RCI Bank 4.6% fixed rate -- beware

Rollinghome

Size67 said:

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 

I tried to phone them myself, on the dot of 8.00 am when they opened.  Got the "sorry we're very busy, but keep holding" message then they dropped the line after 30 minutes.

(I wanted confirmation of the 1yr rate I would get, which was reduced just after I applied, as it wasn't shown in the on-line account, in their letters or their emails. Then the rate, the right one, mysteriously appeared in my on-line account mid-morning.)

Sounds as if you'll have to sit on your hands until it either appears, or it quietens down so you can speak to them and then, if appropriate, complain and request compensation. You could send an email or letter now titled "Formal complaint" to try to get their attention - to a dedicated complaint address if they have one.

No fun if it's a largish sum.  Hope it get's sorted  for you soon. I get the impression they are genuinely trying to get it all sorted.

Millyonare

Banks (big or small) really should not be offering these table-topping rates if they are not fully prepared for the inevitable deluge that follows. Everyone with any experience of the savings industry knows they will pop up on MSE and other best-buy websites and get flooded with applications. To be unprepared for that smacks of ineptitude.

cb2490

edit saw the rate change mentioned above. Where can I find confirmation of the rate as I registered 4/11/22? Letters or app don’t show it as far as I can see.

Rollinghome

Millyonare said:

Banks (big or small) really should not be offering these table-topping rates if they are not fully prepared for the inevitable deluge that follows. Everyone with any experience of the savings industry knows they will pop up on MSE and other best-buy websites and get flooded with applications. To be unprepared for that smacks of ineptitude.

One of the banks has to be the top payer and even if they pitch to be just below the top, they can find themselves there if others lower their rates or drop out. RCI reduced their 1yr rate this week, which could put pressure on other banks unless they do the same.

So I'm not sure it will benefit savers if no bank wants to be near the top of the table because they risk being overwhelmed. 

A reduction in service levels is just a possibility that savers need to be aware of when they do their calculations.  Especially in these strange times.

Rollinghome

cb2490 said:

edit saw the rate change mentioned above. Where can I find confirmation of the rate as I registered 4/11/22? Letters or app don’t show it as far as I can see.

They don't. Mine appeared in my on-line account just today after funding and is at 4.60%. You do supposedly have 14 days to cancel it seems.  It doesn't look as if phoning, messaging or emailing is a great idea for a while unless you can find a number or address that no-one else has found.

westv

Rollinghome said:

cb2490 said:

edit saw the rate change mentioned above. Where can I find confirmation of the rate as I registered 4/11/22? Letters or app don’t show it as far as I can see.

They don't. Mine appeared in my on-line account just today after funding and is at 4.60%. You do supposedly have 14 days to cancel it seems.  It doesn't look as if phoning, messaging or emailing is a great idea for a while unless you can find a number or address that no-one else has found.

4.6%? I assume you applied for it before the rate went up?

Rollinghome

westv said:

Rollinghome said:

cb2490 said:

edit saw the rate change mentioned above. Where can I find confirmation of the rate as I registered 4/11/22? Letters or app don’t show it as far as I can see.

They don't. Mine appeared in my on-line account just today after funding and is at 4.60%. You do supposedly have 14 days to cancel it seems.  It doesn't look as if phoning, messaging or emailing is a great idea for a while unless you can find a number or address that no-one else has found.

4.6%? I assume you applied for it before the rate went up?

I've opened three RCI accounts recently, including a 1yr fix @ 4.60%, the day before the rate dropped to 4.20%.

cb2490

Rollinghome said:

cb2490 said:

edit saw the rate change mentioned above. Where can I find confirmation of the rate as I registered 4/11/22? Letters or app don’t show it as far as I can see.

They don't. Mine appeared in my on-line account just today after funding and is at 4.60%. You do supposedly have 14 days to cancel it seems.  It doesn't look as if phoning, messaging or emailing is a great idea for a while unless you can find a number or address that no-one else has found.

I’ve sent them a message but doesn't sound like I’ll get a reply anytime soon. I applied about 7am on Friday 4/11. Do you know what date the rate changed?

Rollinghome

cb2490 said:

Rollinghome said:

cb2490 said:

edit saw the rate change mentioned above. Where can I find confirmation of the rate as I registered 4/11/22? Letters or app don’t show it as far as I can see.

They don't. Mine appeared in my on-line account just today after funding and is at 4.60%. You do supposedly have 14 days to cancel it seems.  It doesn't look as if phoning, messaging or emailing is a great idea for a while unless you can find a number or address that no-one else has found.

I’ve sent them a message but doesn't sound like I’ll get a reply anytime soon. I applied about 7am on Friday 4/11. Do you know what date the rate changed?

I first saw it on Monday 7 Nov and had applied for another 1 yr account on the 6th, so you should be fine.  The summary sheet you saw on 4th should have still shown 4.60% for 1 yr with 14 days to fund. 

Would have been nice to have had confirmation in their emails, letters, or online account before funding, but it's showing in my online account now, as is the small opening amount I paid in on Monday.

kaMelo

cb2490 said:

Rollinghome said:

cb2490 said:

edit saw the rate change mentioned above. Where can I find confirmation of the rate as I registered 4/11/22? Letters or app don’t show it as far as I can see.

They don't. Mine appeared in my on-line account just today after funding and is at 4.60%. You do supposedly have 14 days to cancel it seems.  It doesn't look as if phoning, messaging or emailing is a great idea for a while unless you can find a number or address that no-one else has found.

I’ve sent them a message but doesn't sound like I’ll get a reply anytime soon. I applied about 7am on Friday 4/11. Do you know what date the rate changed?

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?

cb2490 said:

Rollinghome said:

cb2490 said:

edit saw the rate change mentioned above. Where can I find confirmation of the rate as I registered 4/11/22? Letters or app don’t show it as far as I can see.

They don't. Mine appeared in my on-line account just today after funding and is at 4.60%. You do supposedly have 14 days to cancel it seems.  It doesn't look as if phoning, messaging or emailing is a great idea for a while unless you can find a number or address that no-one else has found.

I’ve sent them a message but doesn't sound like I’ll get a reply anytime soon. I applied about 7am on Friday 4/11. Do you know what date the rate changed?

4.2% started on 8th November.



Although you should know what rate you got as it's stated in the account summary information sheet you read and/or downloaded during the application process.