SmartSave Bank Stress

AP1927

I invested a decent sum with these on a 1year fixed rate 12 months ago on the recommendation of Martin. Tomorrow is the maturity date and when I'm supposed to get my money with interest back. Well, nothing is pending in my bank account. SmartSave say that theres an issue with their automated communication with Barclays, who they bank with, and they're working hard to resolve this.

Should I be worried?

Has anyone else had a similar issue with them?

ColdIron

AP1927 said:

Tomorrow is the maturity date

I think it may have more to do with this than anything else

refluxer

AP1927 said:

Tomorrow is the maturity date and when I'm supposed to get my money with interest back. Well, nothing is pending in my bank account.

In my experience, when you select a fixed rate account to pay out on maturity, it either pays out on the day it matures or possibly the next day, depending on the bank and how they operate. I have never seen a payment 'pending' in my nominated current account in advance of the maturity date, so I think you're worrying needlessly. Wait and see what happens tomorrow.

Bigwheels1111

Don’t panic yet. Wait until tomorrow.
If it’s not paid then start a complaint.
Also inform them that you expect to be compensated at the best rate, ie the rate you have with them or the best rate you can find tomorrow. Because that’s where you were putting it 😜
I did this with my bank when they messed up 3 transfers, held from Friday to Monday.
£135 interest + £50 good will gesture.

The best rate today is Metro bank at 5.91%.
Just work it out.

AP1927

refluxer said:

AP1927 said:

Tomorrow is the maturity date and when I'm supposed to get my money with interest back. Well, nothing is pending in my bank account.

In my experience, when you select a fixed rate account to pay out on maturity, it either pays out on the day it matures or possibly the next day, depending on the bank and how they operate. I have never seen a payment 'pending' in my nominated current account in advance of the maturity date, so I think you're worrying needlessly. Wait and see what happens tomorrow.

Thanks for your advice. I probably over reacted, I had thoughts that I had transferred all that money to cloned bank account. I looked at the sort code the money went too and and thankfully its Barclays 20-00-00

AP1927

Bigwheels1111 said:

Don’t panic yet. Wait until tomorrow.
If it’s not paid then start a complaint.
Also inform them that you expect to be compensated at the best rate, ie the rate you have with them or the best rate you can find tomorrow. Because that’s where you were putting it 😜
I did this with my bank when they messed up 3 transfers, held from Friday to Monday.
£135 interest + £50 good will gesture.

The best rate today is Metro bank at 5.91%.
Just work it out.

T&C

Thanks for your reply, unfortunately I decided to reinvest half of it for another 12 months at 5.86%

I'd like to get it all out now, but apparently there is a 4 day rule before the reinvestment date that would allow that to happen, so it looks i'm stuck with them for another 12 months.

If they breach their contract with me and don't pay me tomorrow, I wonder if I could use that as leverage to get all of my money back? Probably wishful thinking!
I just feel anxious about the whole thing as I've read about so many scams.

Bigwheels1111

I’m in your position today, awaiting my first years interest payment from Tandem.
No sigh of it yet.
I called to check all was ok, ie bank details and do I need to manually transfer the money etc.
I was told all was fine and should be with me today, Monday at the latest.

If it takes until Monday I will be asking for £2.62p extra interest.

As if by magic it has arrived, hope yours does.

AP1927

Bigwheels1111 said:

I’m in your position today, awaiting my first years interest payment from Tandem.
No sigh of it yet.
I called to check all was ok, ie bank details and do I need to manually transfer the money etc.
I was told all was fine and should be with me today, Monday at the latest.

If it takes until Monday I will be asking for £2.62p extra interest.

As if by magic it has arrived, hope yours does.

Yes, mine arrived overnight too, glad yours did as well. For a time yesterday afternoon I was convinced I had transferred all that money to a cloned account, I freaked out after reading somewhere that SmartSave may had been cloned in the past (turns out that was a load of bull).

Happy days now.