Vanquis Fixed Rate Maturity

bioboybill

My one year fix ended today. I gave them instructions to pay out to my nominated account a couple of weeks ago. At 8 this morning they confirmed they sent the money, but nothing showing at HSBC yet. Is this normal? I'm used to payments being virtually instant these days, so slightly perturbed, as it's £50K plus interest.

Woodstok2000

It can take a little longer with savings accounts and larger amounts. I had a similar amount from HL to Nationwide and it took almost 6 hours. Assuming your instructions were correct I'd leave it until tomorrow morning to check and then follow up.

Ayr_Rage

It depends on the method they use to pay out.

It's a bit soon to be getting stressed about it.

Albermarle

Most of these smaller savings providers, do not have their own current account as such. They use one of the big clearing banks normally. So Vanquis could not themselves send a Faster Payment, they would have to instruct the bank they use to do it. So with a third party involved some delay is inevitable.

It is the same when you pay in to these providers. It can be up to one working day before the money appears in your account, although many have got quicker nowadays ( but not instantaneous).

ToastLady

I had a fixed with Vanquis mature on Tuesday 11th. They do say that payment can take until next day. However my nominated account was credited later on 11th at 14:44.

wmb194

https://forums.moneysavingexpert.com/discussion/6679673/vanquis-fixed-rate-maturity

Yes, you just need to be patient. When mine matured a few weeks ago it was credited on the due date in the afternoon at 14.52.

bioboybill

Thanks everyone for the replies. It's not so much that I'm panicking. It's more that I need the money to fund loads of Regular Savers. 😆 Still nothing received as yet.

bioboybill

Haha! Money just received!

ToastLady

Glad you are sorted.
I was just working out difference in putting money into another fix, or sticking in easy access and funding the regular savers that I have. The EA and RS's won hands down. So until fixed rates go up significantly (not holding my breath), I'll be cashing in for now, assuming the current status quo of EA and RS's remain.

DjangoUnchained

had exactly the same yesterday, recieved email 8am to say the funds had been transferred to nominated bank account. But it didnt appear in my account until about 4pm. a bit annoying but there you go.