Zenith Bank funding question

gjs1701

I have opened a two year fixed account with Zenith bank.  They are asking for the account to be funded by bank transfer.  I am happy to do this but there is no option for internet banking with this sort of account, so I am concerned that I have no way of checking that my funds  have arrived safely.

Does anyone have experience of using a similar Zenith account?  And can they explain how Zenith will confirm my account is funded?

grumbler

gjs1701 said:

...there is no option for internet banking with this sort of account, so I am concerned that I have no way of checking that my funds  have arrived safely.

Telephone?

wmb194

gjs1701 said:

I have opened a two year fixed account with Zenith bank.  They are asking for the account to be funded by bank transfer.  I am happy to do this but there is no option for internet banking with this sort of account, so I am concerned that I have no way of checking that my funds  have arrived safely.

Does anyone have experience of using a similar Zenith account?  And can they explain how Zenith will confirm my account is funded?

In this sort of situation in the old days you would expect to receive a letter confirming your deposit a few days later.

johnmoney05

gjs1701 said:

I have opened a two year fixed account with Zenith bank.  They are asking for the account to be funded by bank transfer.  I am happy to do this but there is no option for internet banking with this sort of account, so I am concerned that I have no way of checking that my funds  have arrived safely.

Does anyone have experience of using a similar Zenith account?  And can they explain how Zenith will confirm my account is funded?

wmb194 is correct. They will confirm by post.

refluxer

If you want to be able to manage the account online, there are a number of banks paying a higher rate than Zenith who offer this. Eg. Shawbrook's 2 year fixed rate bond @ 4.60%.

The lack of online access is one reason why I wouldn't choose Zenith for an account personally, especially considering the current state of the postal system.

gjs1701

I transferred £1 and then rang them up.  They had received it and told me that they would send an automatic email to confirm any deposits.  I have had no email as yet.

jimmynoton

Blimey, I haven't heard anything about Zenith Bank since I lived in Ghana ten years ago. I'll never forget those catchy radio advertisements: "Zenith Bank...Ohhh Zenith Bank.." 

🎵

gjs1701

I chose Zenith bank because the rate was recommended on MSE.  I got an email confirming my deposit yesterday.

homard

Hi @gjs1701

Can you give us an update after 6 month?
I am considering opening a saving account with them but as you it does seem strange the way they operate

ColdIron

Poster was Last Active: Dec 15, 2022

Don't hold your breath

gjs1701

I opened the account.  I transferred £1 and got an email the following day to confirm it arrived, so I transferred the rest of the amount  after that.  Again an email to say it had arrived.

I have an email confirming the account number etc, but nothing else.As interest rates have increased since, I am unsure I made the right decision to lock the money away for two years. 

It feels slightly weird to have no internet banking for the account, but it is protected by the FSCS and was recommended on here.