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

friolento

subjecttocontract said:

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.

That seems an extreme way to acquire delays which each and every withdrawal as withdrawals via Raisin are always quite slow, and certainly never same day.

Albermarle

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.

It is not just a matter of banks wanting to get new customers on board with attractive rates ( although that does happen of course). The bank will be lending the money out, and if that business slows down then they will want to slow the flow of money in, and the best way to do that is to reduce the savings rates on offer. 

subjecttocontract

Everything has a price.
The overriding ease of opening, operating, withdrawing & reinvesting offered by Raisin in exchange for a couple of days is entirely acceptable to some of us

friolento

subjecttocontract said:

Everything has a price.
The overriding ease of opening, operating, withdrawing & reinvesting offered by Raisin in exchange for a couple of days is entirely acceptable to some of us

Some people also don't mind sacrificing interest for the convenience of a single logon. On the other hand, some people prefer to have access to the best rates, swiftest deposits and withdrawals without a middleman, and don't consider managing umpteen logins as a chore

Zaul22

I was curious about them too. They used to be something called The Model T Ford Company. I have no idea what that was or why or how it became a bank. 

TheWoodler

The Model T Finance Company, not the Model T Ford. 

This is conjectural, but it occurred to me that it might have been a play on words as they originated on Teesside. 

As far as their interest rate history goes, they have a history of the reference rates for their products - not quite the same thing, I know. Personally I found the terminology on the rate page had some chutzpah to it . . .

https://www.gbbank.co.uk/gb-bank-base-rate