RCI Bank 4.6% fixed rate -- beware

Size67

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'

kaMelo

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.

masonic

When did you send the payment? Could it have been held by the sending bank as a suspicious payment?

Swipe

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.

Rollinghome

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.

littlemissbossy

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.

Rollinghome

One of several replies from "RCI, Head of Savings" on Trustpilot to many complaints about not being able to get through by phone.

"Reply from RCI Bank Updated 2 days ago

Dear xxx, Head of Savings for RCI Bank here. Apologies we missed you when called about a new account. The reason we think the unexpected flood of account inquiries was caused by the mention of our accounts on a TV show seen by 3 million people is because we don’t do mass advertising and have always paid competitive rates. The only difference between last week and our previous 7 years of operating in the UK was the glowing mention of two of our accounts on that show. We tried to welcome as many new customers as possible but it was putting our customer service people under too much pressure and impacting longstanding customers, so we’re now limiting new applications. Thank you for your interest in RCI Bank, apologies for the dissatisfaction, and wishing you all the best." (My bold.)

I assume the TV show referred to was the one presented by the excitable Mr Lewis.

westv

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?

Rollinghome

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."

westv

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.

Size67

Rollinghome said:

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