Is this normal? (Conister Bank savings account)

galacticaphantom

Hi, 

I opened a fixed rate savings account with Conister Bank. I also recently opened one with Skipton International. Compared to Skipton, Conister was quite a different process after opening. With Skipton i was able to set up online facilities so could see where my money was after depositing etc.

https://www.conisterbank.co.im/

With Conister i recieved an email with an attached PDF that had my account details. When i asked whether i was able to set up online accounting i was told "We don’t have an online platform as yet, it is coming though, and we will let our customers know when it is available to use. Until that time, our communications are by phone, email, post or face to face."

So currently i just have an account number where i need to deposit 50K, with no method of confirmation other than an email or postal receipt i guess. 

I don't have any reason to believe it's not normal, however it does feel a bit off in this day and age. Having said that, i only have the one other savings account to go by. 

Does anyone have any experience with this, or with this bank, who can advise whether this is simply standard procedure?

Many thanks!

eskbanker

In terms of what's "normal", I suspect that most forum members will be UK-based and familiar with using UK accounts, so imagine that there won't be much experience with using Isle of Man banks, but would assume that players like this are likely to be too small to be able to afford functional online platforms, etc.

BeachNut

I've used Conister for several years, and they've slowly got worse, with email responses very slow or not at all, no online id verification (even though they temporarily added the facility during covid but then withdrew it).

galacticaphantom

BeachNut said:

I've used Conister for several years, and they've slowly got worse, with email responses very slow or not at all, no online id verification (even though they temporarily added the facility during covid but then withdrew it).

Hi there, apologies i just saw this, thank you for your response.

That's not so good to hear. Do you have a savings account with them? What is the procedure with statements and checking in, withdrawing interest etc?

jnm21

Hi OP, wow,  1 year on & very similar thoughts - after opening the fixed account, managed to grasp that we have to credit the IA account & await the Conister staff to transfer it.

I was FAR from impressed with the sign up, but at least they do have a Web offering, but...

Found this thread trying to find out how to get the sort code & account number (shockingly the account details does not give either when accessed one way & might give the account number  when accessed a slightly longer winded way - it is not labelled)!  Do they still send the email with an attachment?  24 hours on, we have neither the email nor a reply to our secure message!

I WOULD STRONGLY RECOMMEND THAT MSE EXCLUDE THEM FROM THE BEST BUY TABLES UNTIL IT IS SORTED! 

masonic

jnm21 said:

I WOULD STRONGLY RECOMMEND THAT MSE EXCLUDE THEM FROM THE BEST BUY TABLES UNTIL IT IS SORTED! 

Until it is sorted? Do you mean your specific issue?

They've already been removed, since they've dropped their rate. However, MSE tables are based on rate, so often include names with less than brilliant feedback, and will no doubt continue to do so.

jnm21

masonic said:

jnm21 said:

I WOULD STRONGLY RECOMMEND THAT MSE EXCLUDE THEM FROM THE BEST BUY TABLES UNTIL IT IS SORTED! 

Until it is sorted? Do you mean your specific issue?

I hope you were joking! 😡  I of course mean the general level of service or rather the lack of it!

I found a sort code 608307 & tried what I hope is the account number off the second acc. details screen - only sent £1! 🤞

masonic

jnm21 said:

masonic said:

jnm21 said:

I WOULD STRONGLY RECOMMEND THAT MSE EXCLUDE THEM FROM THE BEST BUY TABLES UNTIL IT IS SORTED! 

Until it is sorted? Do you mean your specific issue?

I hope you were joking! 😡  I of course mean the general level of service or rather the lack of it!

I found a sort code 608307 & tried what I hope is the account number off the second acc. details screen - only sent £1! 🤞

You have to admit it's a bit of an extrapolation to go from an individual report of not receiving an answer to a query within 24 hours to a general service failing.

I wouldn't use them as they are not FCA authorised and complaints are not eligible to be referred to the Financial Ombudsman Service. Even if that wasn't the case I would not be sending even £1 to a guessed sort code and account number.

jnm21

Delighted to know your opinion.

Does anyone else have anything useful to add?  Now 2 days without reply to the secure message & no notification of the account details!

Would I recommend Conister - no, under the mattress is looking like a preferable option.

masonic

You may get more replies and assistance if you ask in a forum frequented by ex-pats, as they are more the target market of offshore banks like Conister and Skipton International, given they generally struggle to open/hold UK bank accounts. The OP and other respondent who used Conister have not been active on the forum this year.

jnm21

I found a sort code 608307 & tried what I hope is the account number off the second acc. details screen - only sent £1! 🤞

Some info for anyone else in the same position:

The above transfer of £1 did not work.

Conister finally replied 5.5 days later (Wednesday evening to Tuesday morning) - to our frustration, not with the details, but confirmation that they have had a lot of applications and will shortly be sending the details in a letter! 🙄

The final straw for me is that their system is so dire, it lets you time out, without warning, while actively typing a reply.  🤬🤬🤬

IF ANYONE FROM MSE READS THIS, I DO NOT BELIEVE THIS ORGANISATION IS SUITABLE FOR INCLUSION IN YOUR BEST BUY TABLES (the application is certainly not online - 'hybrid online & postal').  I would not use them again unless significantly higher in rate & would never recommend them to anyone else.