GB Bank - The Good? The Bad? The Ugly?

PlatinumChaos

I'm looking for an easy access savings account, and GB Bank currently seem to have a fairly enticing offer at 4.6% AER with a reasonable minimum opening balance and unlimited withdrawals, but I just don't seem to be able to find much information about them (apart from their own website). Does anybody have any personal experience of them - positive, negative or ambivalent?

mebu60

All positive. Money in credited instantaneously with SMS and email confirmation, seemingly any time of day. Not tried a non-working day. Test payment out was pretty quick too from memory. Website and processes all straightforward. 

PlatinumChaos

mebu60 said:

All positive. Money in credited instantaneously with SMS and email confirmation, seemingly any time of day. Not tried a non-working day. Test payment out was pretty quick too from memory. Website and processes all straightforward. 

That all sounds good. Thanks. Do you happen to know how stable their rates have been historically? I don’t want an attractive rate that gets new customers on board before it plummets again.

friolento

They haven't got much history, and even if they did, past performance wouldn't be a reliable guide for the future.

One thing to know about them: you cannot make any withdrawals until they have snailmailed you a verification code. This can take quite a few days.

VNX

You can get a better rate with an easy access ISA currently 

even if you don’t need an ISA for tax purposes, with a look 

Beeblebr0x

friolento said:

They haven't got much history, and even if they did, past performance wouldn't be a reliable guide for the future.

One thing to know about them: you cannot make any withdrawals until they have snailmailed you a verification code. This can take quite a few days.

Where does it say that in their T&C's?

"9.6. If your withdrawal is authorised before 1pm, it will be processed and received by your bank on the same day (assuming it is a working day). If your withdrawal is authorised after the cut-off time, it will be received by your bank the following working day. Please note, we cannot be held responsible for any delays caused by circumstances beyond our control."

exel1966

Beeblebr0x said:

friolento said:

They haven't got much history, and even if they did, past performance wouldn't be a reliable guide for the future.

One thing to know about them: you cannot make any withdrawals until they have snailmailed you a verification code. This can take quite a few days.

Where does it say that in their T&C's?

"9.6. If your withdrawal is authorised before 1pm, it will be processed and received by your bank on the same day (assuming it is a working day). If your withdrawal is authorised after the cut-off time, it will be received by your bank the following working day. Please note, we cannot be held responsible for any delays caused by circumstances beyond our control."

The verification code is sent upon account opening. If you made a deposit on opening and then wanted to make your FIRST w/d you'd have to wait for that code before being able to do so. Subsequent w/d don't require a code. 

friolento

Sorry, I didn’t mean to say that all withdrawals require a verification code. Just that no withdrawals are possible until your snailmailed verification code has been confirmed. 

Beeblebr0x

Thanks for clarifying

subjecttocontract

I've had a few fixed rate accounts with GB Bank via the Raisin platform. Doing it through Raisin eliminates any verification action code malarky.

mebu60

PlatinumChaos said:

mebu60 said:

All positive. Money in credited instantaneously with SMS and email confirmation, seemingly any time of day. Not tried a non-working day. Test payment out was pretty quick too from memory. Website and processes all straightforward. 

That all sounds good. Thanks. Do you happen to know how stable their rates have been historically? I don’t want an attractive rate that gets new customers on board before it plummets again.

They haven't got any history of note but even if they did have it's not a reliable indicator of behaviour which is dictated more by what the business needs at any particular time.

All I can tell you is that I still have 4.7% on the NLA previous issue, current issue 4.6%. I would expect a trimming of rates when they have acquired the funds they're after.