Loughborough Super Saver Account

ashteadgirl

Sent email on Tuesday with scanned application form and ID documents. Heard nothing, so rang them today. Apparently can take 5 working says to open account even if details sent by email so goodness knows how long if apply by snail mail. Not very impressed and having second thoughts if I will fund it. Shame because good offer but previously Loughborough have been slow at processes so should have known.

Bridlington1

In my experience they can be slow to open accounts but they get there in the end.

When I opened my Holiday Monthly Saver by post last year they had a lot of applications so were experiencing delays in processing the applications. They backdated the cheque to the date my application arrived though so I spent a week or so earning interest in 2 places at once IIRC.

Aidanmc

Mine was opened same day as i emailed application form and ID docs.

allegro120

ashteadgirl said:

Sent email on Tuesday with scanned application form and ID documents. Heard nothing, so rang them today. Apparently can take 5 working says to open account even if details sent by email so goodness knows how long if apply by snail mail. Not very impressed and having second thoughts if I will fund it. Shame because good offer but previously Loughborough have been slow at processes so should have known.

I've opened mine in branch and I could see how overstretched they are, no wonder there is a queue for e-mail and postal applications.  It's an old-fashioned BS, so slow opening comes as a standard. 
It also may be worth mentioning that the exit is via cheque payment, so redeploying matured funds won't be instant.  

I have 1 year version.  For me personally, £2k p/m at 6% variable mitigates uneasy opening and a bit of cash drag at the end.

ForumUser7

Bridlington1 said:

In my experience they can be slow to open accounts but they get there in the end.

When I opened my Holiday Monthly Saver by post last year they had a lot of applications so were experiencing delays in processing the applications. They backdated the cheque to the date my application arrived though so I spent a week or so earning interest in 2 places at once IIRC.

Out of interest, did your passbook show the opening date a while after the first deposit date (listed as the 2nd entry) then too? This threw me off when I got mine, but could explain it