Kent Reliance Maturing

auser99

CheekyMikey said:

My wife got a letter from them a week before maturity…she simply filled in her preferred reinvestment option on the instruction form and returned it in the free postage envelope. She got an email a few days later confirming her instruction to withdraw the funds and today, the day following maturity, the funds are in our bank account. So very easy really. Having said that, I won’t use them again as I prefer online or app managed accounts plus of course their rates are poor…

When you say their rates are poor, which ones do you mean?

They're currently offering 5.92% for 1 year bond, 5.94% for 2 year bonds, which are higher than anything in the current MSE top rates list?
Though they haven't updated for Charter offering 6% for both yet.

southone

Bigwheels1111 said:

When you make your complaint, make sure you state how much time and effort its cost you, time on phone etc.

Plus the loss of interest, as new savings rate is 6.10% and its costing you money.

I did this with FD, when they held 3 very large payment to fund my three 5 year fixed rate accounts from Friday to Monday

Over £133 Plus good will gesture.

https://chartersavingsbank.co.uk/Products/FixedRateBond?utm_source=Moneyfacts&utm_medium=2YRFRBOND-CPC&utm_campaign=BondJul22

That's what I do I got 250 pounds out of virgin due to the delay tactics and incompetence

Loads0Moneyknot

Bigwheels1111 said:

Loads0Moneyknot said:

Morning all.  It is so interesting to read the different views on KR. When  I opened my first account I am sure they had a UK based centre and I had no problems, so no real occasions to contact them.  However, it looks as though now they have all their offices based in India (from what I was told by a UK rep.)  and perhaps that distance and non-contact with customers may be the reason for the nonchalant attitude at times.
I have gone online to check my account this morning and I am not even allowed to log in??  
I am hoping that this is because they have closed my account and transferred my money but am annoyed they haven’t let me know, so I could take copies of any final statements etc., messaging between us etc. 
I suppose another phone call is now needed to ensure that my money is finally on the move, (although I won’t see it now until next week) and that they haven’t just stopped me from logging on?

When you make your complaint, make sure you state how much time and effort its cost you, time on phone etc.

Plus the loss of interest, as new savings rate is 6.10% and its costing you money.

I did this with FD, when they held 3 very large payment to fund my three 5 year fixed rate accounts from Friday to Monday

Over £133 Plus good will gesture.

Thanks Bigwheels1111 - Yes I did ensure I listed everything that I feel is justified, due to the incompetence at KR, as it has been very frustrating and time consuming, not to mention I was relying on the funds for using today. 

Loads0Moneyknot

auser99 said:

CheekyMikey said:

My wife got a letter from them a week before maturity…she simply filled in her preferred reinvestment option on the instruction form and returned it in the free postage envelope. She got an email a few days later confirming her instruction to withdraw the funds and today, the day following maturity, the funds are in our bank account. So very easy really. Having said that, I won’t use them again as I prefer online or app managed accounts plus of course their rates are poor…

When you say their rates are poor, which ones do you mean?

They're currently offering 5.92% for 1 year bond, 5.94% for 2 year bonds, which are higher than anything in the current MSE top rates list?
Though they haven't updated for Charter offering 6% for both yet.

Sorry I wouldn’t go with them if they were offering 6.5%.  They are fine when there is no contact or no hiccups but the greatness of a company is shown by how they deal with problems and I am afraid, in my opinion, KR didn’t cut the mustard. Charter, however, I find a good company to save with. 

CheekyMikey

auser99 said:

CheekyMikey said:

My wife got a letter from them a week before maturity…she simply filled in her preferred reinvestment option on the instruction form and returned it in the free postage envelope. She got an email a few days later confirming her instruction to withdraw the funds and today, the day following maturity, the funds are in our bank account. So very easy really. Having said that, I won’t use them again as I prefer online or app managed accounts plus of course their rates are poor…

When you say their rates are poor, which ones do you mean?

They're currently offering 5.92% for 1 year bond, 5.94% for 2 year bonds, which are higher than anything in the current MSE top rates list?
Though they haven't updated for Charter offering 6% for both yet.

I wrote that hours before they upped their rates….fast moving world at the minute. Their processes remain too clunky for me, the maturity instructions they sent out were unnecessarily complicated and ambiguous imo, so we’ll look elsewhere to reinvest.

northAthenian

incidentally today they pulled bond issue 123 ( 1 year at 5.92%) and issue 118 ( 2 year at 5.94%)
my bond was due to mature tomorrow, and the one they were offering in the maturity letter - received 4 days ago - was only 5.35%.. then I struggled with their online options for reinvestment options... read the last 3 pages & got the wobblies, so decided to call them - reckon it took 30 minutes to get through, but the rep was very clear & efficient. i closed the account, told 3-5 days for proceeds to be back in my nominated acc..

northAthenian

Wee update.my closure proceeds arrived safely today in my nominated acc

wmb194

ForumUser7 said:

boingy said:

I'm genuinely surprised that KR are still going. I was sure they got swallowed up by a rival a good few years ago. Maybe I'm thinking of a different BS.

I don’t think you’re wrong - Kent Reliance Building Society used to have a linked part and website called Kent Reliance Provident Society. That no longer exists, and they are simply Kent Reliance. OSB Group (One Savings Bank, an Indian company) now has Kent reliance (and charter savings bank) as brands in their portfolio.

One Savings Bank isn't Indian, it's English. It's listed on the LSE and a constituent of the FTSE250. It's the customer service call centre (and other things?) that's been outsourced to India.

https://www.londonstockexchange.com/stock/OSB/osb-group-plc/company-page

https://www.osb.co.uk/about-us/our-history/

ForumUser7

wmb194 said:

ForumUser7 said:

boingy said:

I'm genuinely surprised that KR are still going. I was sure they got swallowed up by a rival a good few years ago. Maybe I'm thinking of a different BS.

I don’t think you’re wrong - Kent Reliance Building Society used to have a linked part and website called Kent Reliance Provident Society. That no longer exists, and they are simply Kent Reliance. OSB Group (One Savings Bank, an Indian company) now has Kent reliance (and charter savings bank) as brands in their portfolio.

One Savings Bank isn't Indian, it's English. It's listed on the LSE and a constituent of the FTSE250. It's the customer service call centre (and other things?) that's been outsourced to India.

https://www.londonstockexchange.com/stock/OSB/osb-group-plc/company-page

https://www.osb.co.uk/about-us/our-history/

Thanks for flagging this. I thought OSB UK was an offshoot of the Indian company, but it appears that OSB India is an offshoot of the UK operation - https://osb-india.com/ https://osb-india.com/about-us/