Transfers from nominated account into fixed rate savings account

Good evening,

I took out a 3 year fix with Vanquis at the end of last month (not yet funded as waiting for current fix with an alternative provider to mature & seeing if any alt providers beat the rate)

I've had to set up my nominated account with Vanquis from my Virgin Money current account (even though I never use it) as Vanquis couldn't verify my other main two current accounts for some unknown reason...

My question is...

Should set up & send the payment from my nominated Virgin Money current account to Vanquis as a personal (my name) or business account? I'm never sure what to select...

If I should send as a business account...should it be sent to Vanquis Bank Savings (as instructed on the received paperwork) OR Vanquis Bank Limited as that's what shows as the correct match?

All very confusing! 

Any help / guidance much appreciated

Cheers!

Comments

  • wmb194
    wmb194 Posts: 3,126
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    Good evening,

    I took out a 3 year fix with Vanquis at the end of last month (not yet funded as waiting for current fix with an alternative provider to mature & seeing if any alt providers beat the rate)

    I've had to set up my nominated account with Vanquis from my Virgin Money current account (even though I never use it) as Vanquis couldn't verify my other main two current accounts for some unknown reason...

    My question is...

    Should set up & send the payment from my nominated Virgin Money current account to Vanquis as a personal (my name) or business account? I'm never sure what to select...

    If I should send as a business account...should it be sent to Vanquis Bank Savings (as instructed on the received paperwork) OR Vanquis Bank Limited as that's what shows as the correct match?

    All very confusing! 

    Any help / guidance much appreciated

    Cheers!
    As it worked with COP, I used Vanquis Bank Limited, selected, 'paying a business,' and then added my Vanquis account number in the reference field.

    As it ever was, at the end of the day the most important thing is to check and triple check that you've entered the correct sort code, account number and reference.

    If you're really worried there is also an option to send a cheque.
  • SickGroove
    SickGroove Posts: 231
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    Forumite
    edited 8 November 2023 at 1:40PM
    wmb194 said:
    Good evening,

    I took out a 3 year fix with Vanquis at the end of last month (not yet funded as waiting for current fix with an alternative provider to mature & seeing if any alt providers beat the rate)

    I've had to set up my nominated account with Vanquis from my Virgin Money current account (even though I never use it) as Vanquis couldn't verify my other main two current accounts for some unknown reason...

    My question is...

    Should set up & send the payment from my nominated Virgin Money current account to Vanquis as a personal (my name) or business account? I'm never sure what to select...

    If I should send as a business account...should it be sent to Vanquis Bank Savings (as instructed on the received paperwork) OR Vanquis Bank Limited as that's what shows as the correct match?

    All very confusing! 

    Any help / guidance much appreciated

    Cheers!
    As it worked with COP, I used Vanquis Bank Limited, selected, 'paying a business,' and then added my Vanquis account number in the reference field.

    As it ever was, at the end of the day the most important thing is to check and triple check that you've entered the correct sort code, account number and reference.

    If you're really worried there is also an option to send a cheque.
    Cheers for that. 

    You'd think therefore they'd put on the funding options page "Vanquis Bank Limited" as that's recognised as the COP, rather than "Vanquis Bank Savings" which gets flagged!

    I had to do a test set up to find that out...

    I'll go with your option I think...

    Can you confirm how long the transfer took to show in your Vanquis Savings account once sent & was it a largeish 20K+ transfer?

    Thanks again.
  • wmb194
    wmb194 Posts: 3,126
    First Post First Anniversary Name Dropper Photogenic
    Forumite
    edited 8 November 2023 at 6:38PM
    wmb194 said:
    Good evening,

    I took out a 3 year fix with Vanquis at the end of last month (not yet funded as waiting for current fix with an alternative provider to mature & seeing if any alt providers beat the rate)

    I've had to set up my nominated account with Vanquis from my Virgin Money current account (even though I never use it) as Vanquis couldn't verify my other main two current accounts for some unknown reason...

    My question is...

    Should set up & send the payment from my nominated Virgin Money current account to Vanquis as a personal (my name) or business account? I'm never sure what to select...

    If I should send as a business account...should it be sent to Vanquis Bank Savings (as instructed on the received paperwork) OR Vanquis Bank Limited as that's what shows as the correct match?

    All very confusing! 

    Any help / guidance much appreciated

    Cheers!
    As it worked with COP, I used Vanquis Bank Limited, selected, 'paying a business,' and then added my Vanquis account number in the reference field.

    As it ever was, at the end of the day the most important thing is to check and triple check that you've entered the correct sort code, account number and reference.

    If you're really worried there is also an option to send a cheque.
    Cheers for that. 

    You'd think therefore they'd put on the funding options page "Vanquis Bank Limited" as that's recognised as the COP, rather than "Vanquis Bank Savings" which gets flagged!

    I had to do a test set up to find that out...

    I'll go with your option I think...

    Can you confirm how long the transfer took to show in your Vanquis Savings account once sent & was it a largeish 20K+ transfer?

    Thanks again.
    Yes, but it's not the first bank or BS to have slightly incorrect deposit instructions... The key thing it's a legitimate institution, which it is, ultimately being part of what used to be known as Provident Financial plc, now Vanquis Banking Group plc (LSE:VANQ), and dates back to Victorian times.

    I forget, it was either a few hours or next day. As it was to a few fixed rate bonds of differing durations I wasn't really paying close attention. Individually they weren't £20k+.
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