Account Opening - Please Share Your Views on the Process with Various Providers

MrsWenger

Hi everyone, I am looking at options with the current highest interest rates and would appreciate your views on the ease of account opening with various providers that I don’t have already have an account with please. 

Has anyone had recent experiences with Coventry Building Society, Virgin Money, First Save, Cynergy and OakNorth Bank please? 

I am looking to open both a Cash ISA and a savings account, either instant access or fixed term.

Mr_blibby

Coventry BS online sign up process for their 5.4% ISA fails if you are also trying to transfer across an existing ISA - crashes after entering 2nd page of details - seems OK if you are just opening a new one. Virgin money is good and also quick on transfers, plus you have 14 days cooling off and can change you mind online if they bring out a better product.

MrsWenger

Thank you for your reply Mr_blibby, that is helpful to me.

 It will be a new ISA, the Coventry process must be frustrating if doing a transfer.

Good tip about the Virgin one, especially how frequently rates are changing in the current climate!

georged123

As a new customer to Coventry, I've found them good but not very efficient.

I was waiting well over a week for any sort of confirmation/details (no emails) about opening a savings account then finally received a letter with my steps how to open.

I do like the layout of their site and find them professional but not sure they will ever process requests quickly.

MrsWenger

Thank you for your reply georged123. 

Interesting to hear the initial delay in communications, I expect they may get a lot of calls about that process with folk wondering it the application was submitted OK.

Good to know the site layout is good and they are professional, not the case with all organisations nowadays of course.

mebu60

Cynergy are fine but be aware they rarely increase rates on existing accounts, you have to apply for the new issue at the higher rate.
That said it is a slick process, log in, fast track apply for the new issue, transfer and close the previous issue. Doesn't take long to do. Just got to keep an eye out for new issues. This board is your friend in that regard.
Above relates to savings accounts. I have 20 closed accounts with Cynergy!

MrsWenger

Thank you for your reply mebu60, this is very helpful information.

You are definitely well versed in that process then! It is good to know that it is straightforward to do, I don’t imagine every provider is.

mebu60

MrsWenger said:

Thank you for your reply mebu60, this is very helpful information.

You are definitely well versed in that process then! It is good to know that it is straightforward to do, I don’t imagine every provider is.

Sainsbury's and Tesco could learn from Cynergy. They also use the new issue model for rate rises but their processes are cumbersome online and generate several trees worth of paper that is posted out. Cynergy send 3 emails. 

MrsWenger

mebu60 said: 

Sainsbury's and Tesco could learn from Cynergy. They also use the new issue model for rate rises but their processes are cumbersome online and generate several trees worth of paper that is posted out. Cynergy send 3 emails. 

It would be far easier for them to determine what communication options individual customers would prefer wouldn’t it. Accounts being opened and managed online surely indicates to them customers could receive all correspondence via email and secure messages!

Part of the reason for my initial post was to understand what individual providers do. 

ScarletBea

I recently opened an account with Oak North and it was super quick and easy!
And then I had an issue (not their fault) and they quickly fixed it, both when I contacted them on the phone and email.

MrsWenger

Thank you for your reply ScarletBea. 

Good to know and especially pleasing to hear they were responsive when you had a query. It can be quite nerve wracking if something goes wrong with a new provider can’t it.