Union Bank of India

mills112

This bank is in the top list of 12 months bond on the savings site.

Anyone had an account with this bank before and can comment on your experience with them? I am thinking of opening a 12 months bond with them.

eskbanker

They crop up quite often, and usually not in a good way - use the forum search facility to bring up a list of previous threads about them.

refluxer

I wouldn't touch them with a barge-pole, personally. OakNorth are paying the same rate and DF Capital are slightly higher, at 4.25%. I've got accounts with both of those banks and have had no issues.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81878601#Comment_81878601

i have one with Oaknorth already, but yeah, they are fine as I have used them before as well. DF Capital was a time waster as they asked me to prove where my wealth come from, not just the blooming money I put into the bond!

luckily on the advice of a member on here, I was able to cancel within the 14 days cooling off period but they returned my money without any interest and I had £120k in the account for 10 days so that costed me at least £110! not touching those jokers again.

refluxer

https://forums.moneysavingexpert.com/discussion/comment/81878908#Comment_81878908

Ah yes - I remember that thread now. I didn't have that issue, but I wasn't saving such a large sum. That type of scenario could very well crop up with other banks, too.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81878972#Comment_81878972

Yes, since then I am more wary of having to go through the rigmarole with another bank! However I opened Marcus and Oak North recently without any issues so I think it was just DF capital being a Mickey mouse bank.

gt94sss2

https://forums.moneysavingexpert.com/discussion/6654695/union-bank-of-india

I've used them before with no problems.

However, their website is very basic and as a UK subsidiary of an Indian bank they tend to follow a lot of security practices common there which are a bit of a pain - and unusual in the UK - such as sending encrypted documents that you need to enter a password to view.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81880890#Comment_81880890

yeah, i have across that before with the shariah banks like BLME. interesting to hear that you have had no issues with them as the general consensus is that people have experienced a lot of problems with them.

4thofficial

The bank uses a very unusual and very clunky application process, thelike of which I have not seen before. You are obliged to indicate the total sum that you want to deposit in advance of depositing it. So I thought that I could open an account with a small sum, and then top it up within the 30 day period that they give you. But once your account has opened, you are not permitted to top it up, even within the grace period - instead you have to open a new account. Even though they have your money, you will not earn any interest until you have deposited the total sum that you have previously indicated. Its easy to finish up with 3 accounts and a whole load of paperwork. On the other hand, they answer the phone reasonably quickly, and it seems fairly easy to sort things out on the phone.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81915680#Comment_81915680

just as well i avoided them then!

Rollinghome

Most of the Indian banks were nationalised long ago and this one feels more like a fusty government department than a bank. Their systems are unusual, if not eccentric, including not opening an account until they receive your payment. I've used them a couple of times, and if they don't scare you away, they seem fine. Money in, money out a year later, with right interest.

They wouldn't be my first choice but, if the rate was attractive enough, I'd likely use them again. I noticed that MBNA, owned by Lloyds were just a whisker away from offering the best rate when I looked.