Cancelling bond application

BrumSaver

I opened a fixed term bond with FirstSave at the start of this week but the CHAPs payment (despite using the precise details supplied in the confirmation email) was returned same day. I can't get through to them via email or phone and so have lost confidence and want to send my money elsewhere. Are there ramifications e.g. to credit rating to abandoning an empty fixed term bond?

wmb194

BrumSaver said:

I opened a fixed term bond with FirstSave at the start of this week but the CHAPs payment (despite using the precise details supplied in the confirmation email) was returned same day. I can't get through to them via email or phone and so have lost confidence and want to send my money elsewhere. Are there ramifications e.g. to credit rating to abandoning an empty fixed term bond?

No, there are none - it isn't a credit product anyway- so just forget about it. In due course FirstSave may write/email to say that as you haven't funded the account within x number of days it has been closed but that will be it.

Doctor_Who

BrumSaver said:

I opened a fixed term bond with FirstSave at the start of this week but the CHAPs payment (despite using the precise details supplied in the confirmation email) was returned same day. I can't get through to them via email or phone and so have lost confidence and want to send my money elsewhere. Are there ramifications e.g. to credit rating to abandoning an empty fixed term bond?

Many many reports on this forum of people who open fixed rate bonds to 'snag' a good rate, but then don't fund them because an even better rate comes along. There must be 1000s of empty fixed rate bonds waiting to be closed by the providers!

BrumSaver

That's not my motivation, I tried to fund my account with FirstSave (who have the second highest rate presently I think) but have been spooked by my experience. I opened 2 other bonds at a slightly lower rate and haven't tried to abandon them. Vanquis appear to have the best rate at 6.15% for a 1 year fixed saver but I'm not going with them as their application process looks identical to FirstSave so I'm just going to pick another slightly lower one with a bank that I have more trust in.

Thank you wmb194 for your reassurances. It's my first time opening fixed bonds so I wasn't too sure!

wmb194

BrumSaver said:

That's not my motivation, I tried to fund my account with FirstSave (who have the second highest rate presently I think) but have been spooked by my experience. I opened 2 other bonds at a slightly lower rate and haven't tried to abandon them. Vanquis appear to have the best rate at 6.15% for a 1 year fixed saver but I'm not going with them as their application process looks identical to FirstSave so I'm just going to pick another slightly lower one with a bank that I have more trust in.

Thank you wmb194 for your reassurances. It's my first time opening fixed bonds so I wasn't too sure!

What do you mean when you write, "...their [Vanquis'] application process looks identical to Firstsave..."? If you mean that depositing money involves sending to a collection account with a reference then this is common with the smaller players. Yesterday I opened and funded two bonds with Vanquis and had no issues and I've also used it in the past with no issues.

Doctor_Who

BrumSaver said:

That's not my motivation, I tried to fund my account with FirstSave (who have the second highest rate presently I think) but have been spooked by my experience. I opened 2 other bonds at a slightly lower rate and haven't tried to abandon them. Vanquis appear to have the best rate at 6.15% for a 1 year fixed saver but I'm not going with them as their application process looks identical to FirstSave so I'm just going to pick another slightly lower one with a bank that I have more trust in.

Thank you wmb194 for your reassurances. It's my first time opening fixed bonds so I wasn't too sure!

I didn't say it was your motivation, I was just pointing out that people open and abandon fixed rate bonds all the time and they wouldn't do this if there were ramifications in doing so.

BrumSaver

wmb194 said:

BrumSaver said:

That's not my motivation, I tried to fund my account with FirstSave (who have the second highest rate presently I think) but have been spooked by my experience. I opened 2 other bonds at a slightly lower rate and haven't tried to abandon them. Vanquis appear to have the best rate at 6.15% for a 1 year fixed saver but I'm not going with them as their application process looks identical to FirstSave so I'm just going to pick another slightly lower one with a bank that I have more trust in.

Thank you wmb194 for your reassurances. It's my first time opening fixed bonds so I wasn't too sure!

What do you mean when you write, "...their [Vanquis'] application process looks identical to Firstsave..."? If you mean that depositing money involves sending to a collection account with a reference then this is common with the smaller players. Yesterday I opened and funded two bonds with Vanquis and had no issues and I've also used it in the past with no issues.

Since sending to FirstSave's collection account got returned, I'm very reticient to do the same again (have seen some reviews where people say FirstSave are ok so I guess everyone's experiences are different). I generally don't like sending something off 'into the ether' and waiting several days for letters in the post before being able to see the evidence of my money being in my new account. I'm sure I am just being extra paranoid, but after a difficult year I want straightforward even if not quite the best rate.

wmb194

BrumSaver said:

wmb194 said:

BrumSaver said:

That's not my motivation, I tried to fund my account with FirstSave (who have the second highest rate presently I think) but have been spooked by my experience. I opened 2 other bonds at a slightly lower rate and haven't tried to abandon them. Vanquis appear to have the best rate at 6.15% for a 1 year fixed saver but I'm not going with them as their application process looks identical to FirstSave so I'm just going to pick another slightly lower one with a bank that I have more trust in.

Thank you wmb194 for your reassurances. It's my first time opening fixed bonds so I wasn't too sure!

What do you mean when you write, "...their [Vanquis'] application process looks identical to Firstsave..."? If you mean that depositing money involves sending to a collection account with a reference then this is common with the smaller players. Yesterday I opened and funded two bonds with Vanquis and had no issues and I've also used it in the past with no issues.

Since sending to FirstSave's collection account got returned, I'm very reticient to do the same again (have seen some reviews where people say FirstSave are ok so I guess everyone's experiences are different). I generally don't like sending something off 'into the ether' and waiting several days for letters in the post before being able to see the evidence of my money being in my new account. I'm sure I am just being extra paranoid, but after a difficult year I want straightforward even if not quite the best rate.

It doesn't take long for Vanquis to send you an email to say the deposit has been received and it also allows multiple deposits so if you're nervous you can send a smaller one first. It also gives the option to make deposits by cheque.

It's up to you but if you're going to discount all of the providers which use collection accounts plus a reference you're going restrict your options quite a bit.