Shawbrook Bank or Charter Savings Bank?
Tilona
Posts: 32 Forumite
Does anyone have any experience with these two banks? Trying to decide which one to use for their Easy Access Accounts. The rates, initial deposits etc are pretty much the same except for the maximum amount the account can hold but that wouldn't affect us. Just wondering if they are indeed easy to access, customer service, ease of use of their websites etc? Any feedback would be appreciated. Thank you!! 😊
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Why not Marcus? Easy access and 1.50%0
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I want the account to be in two names (joint account) and Marcus only offer single accounts unfortunately ��0
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i opened one of those easy access charter accounts last week and, well, lets us just say it was not an entirely happy experience.
the initial application started smoothly enough, welcoming email arrived and then a letter through the post telling you how to make your first deposit.
but then the fun and games began for they do not give you a unique sort code and 8 digit a/c number but a 13 digit reference number like ABC- 1234567- DEF
in the email however to make a deposit using faster payments, it says to just use the seven digit part and your surname as reference, whilst in the letter they sent they say to use entire 13 digit reference, but then again if you log in and look in the help file it says use the 7 digit number and just the first 3 letters of your surname.
this is not an encouraging start! especially since the first deposit must be for £1000 minimum.anyway reluctant to push such a large sum off into the ether, i sent them a test £10 instead using the method in the letter, which they did at least receive, for next day it was bounced back to my current account! plus another email about how it had to be at least £1000. so fingers crossed i did that and that at least did work, fairly quickly too, since it was credited to the savings account the same day. phew!
maybe i should have just sent a cheque instead?0 -
Thank you very much! That information is extremely helpful if I do decide to go with them and at least know what to expect! I'm sorry to hear it wasn't as straight forward as you hoped though especially, like you say, you have to pay £1000 upfront and you are not entirely sure about the process due to conflicting information! You have saved me a lot of confusion by telling me about it so thanks again very much!!0
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I've had several fixed rate bonds with Shawbrook Bank over the years and the opening of these accounts was straight forward, I don't recall having had any problems with Shawbrook and would be happy to use or recommend them.
As my accounts with Shawbrook Bank were fixed rate bonds I did not have much contact with the Bank apart from opening them and then waiting till they matured - but their website and getting the accounts up and running was OK and more importantly I got the money back at maturity!Never let the perfume of the premium overpower the odour of the risk0 -
Have used Shawbrook in the past for fixed rate bonds. They were ok nothing special, nothing really to complain about. I would not use them for instant access as they are easy access rather than instant, I think. As for Charter, have three accounts with them now, 2 fixed rate and one ISA. Excellent service from them. Again, probably the same as Shawbrook for easy access.0
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I'm considering Shawbrook.
Is the payment out system reliable and accessible at all times? I've had problems with Kent Reliance's system not accepting payments out late at nights requiring me to log on during normal working hours which is an annoyance.0 -
Watch out for delayed withdrawals with Shawbrook which loose you interest. They are not faster payments. If you make a withdrawal to your nominated account after 2:30pm on a working day the money won't hit your account until the day after the next working day! Yet the balance is immediately deducted from your Shawbrook account, losing you interest.
In a worse case scenerio, if you were to withdraw money at 2:45pm on a Friday, you won't see the money in your nominated account until Tuesday, losing you 5 days interest!!
Shawbrook might offer the high(est) rates but I wonder if you factor in this loss of interest the rate is really quite lower.0 -
MiserlyMartin wrote: »...
In a worse case scenerio, if you were to withdraw money at 2:45pm on a Friday, you won't see the money in your nominated account until Tuesday, losing you 5 days interest!!
Shawbrook might offer the high(est) rates but I wonder if you factor in this loss of interest the rate is really quite lower.
5 days interest lost means 5/365 lost of the annual rate - which, if that was, say, 2% means you actually get 360/365 of 2% which is 1.97%. So it's not 'really quite lower' just a weeny bit lower. Wouldn't worry me, but you are MiserlyMartin so maybe it would worry you!0 -
From my experience I say avoid Shawbrook0
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