Hi Everyone, and thank you everybody who answered my earlier thread on savings accounts. Well spent most of today speaking to three well known high street banks/building societies. I wanted to a) make an appointment to open a deputy savings account b) be advised of what I needed to bring for ID purposes c) what their interest rates would be. Having spent at least 20 minutes on each phone call they really did not understand a deputy account but said we will find out and ring you back. I have not one phone call returned. Do they really not want our business. I really am at a loss as what to do. I can not leave all the money in the one bank as above 75,000 threshold for compensation. So anybody have any ideas?? Thank you.
Any financial institutions who would open a savings account!!
- Thread starter 99purdy
- Start date
I got 2 cheques for £25 each in the post off my premium bonds today
but that doesn't mean I won't get more tomorrow or in the next week.It's owned by the government, wins are tax free and you can get the money back in 10 working days or less on-line, what's not to like.
It is literally a lottery in that some months I might get nothing but I've well exceeded the 1.25% they quote as being the return rate so far this year and it's a safe place to park money. I think £50k is the maximum holding at present.
In answer to the other question "Do they really not want our business." in short, no.
Quantitative easing means the banks can get all the cash they need from the government so they no longer need to chase the wo/man on the High Street for their cash and bear in mind interest rates went down earlier this week so even less reason for them to bother.
Much of a bank's income comes from transactional charges with the retailer when you spend, unlike the old days when it came from loan/deposit differential.
K
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You might find it easier if you opened accounts in banks or building societies where the person who's money it is already had an account - even if it was a very small one.
Banks have to go through "know your client" procedures when they set up a new account and although this can be done for a deputy account the person you meet at the bank doesn't necessarily know how to.
Banks have to go through "know your client" procedures when they set up a new account and although this can be done for a deputy account the person you meet at the bank doesn't necessarily know how to.
Hi Moonflower, thank you for your reply. I am already at the maximum at the existing accounts. You are very right they do not know how to open a deputy account. However as Kevinl has already said they really do appear to not want the business so maybe it is too much hassle.
If you're willing to do your banking over the Internet there are a number of smaller banks that have the FSCS guarantee. I've had no trouble opening accounts with an LPA so I hope a COP Deputy Certificate would be similar. They all seem to use the same call centre agency in Wallsend Tyneside so you get through to someone who speaks (and understands !!) English and usually knows what they are talking about.
You may still need to provide proof of your mother's address but the banks I've used address all letters to Me POA My Wife, although we've got the same address so I don't suppose that's conclusive proof.
Interest rates have dropped dramatically this week and are changing by the day but if you phone up to open the account they will usually give you the rate at that time although the paperwork may take a couple of weeks to catch up.
If the moderators will let me name names: I've had personal, business and LPA accounts with Aldermore for a number of years and find them excellent. I've got an account with Charter Savings Bank which is running smoothly. I'm just opening an account with Paragon Bank with no problems so far.
You may still need to provide proof of your mother's address but the banks I've used address all letters to Me POA My Wife, although we've got the same address so I don't suppose that's conclusive proof.
Interest rates have dropped dramatically this week and are changing by the day but if you phone up to open the account they will usually give you the rate at that time although the paperwork may take a couple of weeks to catch up.
If the moderators will let me name names: I've had personal, business and LPA accounts with Aldermore for a number of years and find them excellent. I've got an account with Charter Savings Bank which is running smoothly. I'm just opening an account with Paragon Bank with no problems so far.
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