Union Bank of India (UK) 1Yr Fixed Bond

Rossco60

Used the link from this website to open an account. On completion of the application i've received an email from them directing that they will issue account log-in details on receipt of the full pledged amount to open the account. I've phoned them to verify and ask if theres a way around but they say only on receipt of full amount. Im new to this and reluctant to sent the full amount without bona fide proof. Is this usual? Any advice welcome please.

janusd

I applied for their 1-Yr fix @ 3.2% back in August (that rate was well ahead of the market at the time - oh how the rates have changed!), and ran into this "we're not creating the account until we receive your funds" scenario... I think it's unusual for an account not be at least created.. can't say i've ran into this except with UBI.

you can't send a cheque or make multiple deposits with them.. in the end, I didn't fund the account - the whole thing smelt amateurish to me (i'm being polite).

Vanquis have the same rate of 4.60% and would accept a cheque (or one bank transfer) if you prefer - and I think they will at least create an account for you before they expect you to send payment!

db3745

Coincidentally I've just spent some time reading a post with many replies in which the poster asks basically why MSE shows many providers in best buys who are unknown to the poster, "potentially dodgy", "so-called banks" and more. Union Bank of India are indeed a huge bank, and I was led to take advantage of their market-leading fixed interest rates 2 years ago almost to the day. They are safe; I have the last of my three bonds matured yesterday. Personally I won't repeat the experience; I endured a weekend of hell that started with my bank Barclays warning me that they couldn't authenticate the details of the people I was sending my large sum of money to. Phoning BOI and reading MSE eventually persuaded me to invest, but when my deposit hadn't been acknowledged I was really worried until finally I found out that Bank of India used - guess who? - Barclays as their clearing house. No-one at Barclays was savvy enough to find that out for me! I hated their password/security system but with a fixed term bond I didn't need to use it. All that for 1.2%. Recently I moved money to the 2.75% Santander account. Seamlessy it seemed I opened an account, tested it with a small amount, then moved cash from an easy access with my building society to my Barclays current a/c, straight out to Santander, and within an hour the deposit showed on my Santander account - once again easy and clear to operate. For me that extra percentage point just isn't worth the hassle. The poster I quoted above is wrong of course. These providers are genuine and secure, backed by the FSCS guarantee.

I almost forgot to mention; by comparison with my experience with the last three organisations being very speedy, and allowing my money to work for me, in each case with Bank of India, the funds landed in my account after 5 p.m. on the maturity date.

Bacman

My father had a 5 year fixed bond with them; was a nightmare - if you don't log into your account a couple of times a year you'll not be able to log in (why when you have no reason to log into a fixed rate bond like you do with a current account!); nightmare to get logged back in. When the account matured they didn't allow to remove funds but did their best to re-invest into a new Bond even though he wanted his money back. Yes, Bank of India is a very large bank however think hard before going with them; life is too short.

bristolleedsfan

Bacman said:

My father had a 5 year fixed bond with them; was a nightmare - if you don't log into your account a couple of times a year you'll not be able to log in (why when you have no reason to log into a fixed rate bond like you do with a current account!); nightmare to get logged back in. When the account matured they didn't allow to remove funds but did their best to re-invest into a new Bond even though he wanted his money back. Yes, Bank of India is a very large bank however think hard before going with them; life is too short.

Application form gives maturity options, one of which is to have maturity funds automatically paid back to originating account funds came from.

soulsaver

bristolleedsfan said:

Bacman said:

My father had a 5 year fixed bond with them; was a nightmare - if you don't log into your account a couple of times a year you'll not be able to log in (why when you have no reason to log into a fixed rate bond like you do with a current account!); nightmare to get logged back in. When the account matured they didn't allow to remove funds but did their best to re-invest into a new Bond even though he wanted his money back. Yes, Bank of India is a very large bank however think hard before going with them; life is too short.

Application form gives maturity options, one of which is to have maturity funds automatically paid back to originating account funds came from.

Did you open an account with them? If so what did it 'go' like in terms of timing? Acknowledgement of funds receipt; Confirmation of account opening, Certificate of FTB Login details etc?
TIA

arsenalboy

soulsaver said:

bristolleedsfan said:

Bacman said:

My father had a 5 year fixed bond with them; was a nightmare - if you don't log into your account a couple of times a year you'll not be able to log in (why when you have no reason to log into a fixed rate bond like you do with a current account!); nightmare to get logged back in. When the account matured they didn't allow to remove funds but did their best to re-invest into a new Bond even though he wanted his money back. Yes, Bank of India is a very large bank however think hard before going with them; life is too short.

Application form gives maturity options, one of which is to have maturity funds automatically paid back to originating account funds came from.

Did you open an account with them? If so what did it 'go' like in terms of timing? Acknowledgement of funds receipt; Confirmation of account opening, Certificate of FTB Login details etc?
TIA

There are quite a few threads at present on Union Bank of India but I will ask here.

I took the 5% 2 year bond late on the 10th and received confirmation email immediately, confirming 5%.

I funded at 0800 (more in a minute!) yesterday i.e., 11th by FP, therefore it should have been there by their 1300 cut off time. But as this goes via Barclays I am nervous they will apply the new lower rate just announced?

I have taken out quite a few sizeable bonds over the last 18 months with different institutions without my bank throwing a wobbly. But yesterday morning it was blocked by Lloyds and I had to ring the fraud dept. They gave me the third degree but I know they are only protecting me, they put doubt in my mind and asked me to go off and check everything and they cancelled the payment. I did my due diligence again and processed the payment and it was blocked again, but the payment was released after I rang the fraud department for a second time.

Like others, If I could change my mind I would, given that effectively the rate is 4.8% and not 5% because of the interest treatment.

Can I ask a question of @soulsaver please? I note, from another thread that you applied on the 9th for the bond, but as of last night you are asking for info on timing of acknowledgements etc. I assume from that you have not received this yet? Can anybody share how long it takes from making the FP to getting access online to the account? 

soulsaver

I had one bit of useful info:

"Thank you for your mail below and apologies for the late reply .

Yes we have given 30 days window period . As per your request , we are allowing 2 multiple payment .

Please note that if your application was applied on or before 11/11/2022 , you will be eligible for the old interest rate and not the current one which got changed on 12.11.2022"

Shame the first bit is personalised, but you can ask; the 2nd will put a few minds at rest.

eta also had confirmation of funds received - after checking junk folder.

bristolleedsfan

arsenalboy said:

soulsaver said:

bristolleedsfan said:

Bacman said:

My father had a 5 year fixed bond with them; was a nightmare - if you don't log into your account a couple of times a year you'll not be able to log in (why when you have no reason to log into a fixed rate bond like you do with a current account!); nightmare to get logged back in. When the account matured they didn't allow to remove funds but did their best to re-invest into a new Bond even though he wanted his money back. Yes, Bank of India is a very large bank however think hard before going with them; life is too short.

Application form gives maturity options, one of which is to have maturity funds automatically paid back to originating account funds came from.

Did you open an account with them? If so what did it 'go' like in terms of timing? Acknowledgement of funds receipt; Confirmation of account opening, Certificate of FTB Login details etc?
TIA

Can anybody share how long it takes from making the FP to getting access online to the account? 

Confirmation of deposit the day after I made it - deposit was received the day that I made it despite me sending it at 2pm

Login link emailed same day as confirmation of deposit email.....

soulsaver

I owe them an apology: They DID confirm receipt of funds - the confirmation email dated yesterday just discovered in MS 'junk' mail. 

Rossco60

Thanks for the replies and advice everybody. I 'canned' UBI in the end and went for high street banks. Slightly lower interest but Ive retained complete visibility on my funds with no reduction of interest rate whilst funds transferring..
MOT