Vanquis - New bond issues

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Never held an account with Vanquis. Looking through the terms and conditions for the 1 year bond no mention of the funding window. What is this bank like ?

refluxer

It looks like you have 30 days to fund it from your nominated account, once you've received the welcome letter.

From the 1 year bond T&Cs...

"For both sole and joint Accounts, the minimum deposit is £1,000 and the maximum is £250,000. In accordance with General Condition 2.1, your deposit must be made in sterling by a single cheque or a single or series of electronic payments from your Nominated Account in the case of a sole Account, from the Nominated Account being a bank or building society account in your name or in the case of joint account from the Nominated Account on which either of you are named.

Your deposit must be made within 30 days of the date of receiving your welcome letter. Deposits may not be made by persons other than the Account holder(s). Deposits may only be made from the Nominated Account."

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This is a bit more explicit found in FAQ

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Now opened, easy as you like. No faff !

refluxer

Thumbs_Up said:

This is a bit more explicit found in FAQ

So you have up to 30 days to make your first deposit but once it's made, you only get another 5 days max to make any further payments ? If that's the case, then they could really do with stating that in the T&Cs as I couldn't find that mentioned.

Good to hear you managed to open and fund one without any issues.

Albermarle

There were a lot of negative posts about them on here about a year ago, but probably like some other providers they had severe staff shortages at a time when a lot of account switching started as interest rates rose. 

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refluxer said:

So you have up to 30 days to make your first deposit but once it's made, you only get another 5 days max to make any further payments ? If that's the case, then they could really do with stating that in the T&Cs as I couldn't find that mentioned.

Good to hear you managed to open and fund one without any issues.

Agree with your first point hence the reason why I asked the question. I found the answer in Frequently Ask Questions.

Not funded yet, welcome letter to arrive soon, don’t expect any problems.

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Albermarle said:

There were a lot of negative posts about them on here about a year ago, but probably like some other providers they had severe staff shortages at a time when a lot of account switching started as interest rates rose. 

The comments on this forum over the years perplexes me sometimes. I am with 15 savings and banks and hand on heart never really had any problems with any of them even NS&I. Maybe I have a AAA rating and good with internet banking skills, don’t know why really, obviously long may it continue!

SickGroove

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Now opened, easy as you like. No faff !

Did your nominated account get approval on completion of application or did they ask you to send them a paper bank statement to confirm your nominated account?

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SickGroove said:

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Now opened, easy as you like. No faff !

Did your nominated account get approval on completion of application or did they ask you to send them a paper bank statement to confirm your nominated account?

Like I said this is my first account with Vanquis, took all but 15 minutes for approval, no forms to send off for me. Will have to wait for the welcome letter in the post to access the account though. 

SickGroove

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SickGroove said:

Thumbs_Up said:

Now opened, easy as you like. No faff !

Did your nominated account get approval on completion of application or did they ask you to send them a paper bank statement to confirm your nominated account?

Like I said this is my first account with Vanquis, took all but 15 minutes for approval, no forms to send off for me. Will have to wait for the welcome letter in the post to access the account though. 

Did you manage to put in your National Insurance number on the application form?

I didn't get asked for it so I'm wondering how they actually report your savings interest to HMRC