Vanquis savings matured today but only received the interest!

jwright

Starting to worry a bit but perhaps I am just being impatient.

Husband's Vanquis fixed rate savings account matured today.  The interest appeared in our current account at about 9am this morning but the deposit (£8K) didn't, they just paid the interest.  He tried logging into his account but on the main screen under Account summary there were no longer any accounts listed.  Tried clicking 'secure message' and it went to an error page. 

Waited a few hours, still no missing 8k in the current account, tried logging into Vanquis again and it said his password was wrong.  It wasn't, but he tried reset password with his customer reference and it said there is no such account so he can't log in any more either.

Tried phoning, long phone wait and he's now had to go to a meeting and abandon it.  Problem is, a) we are wondering where the 8k has gone, and b) we need to pay a roofer for repairs he's done on our roof by Monday and need some of that 8k to do so!

Is it normal for a bank to pay the interest first then the actual deposit later on that day / the next day?  And meanwhile remove online banking?  Seems a very strange way to behave.

jwright

Should add that the maturity instruction he gave was to withdraw all the funds and close the account.

changearound1

Don't worry, it's normal to receive interest and deposit as 2 separate payments. I can't remember if the deposit arrives the same day or the next working day. The maturity instructions letter/email may give you a clue.

The_Green_Hornet

Interest comes as a bacs payment and then the original deposit amount gets sent later via faster payments. Both should arrive in your account on the same day.

intalex

Anyone know how long before maturity date do the maturity instruction options become available in online banking?

My maturity date is 6/12 which is a Saturday and so presumably matures on Monday 8/12, but as of this morning, I have neither received an email/letter nor can I see any maturity instruction options online.

wmb194

intalex said:

Anyone know how long before maturity date do the maturity instruction options become available in online banking?

My maturity date is 6/12 which is a Saturday and so presumably matures on Monday 8/12, but as of this morning, I have neither received an email/letter nor can I see any maturity instruction options online.

A few weeks before so you should be hearing any moment now.

"We will write to you at least 3 weeks before your maturity date to remind you that your Fixed Rate Bond is maturing. At this point we will ask you to log in to your account and select your maturity options."

https://www.vanquis.com/help/savings-help/faqs/