Vida Savings

thomas100_2

As it has an £85k FCSC protection I am planning  85k investment for a year

eskbanker

thomas100_2 said:

As it has an £85k FCSC protection I am planning  85k investment for a year

It's "FSCS" by the way, but it's generally prudent to leave headroom for interest, in that if you filled an account to the brim with £85K and they went under towards the end of that year, the accrued interest wouldn't be included in the FSCS payout, so it's safer only to pay in, say, £80K.

SugarSnap

eskbanker said:

SugarSnap said:

I'm also interested to know who backs them as I the protection, as I understand it, is only for those not in the same group of companies.  Does anyone know who backs Vida or Belmont Green Ltd, as they were previously known by.

SugarSnap said:

On further digging their support comes from Pine Brook of the Cayman Islands.  Over £200m capital in 2023 from Pine Brook.

Just to be clear, the identity of financial backers of FCA-regulated institutions has no effect on the FSCS protection, which is driven by the banking licences themselves.

Yes, aware of that, but it's always interesting to see who is behind a new bank in terms of financial support .  Don't like to give hard earned money to just anyone

dembagp

I opened a 95 day notice account and have just attempted to transfer my first payment but the sort code provided to me for my account denotes barclays bank when checked by my bank.  Since i can find no affiliation of Vida to Barclays I have not transferred and do not plan to use the account. 

slinger2

They may be one of those providers that use a generic account number and sort-code and use the reference number to indicate your individual account with them.

In their FAQ is says:

"You’ll need to provide the following details to make a transfer:

• Account Number: 63246221
• Sort Code: 203253
• Payee / Beneficiary: Your name
• Payment reference number: Your Vida Savings application number or the 13-digit account number which is set out in your welcome letter"

wmb194

dembagp said:

I opened a 95 day notice account and have just attempted to transfer my first payment but the sort code provided to me for my account denotes barclays bank when checked by my bank.  Since i can find no affiliation of Vida to Barclays I have not transferred and do not plan to use the account. 

It's common for small banks and building societies to use collection accounts with the big banks, especially Barclays and NatWest. 

ToastLady

dembagp said:

I opened a 95 day notice account and have just attempted to transfer my first payment but the sort code provided to me for my account denotes barclays bank when checked by my bank.  Since i can find no affiliation of Vida to Barclays I have not transferred and do not plan to use the account. 

I have opened a couple of accounts with them. When my bank (Halifax) does the check it comes up correctly with the account registered in my name, so quite happy to use them given that they have FSCS protection. I have accounts with others who use Barclays.
I had reason to call Vida last week, as received an email stating money would be returned as not from my nominated account. I had funded the Fixed Saver account from my nominated account, and the money had clearly arrived as it was showing online. I called them, call answered promptly and politely. At end of day, it would appear that someone else put in wrong account number and would be wondering why the money hadn't arrived. They should have it back by now. 

Warslet

I used Vida via HL for an easy access account as a Power of Attorney. There were no issues in the opening of the account including the first deposit. Interest is paid monthly and credited to the easy access account as expected.