your account as you would like."


    "Reply from RCI Bank
    5 days ago

    Hi xxx, we pride ourselves in our excellent customer service and and sincerely apologies that you did not receive this. Typically, our customer services team answers calls in under 30 seconds, but after our products were featured on a popular personal finance TV show, we received up to 10x the usual number of applications and calls. We had no forewarning so we were unable to prepare. We’re adding more customer service staff and limiting new applications in order to return to our usual service standards."

  • westvwestv Forumite
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    Many thanks for that. So I'm fine waiting for the ID by post before making any deposits. Good to know that with strikes affecting deliveries.
  • Size67Size67 Forumite
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    Size67 said:
    The money has left my Handelsbanken linked account, but nothing has arrived at RCI. Ive telephoned their helpline 3 times to be placed in a que 3 times then cut off after 20 minutes wait - no confidence in this 'bank'
    I sent a small initial deposit using the first reference, i.e. the application ref, as instructed, at around 7.30pm yesterday evening, had a text acknowledgement at 9.15 pm, and was showing in my account at the same time.

    So if you've waited significantly longer, there may be something amiss.  I assume you've double-checked the bank details and ref you used. Would be worth confirming that Handelsbanken has definitely made the transfer as Santander has several times held back my transfers for security checks while still saying the transfer had been made.

    You'll have noticed they reduced the rate yesterday, so queries on that that might be generating a lot more calls.

    day 3 no sign of my deposit , no reply from RCI to the phone calls or e mail ,  the money has definitely left Handelsbanken - confirmed by voice with Handles manager 
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